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Global Compressed Air Energy Storage Market Size, Share, Trends, Growth & Forecast to 2030 | Top Market Players are Siemens AG, Hydrostor Inc., Apex Compressed Air Energy Storage LLC, Ridge Energy Storage and Grid Services LP, LightSail Energy, SustainX I

04-14-2020 09:30 AM CET | Energy & Environment

Press release from: P&S Intelligence

Compressed air energy storage (CAES) is a technique for supplying electric power to meet peak load requirements of electric utility systems. It incorporates a modified state-of-the-art gas turbine and an underground reservoir that may be an aquifer, a salt cavity or a mined hard rock cavern. The compressor and turbine sections of the gas turbine would be alternately coupled to a motor/generator for operation during different time periods. During night-time and weekend off-peak periods, low-cost power would be used to compress air which would be stored in the underground reservoir. The trend observe in the market is the development of more efficient compressed air energy storage market such as adiabatic compressed air energy storage system which may be 20% more efficient than diabatic energy storage system.

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CAES is worked on various method such as adiabatic, diabatic, and isothermal. But diabatic type is the most widely CAES due to low cost of installation, simple design, and low operation & maintenance cost. Besides, unavailability of adiabatic and isothermal storage system for the deployment at a commercial level are also impacting the demand for diabatic storage system in a positive way.

North America is one of prominent region for the CAES market due to increasing demand for electricity among consumer and to meet this demand high amount of electricity is generating in the region which directly increase the demand for storage system. For instance, as per the environmental and energy study institute, the U.S. generated 4 billion megawatt-hours (MWh) of electricity, but only had 431 MWh of electricity storage available in 2017.

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The growing demand for energy is one of the key drivers that boosts the compressed air energy storage market. Further, rising concern about environmental impacts of fossil fuels is also impacting the market growth in a positive way. However, presence of other energy storage system having higher storage efficiency can provide hindrance in the growth of the market. Further, heat generated during the compression process compression is difficult to recover is also restraining the market.

The companies operating in the global compressed air energy storage market are Siemens AG, Hydrostor Inc., Apex Compressed Air Energy Storage LLC, Ridge Energy Storage and Grid Services LP, LightSail Energy, SustainX Inc., Airlight Energy, Storelectric Ltd., Pacific Gas and Electric Company, and Magnum Development LLC.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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