Compressed Air Energy Storage Market is Powered by the increasing Global Population

The compressed air energy storage market was about USD 6,027.4 million in 2023, and it will reach USD 26,605.3 million by 2030, powering at a rate of 23.7% by the end of this decade. 

This is credited to the surge in the population and the subsequent surge in the power demand. As per the reports, global energy consumption increased from about 122.8 TWh in 2000 to more than 178.8 TWh in 2022.

On the basis of type, the diabatic category led the industry with 45%. Share. A D-CAES system compresses air and stows it in physical underground voids, for example salt caverns; or further appropriate media, such as hard rocks, aquifers, and underdevelopment gas fields. 

The stowed energy can produce electricity by heating air, by burning natural gas. This extra heat causes the air to expand, driving the conventional gas turbines, producing the generators to produce electricity.

D-CAES plants normally have lower operational costs as opposed to adiabatic and isothermal plants, making them further reasonable in the long run. Though, they are not much-friendly toward the environment as they depend on gas combustion. 

Furthermore, even though this system accomplishes a competence of only 50%, it is the most prevalent, as in 2020, it was the only marketed variant globally.

The isothermal category will grow at a rate of 23.9% in the years to come, as this method can attain a flawless or nearly textbook heat exchange with the environs. 

This is for the reason that it lets for twice the amount of air compression as opposed to adiabatic systems. It is for this reason, the lasting expenses on an isothermal CAES system are approximately 14% lower than that of traditional procedures.

The energy management category will lead the compressed air energy storage market of over USD 9 billion. Energy management is a methodical procedure concerning the monitoring and enhancement of energy use in a building, to decrease the overall consumption and indirect GHG emissions. 

This procedure consists of more than a few key steps, for example incessant data collection & analysis for identification of prospects to advance energy competence through enhancing equipment schedules and flow rates and setting parameters.

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APAC Is Dominating Cryogenic Pump Market

In 2021, the cryogenic pump market size stood at USD 1,407.6 million, which is projected to witness a 3.1% CAGR during 2021–2030, reaching USD 1,860.1 million by 2030. 

P&S Intelligence majorly credits this growth to the increasing installation of such pumps in the metallurgy, chemicals, and electronics sector. Along with, the surge in expenditure throughout the energy generation industry armed with the shift toward energy production from renewable and natural gas resources to reduce carbon emission.

The nitrogen category is all set to experience the fastest growth rate of approximately 3%, in the near future. This can be owed to the extensive utilization of nitrogen gas for the maintenance of plants, and start-up and shutdown provisions of refineries and petrochemical companies.

Thus, the increasing utilization of nitrogen gas in numerous industries, including metallurgy, healthcare, and oil and gas, is escalating the acceptance of cryogenic pumps for capturing the gas and its vapor from the base.

The oil and gas sector is the largest utilizer of cryogenic pumps in the industry, owing to the increasing production of natural gas because of its rising demand from the special chemical, petrochemical, fertilizer, and refining industries.

In 2021, APAC cryogenic pump market  was largest revenue generator, with USD 538.2 million, and projected to continue its dominance in the future as well. This can be credited to the rapid urbanization; the growth in industries, including energy & power and metallurgy in Japan, China, and India, and the escalation in the requirement for power across the region. Additionally, in India, the government is preparing to guarantee a 24*7 electricity supply.      

In order to get this target, the country needs to improve its energy generation systems. Therefore, the government is focusing more on natural gas-fired power plants, which, indeed, will grow the demand for cryogenic pumps in the coming few years.

Hence, the increasing installation of such pumps in the metallurgy, chemicals, and electronics sector, the demand for cryogenic pumps will increase in the future.

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