GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET FORECAST 2023-2026

  • You are here:
  • Home
  • Reports
  • GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET FORECAST 2023-2026

GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET FORECAST 2023-2026

The global liquid air energy storage (LAES) market was valued at $XX million in 2019, and is expected to reach $451.51 million by 2026, growing at a CAGR of 40.57% during the forecast period. The base year considered for the market study is 2019 and the forecast period is 2023-2026. The global liquid air energy storage market is primarily driven by its low operating and capital costs.

GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET FORECAST 2023-2026

Global Liquid Air Energy Storage Market by Capacity (5-15 MW Capacity, 16-50 MW Capacity, 50-100 MW Capacity, 100 MW+ Capacity) by Application (Power Generation, Power Transmission. Power Distribution, Renewable Integration, Lng Terminals, Other Applications) and by Geography.

Request free sample

The global liquid air energy storage (LAES) market was valued at $140.99 million in 2019, and is expected to reach $XX million by 2026, growing at a CAGR of 40.57% during the forecast period. The base year considered for the market study is 2019 and the forecast period is 2023-2026.

The important factors stimulating the global liquid air energy storage market growth are:

  • Geographically unconstrained compared to other energy storage systems
  • Government support and technological advancements
  • Low operating and capital cost
  • Sustainable and clean energy storage with a long lifespan

To know more about this report, request a free sample copy.

The global liquid air energy storage market is primarily driven by its low operating and capital costs. Liquid air energy storage is a high-grade cold store technology that makes use of low-pressure devices and granite shingles (a cost effective and widely available material), which helps in reducing the overall cost of maintenance and offers long life. It also uses a discharge device that comprises a standard gearbox, which helps in cost reduction. Moreover, the governments of different countries are offering their support to promote the advancement and implantation of this technology. The government of U.K. is supporting companies such as Highview Power and Viridor and has invested in several projects to drive the research, development, and commercialization of liquid air energy storage.

In 2019, the 5-15 MW capacity segment in liquid air energy storage market by capacity accounted for the largest share of 38.08%, owing to the growing deployment and installation of capacities across the globe. For instance, in 2018, SNC-Lavalin (Canada) and Highview Power partnered for the deployment of energy storage solutions of liquid air energy storage for utility-scale applications. Moreover, in 2018, Highview Power launched a grid-scale liquid air energy storage plant with the capacity of 5-MW/15-MWh. Thus, the growing deployment of capacities is expected to drive the segment across the globe.

At the same time, the 50-100 MW capacity segment is projected to be the fastest-growing category in the liquid air energy storage market by capacity with a CAGR of 41.82% during the forecasted period, 2023-2026. Liquid air energy storage systems can help in reducing the energy storage cost and also have the ability to store a large amount of energy in the form of liquid. For instance, in 2017, dynamic modeling of 100 MW liquid air energy storage power plant was carried out with a storage capacity of 300MWh. This dynamic modeling adopted COMSOL, EES software, and MATLAB to carry out modeling of different parts of the process to increase the system-level efficiency. Companies such as Linde AG, Messer Group, Mitsubishi, Highview, etc. are investing huge capital in commercializing storage units with large capacities. For instance, Highview Power, etc. are planning to develop and expand their liquid air energy storage capacity above 20 MW, such as 50MW/200MWh unit, etc. in the future.

Conversely, some of the factors hindering the LAES market growth are difficulties while implementation of LAES on a large scale, shortage of labor, land constraints, high costs associated with LAES systems, and presence of pumped hydro storage & other alternative technologies. The global liquid air energy storage market growth is primarily restricted by the presence of hydro pump storage as alternative technology. According to the DiVA portal organization, round trip efficiency of LAES is about 50% in cases where very effective cold and heat mechanism is used, and about 20% round trip efficiency when cold and head storage are depleted. This round-trip efficiency is very low as compared to pumped hydro and chemical storage in large scale energy storage. Furthermore, pumped hydro energy storage (PHES) is best for large scale energy storage systems. Also, PHES has the largest capacity of storage highest efficiency as compared to all other energy storage technologies.

The report on the global liquid air energy storage market covers the segmentation analysis of application and capacity.

