Press release
Global Liquid Air Energy Storage Market to record Substantial Growth at 40.57% CAGR
Global Liquid Air Energy Storage Market
"Browse 42 Market Data Tables and 37 Figures spread over 189 Pages, along with an in-depth TOC on the Global Liquid Air Energy Storage Market Forecast 2023-2026."
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Liquid Air energy storage market (LAES) is a large scale, long-duration energy storage technology that can be installed at the point of demand. The LAES system uses electricity to cool the air down till it liquefies. The liquid air is stored in a pressure vessel or a tank, which is converted back to the gaseous state. The gas is used to generate electricity, and the power thus generated is stored or transferred to the smart grid. The three main processes in LAES are charging the system, energy storage, and power recovery.
Government Incentives and Technological Advancements Drive the Market Growth
Government support and advancing technologies have reduced the cost of technologies used to generate wind and solar energy to a large extent. This is because they have become an effective source of power production. Governments in various countries are taking initiatives to decrease energy bills by offering relaxation in renewable energy sources and active participation of their citizens and increasing energy security. Research and development activities are initiated by several countries for encouraging technical innovations by removing the obstacles. The energy storage system, along with the government, is guided by a set of regulations.
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5-15 MW is evaluated to dominate the Capacity Segment
The LAES market is concerned with the adoption of liquid air energy storage systems and plants with the capacity of 5-15 megawatts for energy storage and power transfer. 5-15MW capacity LAES systems support wind and solar renewable power. Further, such systems also cool down ambient air by using excess electricity, where the gases in the air changes to liquid and stored in a low-pressure, insulated container. In North America and Europe, the focus is on the LAES systems of 5-15 MW through partnerships, agreements, funding, development of technologically advanced products, etc. For example, Highview power, UK, launched the world's first grid-scale liquid air energy storage plant with the capacity of 5-15MW through a partnership agreement with UK based recycling and renewable energy market player, Viridor.
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Asia Pacific Region is estimated to record the Highest Growth Rate by 2026
The region of Asia Pacific is a significant LAES market in terms of capacity and revenue generation. China, Japan, and South Korea have more than 80% of the total global manufacturing capacity. The new energy storage projects are emerging mainly due to falling energy storage costs in developing markets, as the developed countries seek to lead the energy storage industry. It is evaluated that the energy storage capacity of developing countries will increase from the existing 2GW to approximately 80 GW. The rising demand for electricity and growing renewable sources of energy is driving the integration of energy storage systems.
The intensity of competitive rivalry is expected to shift from moderate to high during the forecast period, as the companies are striving to increase their market share. The players are also trying to increase the efficiency of their products through partnerships and collaborations. The eminent market players operating in the market include Highview Power, Baker Hughes, Viridor Limited, Messer Group GmbH, Mitsubishi Hitachi Power Systems Ltd, etc.
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