Market Research Report
Compressed Air Energy Storage
|Published by||Global Industry Analysts, Inc.||Product code||957770|
|Published||Content info||100 Pages
Delivery time: 1-2 business days
|Compressed Air Energy Storage|
|Published: January 1, 2021||Content info: 100 Pages||
Promising Expansion of Applications for Compressed Air Energy Storage in the Post Pandemic World Brings the Promise of a $12.8 Billion Global Opportunity
The global market for Compressed Air Energy Storage is projected to reach US$12.8 billion by the year 2027, trailing a post COVID-19 CAGR of 23.9% over the analysis period 2020 through 2027. As a lesson learnt in ignoring the environment, the pandemic has accelerated the urgency for climate action. As habitats continue to be destroyed, COVID-19 is set to be the beginning of an era of mass pandemics. Biodiversity loss is linked to the rise of zoonotic pathogens. We are increasingly altering the environmental landscape through land acquisition for urbanization, industrialization and agriculture displacing wildlife that occupied these spaces. Disrupted animal habitats means animals that host potentially dangerous pathogens such as rodents, birds and bats are now more common in human-occupied spaces. Studies have revealed that zoonotic disease hosts represent a large percentage of animals in areas with altered land characteristics as compared to remote, less-affected areas. Aggravating the risk of virus transfers to new hosts are factors such as illegal wildlife animal trade and changing human food habits and behavior. Governments and organizations across the world are using the opportunity provided by the pandemic to improve sustainability measures. Governments are using various means such as recovery measures to maintain the sustainability momentum. Governments are tying investment support with sustainability measures such as investments in alternative energy infrastructure including energy storage, carbon capture, and improving the energy efficiency of buildings through retrofitting with green building materials.
Although the present economic scenario does not warrant additional investments in energy infrastructure owing to the low demand, governments and businesses should nevertheless take advantage of the attractive pricing at the moment to initiate infrastructure buildup for alternative energy as part of long-term strategy to decrease dependence on fossil fuels. For instance, to achieve net zero emissions, renewable energy would have to account for about three-fourths of energy supply, and investments in alternative energy would aid countries and companies to achieve this goal at a faster rate. Governments are also helping in improving sustainability by promoting innovation and disruptive technologies that can aid sustainability measures. For instance, governments are focusing on collaboration between public institutions and private enterprises to develop and commercialize innovative solutions. Moreover, economic stimulus plans are being all inclusive to include startups in addition to large organizations, as the startups have the capability to provide innovative solutions for a sustainable future. Small-scale compressed air energy storage (CAES) as a green strategy in sustainable power generation will receive more interest in the post COVID-19 period. Unlike chemical batteries which require rare and toxic material & are difficult to recycle, micro-CAES systems are eco-friendly, easy to manufacture and install by local businesses. Micro-CAES has no self-discharge, is resistant to harsh environments & brings the promise of being cheaper than chemical batteries. Scoring high on energy efficiency, energy density & electrochemical storage cycle, Higher ESOI values will expedite the development & deployment of CAES grid-scale energy storage.
Compressed air energy storage is considerably cheaper than traditional battery storage owing to its infinite count of charging and discharging cycles. In addition, large-scale use of underwater porous media compressed air systems is estimated to push the energy efficiency beyond 60%. The increasing implementation of these systems is anticipated to play an important role in augmenting the renewable energy generation sector. Further developments related to the technology are expected to help companies in tapping full potential of compressed air energy storage. While some of the participants are planning to transform fossil fuel-powered facilities into carbon-free compressed air-based energy facilities, others are exploring small-scale systems for using their thermal energy in space or water heating applications. Compressed air energy storage can be potentially employed in the wind energy industry to overcome the negative effect of unfavorable weather or environmental conditions on energy generation. During unfavorable conditions, utilities can bet on compressed air energy storage for generating power. The technology allows the use of renewable energy from offshore wind turbines for powering motors for creating compressed air, which can be used as per the needs. Compressed air energy storage is also suitable for solar energy generation, which is affected by undesirable and unpredictable weather conditions. Power generated by solar panels can be used for air compression, which can be used later for addressing energy demand during cloudy conditions or night. Compressed air storage combines the flywheel and compressed air technologies and leverages advantages of both approaches for better gains. These storage systems offer extended backup times as well as hold high level of reliability. Latest advances associated with thermal & compressed air storage systems are anticipated to address issues related to their slow response and make the technology an intriguing option to generate clean energy. In addition, integration of the two technologies allows operators to deal with low energy density along with poor response time of compressed air energy storage systems. The flywheel technology improves energy density and extends overall backup time to make compressed air energy storage a suitable option for sustainable, clean energy.
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