Market by Capacity:

  • 5-15 MW capacity
  • 16 – 50 MW capacity
  • 50 -100 MW
  • More than 100 MW capacity

Market by Application:

  • Power generation
  • Power transmission
  • Power distribution
  • Renewable integration
  • LNG terminals
  • Other applications

Geographically, the global liquid air energy storage (LAES) market has been segmented on the basis of four major regions, which includes:

  • North America: the United States and Canada
  • Europe: the United Kingdom, Germany, France, and the Rest of Europe
  • Asia Pacific: China, Japan, South Korea, and the Rest of Asia Pacific
  • Rest of World: Latin America, the Middle East & Africa

Europe captured the largest market share of 62.05% in terms of revenue for the liquid air energy storage market in 2019. The UK, Germany, and France are the lucrative investment destinations considering the Europe liquid air energy storage market. The dominance of Europe is attributed to various facts that include investments in LAES, a supportive government stance towards LAES, a focus on renewable energy generation, and initiatives by the key players. For instance, in 2017, Highview Power Storage (UK) received funding worth $xx million from Innovate UK for the enhancement of its pilot hybrid liquid air energy storage technology. In addition, Highview Power Storage launched the world’s maiden grid-scale liquid air energy storage at the UK in 2018. This plant has been built in partnership with Viridor (UK) with a funding of $XX million (£8 million). Furthermore, according to Exit Nuclear Network (Réseau Sortir du nucléaire), EDF (French state-owned utility) has planned to invest around $XX billion in energy storage by 2035. The presence of key players such as Highview Power Storage (UK), GE Oil & Gas (UK), Heatric (UK), Linde Group (Germany), etc. and their inclination towards the development of LAES provide traction to the Europe liquid air energy storage market.

Some of the renowned players of the global liquid air energy storage market are:

  • Highview Power
  • Baker Hughes Company
  • Heatric
  • Linde Kryotechnik AG
  • Viridor Limited
  • Others

Key strategies adopted by some of the liquid air energy storage companies are:

In February 2020, Highview Power, entered into a partnership with Sumitomo Heavy Industries, Ltd. And received a funding of $46 million to expand cryogenic energy storage projects. In September 2018, Viridor was awarded a 2-year waste management contract by Safestore, the largest self-storage provider in the UK. In June 2018, Highview Power signed a partnership with Viridor, a recycling and renewable energy company that launched grid-scale liquid air energy storage (LAES) plant located at Bury, near Manchester, UK.

Key findings of the global liquid air energy storage (LAES) market are:

