Compressed Air Energy Storage Market 2021 Evolving Technology and Growth Outlook: Siemens AG, Hydrostor Inc., Apex Compressed Air Energy Storage LLC, Ridge Energy Storage and Grid Services LP

Compressed Air Energy Storage Market Report provides detailed analysis of Growth Factors of the market as well as it gives an analysis of the Market size, Latest trends, SWOT Analysis by Regions and Forecasted market research data until 2026. The Compressed Air Energy Storage market report has studied key opportunities in the market and influencing factors which are useful to the business. The report also maps the qualitative and quantitative impact of various market factors like macro-economic indicators, PPP, Epidemiological data, Insurance scenario and patent and IP information, Government Policies and business regulations along market attractiveness as per segments.

The compressed air energy storage market is expected to grow at a CAGR of more than 42% over the forecast period of 2020-2025. 

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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Compressed Air Energy Storage Market: Siemens AG, Hydrostor Inc., Apex Compressed Air Energy Storage LLC, Ridge Energy Storage and Grid Services LP and others.

Industry News and Updates:

Hydrostor plans massive deployment of compressed-air energy storage in California

30 Apr 2021: California is facing a huge shortfall of electricity capacity on its grid and advanced compressed air energy storage (A-CAES) can fill the gap, Hydrostor has proposed.

Headquartered in Toronto, Canada, Hydrostor is the first company in the world to have built an operating commercial A-CAES plant, which came online in 2019 in Goderich, Ontario and offers several hours of long-duration storage which the company claims is reliable and affordable. The system has a 1.75MW discharge rating, 2.2MW charge rating and while it is contracted to provide 7MWh of capacity to the Ontario grid operator IESO, it can actually store more than 10MWh of capacity.

Hydrostor’s A-CAES technology uses off-peak or renewable generated electricity to compress air, which is stored in a large cavern underground, while heat produced by the compression process is also run off into thermal storage. The compressed air is maintained at a constant pressure using hydrostatic compression via water reservoirs. Then, the hydrostatic pressure forces air to the surface, where it is combined with the heat and passed through turbines to generate electricity on demand.

Advanced compressed air energy storage project gets funding help from Canadian government

16 Apr 2021: The Canadian federal government is financially supporting the development of a large-scale advanced compressed air energy storage (A-CAES) project capable of providing up to 12 hours of energy storage.

A-CAES solutions provider Hydrostor told Energy-Storage.news yesterday that a planned 300-500MW system is being supported with the funds through the government’s natural resources department and Sustainable Development Technology Canada, a government-created clean energy funding foundation.

Natural Resources Canada is providing around CA$4 million (US$3.2 million) through its Energy Innovation Program, while Hydrostor did not reveal how much Sustainable Development Technology Canada is putting into the project. The technology company did say the funding will go towards completing essential engineering and planning work, enabling the project to take “critical steps toward construction”.

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Market Overview:

- As of 2018, the diabatic compressed air energy storage systems were the only type of systems that had been deployed for commercial purposes. The first diabatic compressed air energy storage plant, Huntorf compressed air energy storage plant, was built in Germany in 1978. This compressed air energy storage plant had a capacity of 298 MW and efficiency of only around 40%. The adiabatic and isothermal compressed energy storage systems are currently in the research phase. No commercial adiabatic compressed air energy storage plants existed, as of 2018.

- The use of compressed air energy storage in the offshore wind turbines is likely to increase as this technology is less expensive and environment friendly, creating new avenues for the compressed air energy storage players in the near future.

- At a regional level, large-scale renewable energy deployment, coupled with rising demand for large scale energy storage system, is driving the market studied in North America, which is expected to be the fastest market.

