GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET FORECAST 2018-2023

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GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET FORECAST 2018-2023

Energy storage systems (ESS) are used to store surplus electricity that can be utilized during power shortages, blackouts and peak hours of demand. Liquid air energy storage (LAES) systems use electricity to cool the air down until it liquefies. They then store the liquid air in a tank or a pressure vessel. The storage is followed by the conversion of the liquid air back to a gaseous state by exposing the former to ambient air or waste heat from an industrial process.

GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET FORECAST 2018-2023

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

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Energy storage systems (ESS) are used to store surplus electricity that can be utilized during power shortages, blackouts and peak hours of demand. Liquid air energy storage (LAES) systems use electricity to cool the air down until it liquefies. They then store the liquid air in a tank or a pressure vessel. The storage is followed by the conversion of the liquid air back to a gaseous state by exposing the former to ambient air or waste heat from an industrial process. This gas is used to turn a turbine and generate electricity. The power thus generated, is either stored or transferred to the smart grid. This market is in its nascent stage, and many countries have been investing in the technologies and products that make up the market.

Global liquid air energy storage (LAES) market was valued at $XX thousand in 2017 and is estimated to generate net revenue of approximately $XX thousand by 2023 growing at a CAGR of 92.41% during the forecast period. The base year considered for the market study is 2017 & the forecast period is 2018-2023. Several factors that are driving market growth are stated below:

  • Geographically unconstrained as compared to other energy storage systems
  • Low operating & capital cost
  • Sustainable & clean energy storage with a longer lifespan
  • Government support & technological advancements
  • The surge in electricity consumption
  • Increasing focus on renewable electricity generation

The global liquid air energy storage market is primarily driven because of the low operating & capital costs. Liquid air energy storage is a high-grade cold store technology that makes use of low-pressure device and uses of granite shingle (a cost effective and widely available material) which helps in reducing the overall cost of maintenance and offers a longer lifespan. It also uses a discharge device that comprises a standard gearbox, which helps in cost reduction.

Moreover, the government of different countries are offering their support to promote the advancement and implantation of this technology. The government of the 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 2018, 5-15 MW capacity segment in liquid air energy storage market accounted for the largest share. This particular segment is largely driven by 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 grid-scale liquid air energy storage plant with the capacity of 5-MW/15-MWh. Thus, growing deployment of capacities is expected to drive the segment across the globe. On the flip side, 50-100 MW Capacity segment is projected to grow the fastest with CAGR of XX% during the forecasted period 2018-2023. 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 the storage capacity of 300MWh. This dynamic modeling adopted COMSOL, EES software and MATLAB to carry out modelling 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 is planning to develop and expand their liquid air energy storage capacity above 20 MW (for example, 50MW/200MWh unit, etc.) in the future.

Conversely, several factors are holding back the growth of LAES market, for instance, difficulties while implementation of LAES on large scale, shortage of labour, land constraints, high costs associated with LAES systems and presence of pumped hydro storage & other alternative technologies.

Global liquid air energy storage market growth is primarily restricted by the presence of hydro pump storage as an alternative technology. According to DiVA portal organization, round-trip efficiency of LAES is about XX% in the case where very effective cold and heat mechanism is used and about XX% round-trip efficiency when cold & heat storage is 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 system. Also, PHES have the largest capacity of storage and also have the highest efficiency as compared to all other energy storage technologies.

Report scope of global liquid air energy storage market covers segmentation analysis of application and capacity.

Market by Application:

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

Market by Capacity:

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

The total market revenue is calculated on the basis of deployment of liquid air energy storage across various applications. However, the revenue generated from the installation and maintenance of these systems has been excluded from the report scope.

Geographically, the global liquid air energy storage market includes:

In terms of geography, Europe is the largest regional market for liquid air energy storage with over XX% market share in 2023 in terms of revenue. 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, supportive government stance towards LAES, focus on renewable energy generation and initiatives by the key players. For instance, in 2017, the company, Highview Power Storage (UK) received funding worth $XX million from Innovate UK for the enhancement of its pilot hybrid liquid air energy storage technology. Also, Highview Power Storage has launched 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. Moreover, 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.

Global liquid air energy storage market has been segmented on the basis of capacity and application. Market by capacity comprises the adoption of different energy storage systems and units of varying capacities to provide power generation, distribution and transmission, etc. Different capacities of liquid air energy storage majorly include 5-15 MW capacity, 16-50 MW capacity, 50-100 MW and 100 MW+. Market by application comprises the market of power generation, power transmission, power distribution, renewable integration, LNG terminals and other applications.

