Market Overview:
The global cryogenic energy storage system market is expected to grow at a CAGR of XX% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for energy storage systems across the globe. In addition, the growing need for grid-scale energy storage systems is also fueling the growth of this market. The cryogenic energy storage system market can be segmented on the basis of type into flywheel energy storage, superconducting magnetic energy storage (SMES), and liquid air energy storage (LAES). Among these, flywheel technology is expected to witness high adoption in the coming years owing to its advantages such as longer life cycle and faster response time as compared to other technologies.
Product Definition:
Cryogenic energy storage systems are used to store energy in the form of liquefied gas. The gas is stored at very low temperatures, and when needed, it is released and converted back into electricity. These systems are important because they can store large amounts of energy, they are environmentally friendly, and they can be used to stabilize the electrical grid.
Flywheel Energy Storage:
Flywheel energy storage is a mechanical system which stores energy in the form of rotary motion. It uses the elasticity of flywheel to store and regenerate power. The stored energy is released when the flywheel momentum is converted into electrical energy using an electric generator, battery or another source.
The primary benefit offered by this technology includes frequency regulation as well as smooth and continuous supply of electricity from grid to site usage without any loss in quality during transmission.
Superconducting Magnetic Energy Storage (SMES):
Superconducting Magnetic Energy Storage (SMES) is a technology that stores energy in the form of magnetic fields. It utilizes superconducting magnets to store energy in the absence of electrical resistance. The technology was developed by Sumitomo Electric Industries, Ltd., and has since been commercialized by various other companies globally.
Application Insights:
The utilities segment accounted for the largest revenue share of over 70% in 2017. Cryogenic energy storage systems are widely used by utilities to store power generated from renewable sources such as wind and solar at times when there is excess generation, thereby making it available for use during peak hours. The growing penetration of wind turbines and solar panels has led to an increase in the number of hours with excess generation that needs to be stored. cryo-based batteries can provide a solution for this problem as they offer short-term (hours) as well as long-term (days) solutions, depending upon usage requirements.
Distributed power system is projected to grow at a CAGR exceeding 10% from 2018 to 2030 owingto increasing needfor backup power supply & flexible load management across various industries including oil & gas, manufacturing, healthcare among others.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing market over the forecast period owing to increasing demand for clean energy. China, Japan, and India are some of the largest Cryogenic Energy Storage System (CESS) markets in Asia Pacific. The growing need for CESS in China is attributed to its rapid industrialization along with a significant increase in electricity demand due to an expanding population.
Europe was estimated as having been one of the largest regional markets and accounted for over 30% of global revenue share in 2016 owing to large scale deployment across several countries such as Germany, Spain, France among others which have cold climate suitable for storage systems operation.
Growth Factors:
- Increasing demand for energy storage systems to reduce the dependence on traditional power sources and enable efficient load management
- Favorable government policies and regulations for the deployment of energy storage systems
- Growing investments in renewable energy projects, which is expected to create a need for reliable and efficient storage solutions
- Rapid advancements in cryogenic technology that are making these systems more affordable and scalable
- Rising concerns over climate change and air pollution, which is driving the adoption of clean energy technologies
Scope Of The Report
Report Attributes
Report Details
Report Title
Cryogenic Energy Storage System Market Research Report
By Type
Flywheel Energy Storage, Superconducting Magnetic Energy Storage (SMES), Liquid Air Energy Storage (LAES)
By Application
Utilities, Distributed Power Systems, Others
By Companies
Highview Power, Cryogen, JEKUSOL
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
214
Number of Tables & Figures
150
Customization Available
Yes, the report can be customized as per your need.
Global Cryogenic Energy Storage System Market Report Segments:
The global Cryogenic Energy Storage System market is segmented on the basis of:
Types
Flywheel Energy Storage, Superconducting Magnetic Energy Storage (SMES), Liquid Air Energy Storage (LAES)
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Utilities, Distributed Power Systems, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Highview Power
- Cryogen
- JEKUSOL
Highlights of The Cryogenic Energy Storage System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Flywheel Energy Storage
- Superconducting Magnetic Energy Storage (SMES)
- Liquid Air Energy Storage (LAES)
- By Application:
- Utilities
- Distributed Power Systems
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Cryogenic Energy Storage System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A cryogenic energy storage system (CESS) is a type of energy storage system that uses liquid nitrogen to store electrical energy. When needed, the stored electricity can be used to power devices like electric cars or wind turbines.