  • The power generation segment accounted for the largest revenue share in terms of the LAES market by application in 2019.
  • The liquid air energy storage system market would be a preferable choice for energy storage in the coming years, owing to the emphasis on renewable and clean energy.
  • Developing countries are expected to create huge demand for these LAES solutions over the forecast period.
  • Growth in R&D with regard to new application integration in LAES is expected to create growth opportunities in the market.
  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • PARENT MARKET ANALYSIS: ENERGY STORAGE MARKET
    • DEVELOPMENT OF LIQUID AIR ENERGY STORAGE (LAES)
    • MARKET DEFINITION
    •    KEY DRIVERS
      • GEOGRAPHICALLY UNCONSTRAINED COMPARED TO OTHER ENERGY STORAGE SYSTEMS
      • GOVERNMENT SUPPORT AND TECHNOLOGICAL ADVANCEMENTS
      • LOW OPERATING AND CAPITAL COST
      • SUSTAINABLE AND CLEAN ENERGY STORAGE WITH A LONG LIFESPAN
    •    KEY RESTRAINTS
      • COSTS ASSOCIATED WITH LAES SYSTEMS
      • PUMPED HYDRO STORAGE AND OTHER ALTERNATIVE TECHNOLOGIES
      • DIFFICULTIES IN IMPLEMENTATION OF LAES ON LARGE SCALE
      • SHORTAGE OF LABOR COUPLED WITH LAND CONSTRAINTS
  1. KEY ANALYTICS
    • KEY INVESTMENT INSIGHTS
    •    PORTER’S FIVE FORCE ANALYSIS
      • BUYER POWER
      • SUPPLIER POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    •    VALUE CHAIN ANALYSIS
      • SUPPLIERS
      • INSTALLATION
      • CONTRACTING & MARKETING
      • END-USERS
    •    KEY BUYING CRITERIA
      • COST
      • EFFICIENCY
      • ADAPTABILITY & SYSTEM SCALABILITY
    • REGULATORY FRAMEWORK
  2. MARKET BY CAPACITY
    • 5-15 MW CAPACITY
    • 16-50 MW CAPACITY
    • 50-100 MW CAPACITY
    • 100 MW+ CAPACITY
  3. MARKET BY APPLICATION
    • POWER GENERATION
    • POWER TRANSMISSION
    • POWER DISTRIBUTION
    • RENEWABLE INTEGRATION
    • LNG TERMINALS
    • OTHER APPLICATIONS
  4. GEOGRAPHICAL ANALYSIS
    •    NORTH AMERICA
      • UNITED STATES
      • CANADA
    •    EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    •    ASIA PACIFIC
      • CHINA
      • JAPAN
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    •    REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • HIGHVIEW POWER
    • CUSTOM METALCRAFT INC
    • BAKER HUGHES COMPANY (FORMERLY, BAKER HUGHES, A GE CO LLC)
    • HEATRIC (DIVISION OF MEGGITT (UK) LIMITED)
    • LINDE KRYOTECHNIK AG
    • MESSER GROUP GMBH
    • MITSUBISHI HITACHI POWER SYSTEMS LTD (MHPS)
    • VIRIDOR LIMITED
    • MAN ENERGY SOLUTIONS SE
    • KEUKA ENERGY LLC

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – LIQUID AIR ENERGY STORAGE (LAES)

TABLE 2: TIMELINE OF LIQUID AIR ENERGY STORAGE INDUSTRY

TABLE 3: COMPARISON BETWEEN LIQUID AIR ENERGY STORAGE (LAES) AND OTHER STORAGE TECHNOLOGIES/SYSTEMS

TABLE 4: LIQUID AIR ENERGY STORAGE (LAES) EFFICIENCY COMPARISON WITH OTHER STORAGE TECHNOLOGIES.

TABLE 5: ENERGY DENSITY OF DIFFERENT ENERGY STORAGE TECHNOLOGY

TABLE 6: FEATURES OF DIFFERENT ENERGY STORAGE SYSTEMS USED IN DISTRIBUTED ENERGY GENERATION AND STORAGE SYSTEM.

TABLE 7: ALL-IN INSTALLED COST RANGE OF LAES 4H SYSTEM

TABLE 8: REGULATORY FRAMEWORK

TABLE 9: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY CAPACITY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 10: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY CAPACITY, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 11: GLOBAL 5-15 MW CAPACITY MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 12: GLOBAL 5-15 MW CAPACITY MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 13: GLOBAL 16-50 MW CAPACITY MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 14: GLOBAL 16-50 MW CAPACITY MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 15: GLOBAL 50-100 MW CAPACITY MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 16: GLOBAL 50-100 MW CAPACITY MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 17: GLOBAL 100 MW+ CAPACITY MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 18: GLOBAL 100 MW+ CAPACITY MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 19: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY APPLICATION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 20: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY APPLICATION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 21: GLOBAL POWER GENERATION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 22: GLOBAL POWER GENERATION MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 23: GLOBAL POWER TRANSMISSION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 24: GLOBAL POWER TRANSMISSION MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 25: GLOBAL POWER DISTRIBUTION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 26: GLOBAL POWER DISTRIBUTION MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 27: GLOBAL RENEWABLE INTEGRATION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 28: GLOBAL RENEWABLE INTEGRATION MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 29: GLOBAL LNG TERMINALS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 30: GLOBAL LNG TERMINALS MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 31: GLOBAL OTHER APPLICATIONS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 32: GLOBAL OTHER APPLICATIONS MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 33: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 34: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY GEOGRAPHY, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 35: NORTH AMERICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 36: NORTH AMERICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 37: EUROPE LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 38: EUROPE LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 39: ASIA PACIFIC LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 40: ASIA PACIFIC LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, FORECAST YEARS, 2023-2026 (IN $ MILLION)