The market has a number of players, and some of the major key players involved in global liquid air energy storage market are:

  • Linde Group,
  • GE Oil & Gas,
  • Highview Power Storage,
  • Mitsubishi Hitachi Power Systems,
  • Viridor
  • & Other Companies.

Market share analysis & company profiles of prominent market players have been discussed in a detailed manner. Most of the companies look for strategies such as merger & acquisition, partnership, contracts, agreements or new product launches to gain a competitive edge over each other. For example, in September 2018, Viridor won a new two-year waste management contract with 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. In March 2018, Mitsubishi Hitachi Power Systems Americas, Inc. has decided to launch its new power & energy solutions business to majorly focus on cost and carbon power generation, distribution, and consumption. In February, Highview Power collaborated with SNC-Lavalin to deploy energy storage solutions for utility-scale applications in North America. In July 2017, GE Oil & Gas Inc. merged with Baker Hughes to create the second largest oilfield service provider worldwide by revenue.

Key findings of Liquid Air Energy Storage (LAES) market are:

  • Power generation segment accounts for the largest revenue share in terms of LAES market by application
  • The liquid air energy storage system market would be a preferable choice for energy storage in the coming years owing to an emphasis on renewable and clean energy.
  • Developing countries are expected to create a huge demand for this LAES solution over the forecast period
  • Growth in R&D towards new application integration in LAES is expected to create growth opportunity in the market
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • 5 -15 MW CAPACITY HOLDS THE LARGEST REVENUE CHUNK
      • 50 -100 MW CAPACITY IS PROJECTED TO GROW WITH HIGHEST CAGR
      • SURGE IN THE ELECTRICITY CONSUMPTION
      • INCREASING FOCUS ON RENEWABLE ELECTRICITY GENERATION
  1. MARKET DYNAMICS
    • TIMELINE OF LIQUID AIR ENERGY STORAGE (LAES)
    • PARENT MARKET ANALYSIS: ENERGY STORAGE MARKET
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • GEOGRAPHICALLY UNCONSTRAINED COMPARED TO OTHER ENERGY STORAGE SYSTEMS
      • GOVERNMENT SUPPORT & TECHNOLOGICAL ADVANCEMENTS
      • LOW OPERATING & CAPITAL COST
      • SUSTAINABLE & CLEAN ENERGY STORAGE WITH LONG LIFESPAN
    • MARKET RESTRAINTS
      • COSTS ASSOCIATED WITH LAES SYSTEMS
      • PUMPED HYDRO STORAGE & OTHER ALTERNATIVE TECHNOLOGIES
    • MARKET OPPORTUNITIES
      • DEVELOPING COUNTRIES ARE EXPECTED TO CREATE HUGE DEMAND FOR LAES
      • GROWING ADOPTION OF DISTRIBUTED ENERGY SYSTEMS
      • EXTENSIVE RESEARCH & DEVELOPMENT FOR NEW APPLICATION INTEGRATION IN LAES
    • MARKET CHALLENGES
      • DIFFICULTIES IN IMPLEMENTATION OF LAES ON LARGE SCALE
      • SHORTAGE OF LABOR COUPLED WITH LAND CONSTRAINTS
  1. MARKET BY CAPACITY
    • 5 -15 MW
    • 16 – 50 MW
    • 50 -100 MW
    • 100 MW+
  2. MARKET BY APPLICATION
    • POWER GENERATION
    • POWER TRANSMISSION
    • POWER DISTRIBUTION
    • RENEWABLE INTEGRATION
    • LNG TERMINALS
    • OTHER APPLICATIONS
  3. KEY ANALYTICS
    • PORTERS FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • KEY BUYING CRITERIA
      • COST
      • EFFICIENCY
      • ADAPTABILITY & SYSTEM SCALABILITY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • VALUE CHAIN ANALYSIS
      • SUPPLIERS
      • INSTALLATION
      • CONTRACTING & MARKETING
      • END USERS
    • LEGAL, POLICY & REGULATORY FRAMEWORK
    • INVESTMENT ANALYSIS
      • BY REGION
      • BY CAPACITY
      • BY APPLICATION
  1. 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. COMPETITIVE LANDSCAPE
    • MARKET SHARE ANALYSIS
    • KEY COMPANY ANALYSIS
    • CORPORATE STRATEGIES
    • COMPANY PROFILES
      • CUSTOM METALCRAFT, INC.
      • GE OIL & GAS INC.
      • HEATRIC LIMITED
      • HIGHVIEW POWER
      • LINDE GROUP
      • MESSER GROUP GMBH
      • MITSUBISHI HITACHI POWER SYSTEMS, LTD
      • VIRIDOR LIMITED

LIST OF TABLES

TABLE 1: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY GEOGRAPHY, 2018-2023 (IN $ THOUSAND)

