Analysts forecast the Global Compressed
Air Energy Storage market to grow at a CAGR of 25.5 percent over the
period 2014-2019.
Compressed air energy storage, as the name suggests, is a technique for
storing energy by using compressed air. Energy is generally stored for
utilizing it later to meet the high demand during peak hours. Growing interest
in energy storage by utilizing renewable energy source has led to an upsurge in
new and more advanced energy storage techniques. Compressed air energy storage
has been the most prevalent form of energy storage after pumped-hydro
technology. Compressed air energy storage is preferred because of its higher
efficiency, greater reliability, and economic feasibility when compared to
other energy storage technologies. It is recommended for large-scale energy
storage and for meeting the growing energy needs.
Global Compressed Air Energy Storage Market 2015-2019, has been prepared
based on an in-depth market analysis with inputs from industry experts. The
report covers the Global Compressed Air Energy Storage market landscape and its
growth prospects in the coming years. The report also includes the segmentation
of compressed air energy storage market on the basis of type of application as
well as geographical segmentation. The report includes a discussion of the key
vendors operating in this market.
According to the report, one of the major drivers of the market is
the need to reduce power blackouts. The increasing incidence of power
blackouts is one of the major issues faced by various power end-users
worldwide, a major solution for which is the adoption of energy storage
technologies in the power grid.
Further, the report states that one of the key challenges in this
market is the high capital cost for compressed air energy storage
systems because of the need for a compressed air pipeline between
distributed compressors and storage site.
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