The rise in adoption of renewable energy sources and progress in energy storage technology are expected to drive Liquid Air Energy Storage Market growth in the forecast period.
According to a TechSci Research report titled “Liquid Air Energy Storage Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F,” the global Liquid Air Energy Storage (LAES) market was valued at USD 1.67 billion in 2023. It is projected to experience strong growth with a compound annual growth rate (CAGR) of 15.22% through 2029. The increasing complexity and demands placed on modern electrical grids are pushing the need for greater grid stability and reliability, thereby fueling the LAES market.
As grids integrate more variable renewable energy sources and face heightened electricity consumption, the risk of imbalances between supply and demand escalates. These imbalances can result in power outages, voltage fluctuations, and other reliability issues. LAES systems offer a solution by providing long-duration energy storage that can stabilize the grid, store excess energy during low demand, and release it during peak demand periods, which is vital for maintaining grid stability.
LAES systems are capable of offering ancillary services such as frequency regulation, voltage support, and black start capabilities, which are essential for grid operators to maintain a continuous and reliable power supply. The quick responsiveness of LAES to grid signals and its ability to deliver these services make it a valuable component for modern grids. The increasing trend towards decentralized energy systems and microgrids is also enhancing the demand for reliable energy storage solutions. LAES can be integrated into these decentralized systems to improve their reliability and resilience, particularly in remote or underserved regions with weak or nonexistent grid infrastructure.
The Renewable Energy Integration segment held the largest market share in 2023. Renewable energy sources like wind and solar are intermittent, meaning they do not produce a consistent output and fluctuate with weather conditions and time of day. This intermittency creates challenges for maintaining grid stability and reliability. LAES offers a robust solution by providing long-duration energy storage that can capture excess energy produced during high renewable output periods and release it during low generation times or peak demand periods. This capability helps smooth out the variability of renewable energy sources, ensuring a stable and reliable power supply.
Global LAES systems are highly scalable, making them suitable for large-scale integration projects. With capacities ranging from 50 MW to over 100 MW, LAES can meet the energy storage needs of extensive renewable energy installations. This scalability is crucial for managing the large volumes of energy generated by utility-scale wind farms or solar parks and facilitates the integration of substantial amounts of renewable energy into the grid.
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LAES systems can store energy for long periods without significant degradation, which is important for managing seasonal variations in renewable energy production. This long-duration storage capability allows utilities and grid operators to store excess energy produced during periods of high renewable activity and utilize it during times of low renewable generation, thus enhancing grid reliability and flexibility.
Major companies in the global Liquid Air Energy Storage market include:
- L’AIR LIQUIDE S.A.
- Cryostar Company
- Advanced Energy Industries, Inc.
- Highview Enterprises Ltd
- Linde plc
- Axiom Energy Conversion Ltd
- Green Hydrogen Systems A/S
- H2 Energy
- Sumitomo Heavy Industries, Ltd.
- Highview Enterprises Ltd (Highview Power)
“The global Liquid Air Energy Storage market is anticipated to grow significantly in the coming years and register a substantial CAGR during the forecast period. The market presents considerable opportunities driven by the increasing integration of renewable energy sources, the demand for improved grid stability, and supportive government policies. LAES provides scalable, long-duration energy storage solutions crucial for balancing intermittent renewable energy supply and demand. Technological advancements are enhancing efficiency and cost-effectiveness, further increasing market potential.
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Additionally, the expansion of decentralized energy systems and microgrids is broadening the application scope for LAES. As the energy sector shifts towards sustainability, the demand for reliable, large-scale energy storage solutions like LAES is expected to experience substantial growth,” said Mr. Karan Chechi, Research Director of TechSci Research.
The report “Liquid Air Energy Storage Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Capacity (5-15 MW, 16-50 MW, 50-100 MW, 100 MW+), By Application (Power Generation, Power Transmission & Grid Support, Renewable Energy Integration, LNG Terminals, Other), By Region & Competition, 2019-2029F” evaluates the future growth potential of the global Liquid Air Energy Storage market and provides statistics and insights on market size, structure, and future growth. The report aims to deliver cutting-edge market intelligence and support decision-makers in making informed investment choices. It also identifies and analyzes emerging trends, along with key drivers, challenges, and opportunities in the global LAES market.
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