Diabatic CAES Technology to Dominate the Market

- The diabatic compressed air energy storage plants are a conventional type of systems, where, during the compression process the excessive heat generated is released to the atmosphere. During power generation, the required heat is generated generally using the natural gas.
- As a result, the diabatic compressed air energy storage systems, though simple and relatively less costly, have lower efficiency, and are less environment-friendly than other types of compressed air energy storage systems. The diabatic compressed air energy storage systems achieve an efficiency of around 50%, significantly lower than the other upcoming technologies.
- In 2018, the diabatic compressed air energy storage systems are the only type of systems that have been deployed for commercial purpose. The first diabatic compressed air energy storage plant, Huntorf compressed air energy storage plant, was built in Germany, in 1978. This compressed air energy storage plant has the capacity of 298 MW and efficiency of only around 40%. The second plant was built in Alabama, United States, in 1991, with a capacity of 110 MW and efficiency of above 50%. The adiabatic systems achieve efficiency about 20% more than the diabatic systems.
- The operating cost of the diabatic compressed air energy storage plants is significantly lower than the adiabatic and isothermal compressed air energy storage plants. As a result, the diabatic plants are generally more profitable to operate. However, as the plants require gas-firing for operation, the diabatic plants are less ecological. As the concerns regarding the climate change are rising globally, the other compressed air energy storage plants are being preferred over the diabatic plants.
- With the development in other technology, the share of diabatic compressed air energy storage systems in the market is expected to decline during the forecast period. Among the announced compressed air energy storage projects worldwide, none of the major projects use diabatic technology. A similar trend is expected to continue during the forecast period, which, in turn, is expected to restrain the market growth of the diabatic compressed air energy storage systems market.

North America to Dominate the Market

- North America is likely to be the fastest growing market and is expected to increase its growth in the compressed air energy storage technology in the market. The United States power sector is in the midst of profound transformation with the fast-paced replacement of coal-based electricity generation with natural gas. Owing to decreasing cost and vast environmental benefits offered, renewables integration has also picked up at a very rapid pace.
- In a bid to ensure the stability of the ageing power grid of the country, large-scale implementation of energy storage systems is being considered critical. Moreover, with the country trying to decarbonize the economy, considering the environment, the share of renewable for power generation is expected to increase. With the increase in country’s reliance on renewables for energy demand, an uninterrupted supply of power is necessary and owing to renewables being heavily reliant on prevailing weather condition, a need for efficient energy storage is expected to increase, during the forecast period.
- With compressed energy storage solution providing a viable technology for use, the market is expected to grow, during the forecast period. In the United States, as of June 2018, there were 4 operating CAES systems, with a combined rated power of 113.5 MW.
- Some of the major upcoming CAES projects include Pacific Gas and Electric Company underground CAES project, and Bethel Energy Center CAES Project that is expected to drive the growth of CAES market. However, certain projects, such as Iowa Stored Energy Park (ISEP) project, Iberdrola United States, Norton Ohio CAES, and LightSail company I-CAES were seized before commercialization.     

Regional analysis:

This report covers South America, North America, Europe, Asia Pacific (APAC), Africa and The Middle East, taking into account the clear evidence of where the market is fully examined, typical market examples, blocks and open access roads for power generation. With a huge population, Asia Pacific has revenues in the picture year, and dominates the Compressed Air Energy Storage market share, at any given time. Continuous GDP reform; Institutional progress per capita is becoming urbanized in the metropolitan area. This expanded revenue has led to indulging in top private and unrealistic usage models in the Compressed Air Energy Storage market deployed in the region. While an important piece of the Compressed Air Energy Storage market center around the global expansion of business, territories such as the Middle East and Africa will grow steadily. Big market development will take place in Latin America because of the small expansion producers' attempts at profits. In Europe, a lethargic improvement is expected due to mood-oriented rules and early stages.

Find Out:

Compressed Air Energy Storage market: Where are the opportunities? What does the future look like for Compressed Air Energy Storage? What will be the market size in the next 5 years?
Compressed Air Energy Storage Market trends: What is driving the market? Where are the key players? What are their strategies? What is holding the market behind? Where is the industry heading for in the short and long-term? How are new developments expected to change the market?
Technology: How are new technologies shaping the Compressed Air Energy Storage market?

What are the new revenue channels which companies can explore for growth?       

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Due to the onset of COVID-19 pandemic, several economies across the world have experienced harsh economic downturn. The industrialists across North America, Europe, Asia Pacific, Latin America and Middle East and Africa were facing problems due to changing preferences of the customers and demand fluctuation. The market research report covers pre-Covid-19 data for the Compressed Air Energy Storage market in years 2018 and 2020. Further, the report also covers forecast Covid-19 data from 2021 to 2026, which provides future outlook of the market for the manufacturers and suppliers.

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