Long Duration Energy Storage System Market 2022

Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030

Long Duration Energy Storage System Market by Technology (Pumped Hydro Storage, Flow Batteries Energy Storage, Compressed Air Energy Storage, Li-Ion Batteries, Molten Salt Energy Storage), by Application, by Region – Global Share and Forecast to 2030

Region: Global | Format: Word, PPT, Excel | Report Status: Published

Description

According to the Market Statsville Group (MSG), the global long duration energy storage system market size is expected to grow at a CAGR of 14.6% during the forecast period (2022 to 2030). Long duration energy storage systems provide various grid functions, such as voltage control, frequency control, and capability ramp-up (active power management), all of which are critical for integrating increasing amount of renewables into electricity grids. The rising shift in the trend towards the development of renewable energy for power generation coupled with the strict government regulations and norms to minimize greenhouse gas emissions are some factors driving the market growth globally. Moreover, the rising demand for local, clean, inexpensive, and resilient backup power, driven by an increase in extreme weather events such as fires and windstorms, is expected to propel the global long duration energy storage system market in the coming years. In addition, the technological advancements in the design of energy storage devices to improve efficiency and lower costs are also likely to boost the market during the forecast period.

Global Long Duration Energy Storage System Market Definition

A long duration energy storage system is generally referred to as a storage system, consisting at least 10 hours of stored energy. In other words, it can be stated as a storage system that has enough stored energy to provide form capacity to the grid. LDES (Long Duration Energy Storage) is growing rapidly as a potential means of enabling affordable, dependable electricity while also supporting power system decarbonization.

COVID-19 Impact on the Global Long Duration Energy Storage System Market

The growth of the utility applications has been hampered by the abrupt breakout of a novel COVID-19. In 2020, the number of scheduled projects that includes the deployment long duration energy storage systems were temporarily shut amidst the pandemic. In addition, the shutdown of manufacturing facilities globally in the first and second quarters of 2020 further led to decline in the market’s growth. However, as more energy storage systems are installed in operational projects and the government places, a greater emphasis on modernizing the electricity sector, long duration energy storage systems are expected to rise in the coming years.

Scope of the Global Long Duration Energy Storage System Market

The study categorizes the long duration energy storage system market based on technology and application at the regional and global levels.

By Technology (Sales, USD Million, 2017-2030)

  • Pumped Hydro Storage
  • Flow Batteries Energy Storage
  • Compressed Air Energy Storage
  • Li-ion Batteries
  • Molten Salt Energy Storage
  • Stacked Blocks Energy Storage
  • Liquid Air Energy Storage
  • Others

By Application (Sales, USD Million, 2017-2030)

  • Power Plant
  • Process Industry
  • Others

By Region (Sales, USD Million, 2017-2030)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA

The pumped hydro storage segment is projected to account for the largest market share by technology

Based on technology, the global long duration energy storage system market is divided into pumped hydro storage, flow batteries energy storage, compressed air energy storage, Li-ion batteries, molten salt energy storage, stacked blocks energy storage, and liquid air energy storage, and others. In 2021, the pumped hydro storage segment accounted for the largest market share in the global long duration energy storage system market. Due to its cost-effectiveness, pumped hydro storage is one of the most often employed technologies. It is further used for generating power at off-peak hours when the price is comparatively low, in order to reduce electricity expenses.

Asia Pacific accounts for the highest CAGR during the forecast period

Globally, Asia Pacific is estimated to hold the highest CAGR in the global long-duration energy storage system market during the forecast period. Increased investments in the modernization of outdated infrastructure and grid expansion in the Asia Pacific can be attributed to the region's growth. Furthermore, an increased focus on reducing reliance on fossil fuel imports and meeting fast-rising energy demand by improving the use of clean technologies is likely to propel the market in the region during the forecast period.

Key Market Players in the Global Long Duration Energy Storage System Market

The global long duration energy storage system market is highly competitive, with key industry players adopting various strategies such as product agreements, partnerships, development, acquisitions, and expansion to enhance their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global long duration energy storage system market are:

Recent Developments

  • In March 2022, ESS Tech, Inc. announced the expansion of its operations into Europe to meet strong demand in the region for the company’s long-duration energy storage (LDES) solutions.
  • In December 2021, San Diego Gas & Electric (SDG&E) has announced the deployment of ESS Inc.'s iron flow batteries in a microgrid project in Cameron Corners, California, that will increase community resilience and back up vital resources.
  • In December 2021, Lockheed Martin revealed plans to supply its GridStar Flow battery technology to TC Energy’s Saddlebrook Solar + Storage Project, which was constructed in Alberta, Canada.

Key Issues Addressed

  • What is the market size by various segmentation of the long duration energy storage system by region and its respective countries?
  • What are the customer buying behavior, key takeaways, and Porter's 5 forces of the long duration energy storage system market?
  • What are the key opportunities and trends for manufacturers involved in the long duration energy storage system supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of long duration energy storage systems in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
 

Frequently Asked Questions

  • Key Issues Addressed
  • What is the market size and growth rate for different segmentations at a global, regional, & country level?
  • What is the customer buying behavior, key takeaways, and Porter's 5 forces of the market?
  • What are the key opportunities and trends for manufacturers involved in the supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of in the market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Who are the leading companies operating in the market? Also, who are the prominent startups that disrupt the market in coming years?
  • PUBLISHED ON: MARCH, 2024
  • BASE YEAR: 2023
  • FORECAST PERIOD: 2024-2033
  • STUDY PERIOD: 2019 - 2033
  • COMPANIES COVERED: 15
  • COUNTRIES COVERED: 24
  • NO OF PAGES: 219

Want to Review Complete Market Research Report

 
save 20%
$2450 $1950
 
save 25%
$4450 $3338
 
save 30%
$5850 $4095
 
save 35%
$8150 $5298

Budget constraints? Get in touch with us for special pricing

Request for Special Pricing

Customize this Report

  • Buy specific region or segment sections of this report
  • Buy specific region/country level reports
  • Request for Pricing Analysis, Market Dynamics, Recommendation & Conclusion
  • Companies Profiles based on Target Requirement
  • Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
  • Why Choose Market Statsville Group?
  • CXO’s Perspective
  • Real-Time Market AttractivenessIndex
  • Investment Pockets
  • Market Player Positioning
  • Competitive Heatmap
  • Parent &Peer Market Analysis
  • Primary Survey Analysis & Transcripts
  • Premium insights from industry experts
  • Robust Research Methodology
  • Market Trends & Opportunities
  • Market Growth Dynamics
  • Value/Supply Chain Analysis
  • Pre-&-Post Covid Market Scenario
  • Latest Technological Developments
  • Comprehensive Reports
  • 3-Rounds Quality Checks with Complete Assurance
  • Unlimited Post-Sales Support
  • Regular Report Updates
Didn't Get What you are looking for. Share your requirements here
Request for Customization

We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. I Accept