TABLE 41: REST OF WORLD LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 42: REST OF WORLD LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY REGION, FORECAST YEARS, 2023-2026 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1: KEY INVESTMENT INSIGHTS

FIGURE 2: ELECTRICITY DEMAND PROJECTION IN KEY GEOGRAPHIES, 2016-2040 (IN TWH)

FIGURE 3: AVERAGE ANNUAL NET CAPACITY ADDITION ESTIMATES, 2010-2040 (IN GW)

FIGURE 4: PORTER’S FIVE FORCE ANALYSIS

FIGURE 5: OPPORTUNITY MATRIX

FIGURE 6: VENDOR LANDSCAPE

FIGURE 7: VALUE CHAIN ANALYSIS

FIGURE 8: WORLDWIDE TREND OF ENERGY CONSUMPTION, 1970-2040 (IN BILLION TOE)

FIGURE 9: KEY BUYING CRITERIA

FIGURE 10: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, GROWTH POTENTIAL, BY CAPACITY, IN 2019

FIGURE 11: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 5-15 MW CAPACITY, 2023-2026 (IN $ MILLION)

FIGURE 12: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 16-50 MW CAPACITY, 2023-2026 (IN $ MILLION)

FIGURE 13: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 50-100 MW CAPACITY, 2023-2026 (IN $ MILLION)

FIGURE 14: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 100 MW+ CAPACITY, 2023-2026 (IN $ MILLION)

FIGURE 15: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2019

FIGURE 16: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY POWER GENERATION, 2023-2026 (IN $ MILLION)

FIGURE 17: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY POWER TRANSMISSION, 2023-2026 (IN $ MILLION)

FIGURE 18: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY POWER DISTRIBUTION, 2023-2026 (IN $ MILLION)

FIGURE 19: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY RENEWABLE INTEGRATION, 2023-2026 (IN $ MILLION)

FIGURE 20: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY LNG TERMINALS, 2023-2026 (IN $ MILLION)

FIGURE 21: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY OTHER APPLICATIONS, 2023-2026 (IN $ MILLION)

FIGURE 22: NORTH AMERICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, REGIONAL OUTLOOK, 2019 & 2026 (IN %)

FIGURE 23: UNITED STATES LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 24: CANADA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 25: EUROPE LIQUID AIR ENERGY STORAGE (LAES) MARKET, REGIONAL OUTLOOK, 2019 & 2026 (IN %)

FIGURE 26: UNITED KINGDOM LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 27: GERMANY LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 28: FRANCE LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 29: REST OF EUROPE LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 30: ASIA PACIFIC LIQUID AIR ENERGY STORAGE (LAES) MARKET, REGIONAL OUTLOOK, 2019 & 2026 (IN %)

FIGURE 31: CHINA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 32: JAPAN LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 33: SOUTH KOREA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 34: REST OF ASIA PACIFIC LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 35: REST OF WORLD AIR ENERGY STORAGE (LAES) MARKET, REGIONAL OUTLOOK, 2019 & 2026 (IN %)

FIGURE 36: LATIN AMERICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

FIGURE 37: MIDDLE EAST & AFRICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2023-2026 (IN $ MILLION)

  1. MARKET BY CAPACITY
    • 5-15 MW CAPACITY
    • 16-50 MW CAPACITY
    • 50-100 MW CAPACITY
    • 100 MW+ CAPACITY
  2. MARKET BY APPLICATION
    • POWER GENERATION
    • POWER TRANSMISSION
    • POWER DISTRIBUTION
    • RENEWABLE INTEGRATION
    • LNG TERMINALS
    • OTHER APPLICATIONS
  3. GEOGRAPHICAL ANALYSIS
    •    NORTH AMERICA
      • UNITED STATES
      • CANADA
    •    EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    •    ASIA PACIFIC
      • CHINA
      • JAPAN
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    •    REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

To request a free sample copy of this report, please complete the form below :

We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.

Choose License Type

Buy Now