Compressed air energy storage (CAES) is used for storing the generated energy so that it can be used later. The utility sector uses this method for releasing the energy produced during periods of low demand (off-peak) in the periods of higher demand or peak load periods.

In the CAES facilities, ambient air or some other gas is compressed and then stored under high pressure in a container that is kept underground. When power is required, this air is heated and made to undergo expansion in a turbine, which in, turn, drives the generator for producing power.

According to the findings of Bloomberg New Energy Finance, at the current rate of energy storage across the globe, the energy storage industry will reach its storage targets and expand rapidly to a cumulative capacity of 942 GW in 2040. Thus, with the rapid advancement of the energy storage industry and the increasing focus on energy storage, the global compressed air energy storage (CAES) market will exhibit substantial growth over the next few years.

Geographically, North America is presently observing considerably high utilization of compressed air energy storage systems, as per the findings of PS Intelligence, a market research company based in India. This is ascribed to the increasing requirement of compressed electricity storage systems in the North American countries.

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According to a report published by the Environmental and Energy Study Institute, in the U.S., 4 billion MWh (megawatt-hours) of energy was generated in 2017. However, the country had a power storage capacity of only 431 MWh in that year.

Thus, due to the growing demand for power in many developing and developed countries and the rising environmental concerns being raised over the usage of fossil fuels for power production, the demand for compressed air energy storage systems will increase rapidly throughout the world in the future years.