Press release
Global Long Duration Energy Storage Systems Market projected to reach a value of USD 15,100 million by 2033
Long Duration Energy Storage Systems Market
Market Overview
The global long duration energy storage systems market is valued at USD 4,400 million in 2022 and is expanding at a CAGR of 27.9% over the forecast period of 2023-2033 projected to reach a value of USD 15,100 million by 2033. Long duration energy storage systems are equipped with the capacity to offer 10-100 hours of charging and utilizing situation. These systems store energy for longer duration that other conventional storage solutions. They are widely adopted for the operation of robust power systems to ensure reliable and continuous energy supply. These long duration energy solutions offer a wide array of grid services such as frequency control, voltage control, and capability ramp-up. It is defined as a system that is used for storing electric energy when needed and for releasing it when required. These systems also play a pivotal role in the operation of power systems. They have also optimized the system reliability and ensure continuity of energy supply.
The increasing demand for continuous and dependable power sources, as well as rising industrialization and technological breakthroughs in the field, are primarily enhancing the outlook of this industry vertical. Furthermore, the world is experiencing widespread occurrences of extreme weather conditions such as heavy rains, snowstorms, and tsunamis, among others, which are causing long-term power outages in the affected areas. This needs the use of long-term power storage devices, which will provide electricity to affected areas until things stabilise.
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Every market has its own growth drivers and challenges. Rising R&D investments are one of the primary factors driving market growth over the predicted period. Furthermore, rising demand for sustainable energy sources and rapid population growth around the world are creating lucrative opportunities for the industry vertical to thrive. Furthermore, various countries have increased their focus on reducing their reliance on fossil fuels for their energy needs. This is being driven by increasing instances of fossil fuel depletion and rising emission levels. This, in turn, is favourably influencing the market dynamics.
Market Segmentation:
The long duration energy storage systems market can be segmented based on several factors, including technology, application, and region.
By Technology:
a. Mechanical energy storage
b. Electrical energy storage
c. Electrochemical energy storage
d. Thermal energy storage
By Application:
a. Residential
b. Commercial and industrial
c. Utilities
By Region:
a. North America
b. Europe
c. Asia Pacific
d. Middle East & Africa
e. South America
Key Player:
Ess Inc., Highview Power, Hydrostor Inc., ITM Power, Lockheed Martin Corporation, Vionx Energy Corporation, ENERGY VAULT, VRB ENERGY, Primus Power, Yara, and Linde. The aforementioned companies are adopting effective business-centric strategies involving mergers & acquisitions, new product launches, R&D investments, collaborations, and partnership deals to strengthen their market position.
Regional Analysis:
The global long duration energy storage systems market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, Latin America, and Middle east and Africa. Among these, North America is expected to capture a substantial revenue share. This is attributable to the rapid occurrences of natural and man-made disasters, escalating demand for continuous power supply along with prompt industrialization and urbanization.
Meanwhile, Europe is projected to expand with a considerable CAGR over the stipulated timeframe ascribing to the rising investments in the sustainable energy sector, increasing environmental cognizance of the masses, and stringent emission regulations.
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FAQs:
Q. What is the growth rate projection of Global Long Duration Energy Storage Systems Market?
A. The Global Long Duration Energy Storage Systems Market is slated to amplify with a CAGR of 27.9% over the forecast period of 2022-2030.
Q. What are the major growth determinants of Global Long Duration Energy Storage Systems Market?
A. The Rising R&D investment has boosted the market growth.
Q. What are the major segments constituting the Global Long Duration Energy Storage Systems Market?
A. The major segments include- technology, application, region
Key Points:
Define, describe and forecast Potentiometers product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
Reasons to Purchase this Report:
Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
Provision of market value (USD Billion) data for each segment and sub-segment
Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.
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