TABLE 2: TIMELINE OF LIQUID AIR ENERGY STORAGE INDUSTRY

TABLE 3: COMPARISON BETWEEN LIQUID AIR ENERGY STORAGE (LAES) & 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: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY CAPACITY, 2018-2023, (IN $ THOUSAND)

TABLE 8: GLOBAL 5 -15 MW CAPACITY MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 9: GLOBAL 16 – 50 MW CAPACITY MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 10: GLOBAL 50 -100 MW CAPACITY MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 11: GLOBAL 100 MW+ CAPACITY MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 12: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY APPLICATION, 2018-2023, (IN $ THOUSAND)

TABLE 13: GLOBAL POWER GENERATION MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 14: GLOBAL POWER TRANSMISSION MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 15: GLOBAL POWER DISTRIBUTION MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 16: GLOBAL RENEWABLE INTEGRATION MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 17: GLOBAL LNG TERMINALS MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 18: GLOBAL OTHER APPLICATIONS MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 19: OPPORTUNITY MATRIX

TABLE 20: VENDOR LANDSCAPE

TABLE 21: ALL-IN INSTALLED COST RANGE OF LAES 4H SYSTEM

TABLE 22: LEGAL, POLICY & REGULATORY FRAMEWORK

TABLE 23: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY GEOGRAPHY, 2018-2023, (IN $ THOUSAND)

TABLE 24: NORTH AMERICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, 2018-2023 (IN $ THOUSAND)

TABLE 25: EUROPE LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, 2018-2023 (IN $ THOUSAND)

TABLE 26: ASIA PACIFIC LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY COUNTRY, 2018-2023 (IN $ THOUSAND)

TABLE 27: REST OF WORLD LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY REGION, 2018-2023 (IN $ THOUSAND)

TABLE 28: LIST OF KEY STRATEGIES

 

LIST OF FIGURES

FIGURE 1: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY TYPE, 2017 & 2023 (IN %)

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

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

FIGURE 4: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 5 -15 MW, 2018-2023 (IN $ THOUSAND)

FIGURE 5: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 16 – 50 MW, 2018-2023 (IN $ THOUSAND)

FIGURE 6: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 50 -100 MW, 2018-2023 (IN $ THOUSAND)

FIGURE 7: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY 100 MW+, 2018-2023 (IN $ THOUSAND)

FIGURE 8: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY POWER GENERATION, 2018-2023 (IN $ THOUSAND)

FIGURE 9: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY POWER TRANSMISSION, 2018-2023 (IN $ THOUSAND)

FIGURE 10: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY POWER DISTRIBUTION, 2018-2023 (IN $ THOUSAND)

FIGURE 11: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY RENEWABLE INTEGRATION, 2018-2023 (IN $ THOUSAND)

FIGURE 12: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY LNG TERMINALS, 2018-2023 (IN $ THOUSAND)

FIGURE 13: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY OTHER APPLICATIONS, 2018-2023 (IN $ THOUSAND)

FIGURE 14: PORTER’S FIVE FORCE ANALYSIS

FIGURE 15: KEY BUYING IMPACT ANALYSIS

FIGURE 16: VALUE CHAIN ANALYSIS

FIGURE 17: WORLDWIDE TREND OF ENERGY CONSUMPTION, 1970-2040 (IN BILLION TOE)

FIGURE 18: INVESTMENT ANALYSIS OF LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY REGION, IN 2018

FIGURE 19: INVESTMENT ANALYSIS OF LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY CAPACITY, IN 2018

FIGURE 20: INVESTMENT ANALYSIS OF LIQUID AIR ENERGY STORAGE (LAES) MARKET, BY APPLICATION, IN 2018

FIGURE 21: GLOBAL LIQUID AIR ENERGY STORAGE (LAES) MARKET, REGIONAL OUTLOOK, 2017 & 2023 (IN %)

FIGURE 22: UNITED STATES LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 23: CANADA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 24: UNITED KINGDOM LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 25: GERMANY LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 26: FRANCE LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 27: REST OF EUROPE LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 28: CHINA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 29: JAPAN LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 30: SOUTH KOREA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 31: REST OF ASIA PACIFIC LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 32: LATIN AMERICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 33: MIDDLE EAST & AFRICA LIQUID AIR ENERGY STORAGE (LAES) MARKET, 2018-2023 (IN $ THOUSAND)

FIGURE 34: MARKET SHARE ANALYSIS OF KEY PLAYERS IN 2018 (IN %)

  1. MARKET BY CAPACITY
    • 5 -15 MW
    • 16 – 50 MW
    • 50 -100 MW
    • 100 MW+
  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

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