The liquid air energy storage market was USD 1,472.9 million in 2023, and it will rise to USD 4,887.6 million, powering at an 18.8% compound annual growth rate, by 2030.
Moreover, it is a long-duration energy storage (LDES), flexible technology. It utilizes air to generate electricity; the air is kept as a liquid by cooling it down and, after, transformed to a gaseous form to boost turbines.
Compared to the present storage technologies, liquid air energy storage has numerous benefits, such as easy setup and a high energy density, and it also aids in peak shaving and load leveling. This assists in decreasing the effectiveness of power systems, reducing the peak-time load on the grid, regulating the grid frequency, and allowing effective power plant utilization.
The electricity & heat industry is the greatest emitter of greenhouse gases globally, emitting around 14.65 Gt in 2022. Governments of numerous nations have set aims to attain net-zero by 2050, for which emission cutback directives have been employed across different sectors, including manufacturing, transportation, and electricity & heat.
North America is the largest contributor to the industry. The U.S. has financed in renewable power for a substantial time and set high targets for the future. For example, according to reports, around 90 projects for energy storage have been commissioned in California.
APAC will advance significantly, with a 19.2% compound annual growth rate, during this decade. This is mainly because of the region's speedy economic development as well as industrialization.
With the surging need for power, coupled with increasing industrialization, the liquid air energy storage industry will continuously advance in the coming years.