Some of the major players in the cryogenic energy storage system market are Highview Power, Cryogen, JEKUSOL.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Cryogenic Energy Storage System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Cryogenic Energy Storage System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Cryogenic Energy Storage System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Cryogenic Energy Storage System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Cryogenic Energy Storage System Market Size & Forecast, 2018-2028
4.5.1 Cryogenic Energy Storage System Market Size and Y-o-Y Growth
4.5.2 Cryogenic Energy Storage System Market Absolute $ Opportunity
Chapter 5 Global Cryogenic Energy Storage System Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Cryogenic Energy Storage System Market Size Forecast by Type
5.2.1 Flywheel Energy Storage
5.2.2 Superconducting Magnetic Energy Storage (SMES)
5.2.3 Liquid Air Energy Storage (LAES)
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Cryogenic Energy Storage System Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Cryogenic Energy Storage System Market Size Forecast by Applications
6.2.1 Utilities
6.2.2 Distributed Power Systems
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Cryogenic Energy Storage System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Cryogenic Energy Storage System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Cryogenic Energy Storage System Analysis and Forecast
9.1 Introduction
9.2 North America Cryogenic Energy Storage System Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Cryogenic Energy Storage System Market Size Forecast by Type
9.6.1 Flywheel Energy Storage
9.6.2 Superconducting Magnetic Energy Storage (SMES)
9.6.3 Liquid Air Energy Storage (LAES)
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Cryogenic Energy Storage System Market Size Forecast by Applications
9.10.1 Utilities
9.10.2 Distributed Power Systems
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Cryogenic Energy Storage System Analysis and Forecast
10.1 Introduction
10.2 Europe Cryogenic Energy Storage System Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Cryogenic Energy Storage System Market Size Forecast by Type
10.6.1 Flywheel Energy Storage
10.6.2 Superconducting Magnetic Energy Storage (SMES)
10.6.3 Liquid Air Energy Storage (LAES)
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Cryogenic Energy Storage System Market Size Forecast by Applications
10.10.1 Utilities
10.10.2 Distributed Power Systems
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Cryogenic Energy Storage System Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Cryogenic Energy Storage System Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Cryogenic Energy Storage System Market Size Forecast by Type
11.6.1 Flywheel Energy Storage
11.6.2 Superconducting Magnetic Energy Storage (SMES)
11.6.3 Liquid Air Energy Storage (LAES)
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Cryogenic Energy Storage System Market Size Forecast by Applications
11.10.1 Utilities
11.10.2 Distributed Power Systems
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Cryogenic Energy Storage System Analysis and Forecast
12.1 Introduction
12.2 Latin America Cryogenic Energy Storage System Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Cryogenic Energy Storage System Market Size Forecast by Type
12.6.1 Flywheel Energy Storage
12.6.2 Superconducting Magnetic Energy Storage (SMES)
12.6.3 Liquid Air Energy Storage (LAES)
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Cryogenic Energy Storage System Market Size Forecast by Applications
12.10.1 Utilities
12.10.2 Distributed Power Systems
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Cryogenic Energy Storage System Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Cryogenic Energy Storage System Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Cryogenic Energy Storage System Market Size Forecast by Type
13.6.1 Flywheel Energy Storage
13.6.2 Superconducting Magnetic Energy Storage (SMES)
13.6.3 Liquid Air Energy Storage (LAES)
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Cryogenic Energy Storage System Market Size Forecast by Applications
13.10.1 Utilities
13.10.2 Distributed Power Systems
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Cryogenic Energy Storage System Market: Competitive Dashboard
14.2 Global Cryogenic Energy Storage System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Highview Power
14.3.2 Cryogen
14.3.3 JEKUSOL
