Press release
Long Duration Energy Storage Market is Projected to Reach $10.43 billion by 2030
Browse 286 market data Tables and 58 Figures spread through 292 Pages and in-depth TOC on "Long Duration Energy Storage Market by Technology (Mechanical Storage, Thermal Storage, Electrochemical Storage), Duration (8 to 24, >24 to 36, >36), Capacity (Upt
The global [https://www.marketsandmarkets.com/Market-Reports/long-duration-energy-storage-market-148402450.html?utm_source=ABNewswire&utm_medium=paidpr] is anticipated to grow from estimated USD 3.64 billion in 2024 to USD 8.61 billion by 2030, at a CAGR of 15.4% during the forecast period. The major factors driving the market growth of the Long Duration Energy Storage Market include various driving factors such as it involves growing requirements of grid stability and resilience as it increases its renewable energy sources. The integration of renewables increases the requirements for efficient solutions to be used for handling the intermit energy supplies. Decarbonizing electricity has raised both electricity demand as well as promoting the uptake of long duration energy storage technology like flow batteries, compressed air, and thermal storage, among others. The government policies and incentives favoring deployment are helping promote market growth in this domain. In addition, improving economic feasibility for long-duration energy storage comes from advancements and cost reduction of storage technology: an essential enabler to both global carbon neutrality and overall energy transition goals.
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Grid management by Application
High penetration of renewable energy will demand advanced storage solutions in the management of changes in supply and demand that will position the grid management segment as a leader in long duration energy storage. In LDES systems, it is also very important that regulation of frequency, voltage stability, and peak load management make grids reliable and efficient. Decentralized power generation along with the integration of renewables like solar and wind fuels are increasing the demand for grid management applications. Additionally, government policies in their favor, investments in the modernization of grids, and developments in storage technologies only boost the growth of this segment and make it an essential pillar for future energy transition strategies.
The Utilities segment, by end user
Long duration energy storage will be driven in the market by a need for increased stability within the grid, as well as a burgeoning demand for renewable energy within power systems. Utilities will use long duration energy storage to respond to the challenges of peaks in demand, and regulations on frequency that might arise from this variable supply of renewable sources of energy. Utilities are now forced to consider long duration energy storage as long duration energy storage in light of growing electricity demand and decarbonization targets. Incentives from the government, policies that encourage the deployment of energy storage, and low-cost technologies that continue advancing further push adoption. Utilities increasingly look at long duration energy storage as a key tool to enhance the resilience of the grid and achieve carbon neutrality.
North America - To be the largest region during the forecast period
North America is expected to lead the Long Duration Energy Storage Market because it has the most extensive integration of renewable energy sources, such as solar and wind, which require efficient energy storage solutions for grid reliability. It has ambitious decarbonization goals and supportive government policies, such as tax incentives and energy storage mandates. Investments in the modernization of aging grid infrastructure increase demand for long-duration storage to improve grid stability. Moreover, the availability of leading market players and the continued development of flow batteries and thermal energy storage help the region grow. Growing energy consumption and efforts toward energy security ensure North America remains at the forefront of the Long Duration Energy Storage Market.
Key Players
The report profiles key players such as The Sumitomo Electric Industries, Ltd. (Japan), ESS Tech, Inc. (US), Energy Vault, Inc. (US), Eos Energy Enterprises (US), Invinity Energy Systems (England), MAN Energy Solutions (Germany), Highview Power (UK), Primus Power (US), CMBlu Energy AG (Germany), and Malta Inc. (US) among others.
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Sumitomo Electric Industries, Ltd.
Sumitomo Electric Industries, Ltd. was established in the year 1897. Now it is a global manufacturer, starting from horse-drawn carriages to becoming a giant of global manufacturing. The company is organized into six business segments: Environment and Energy, Infocommunications, Automotive, Electronics, and Industrial Materials. The company's Environment and Energy segment provides solutions for long duration energy storage.
Sumitomo Electric Industries, Ltd. has 415 subsidiaries and affiliates in over 40 countries, providing Sumitomo Electric with an excellent global base. Overseas sales are important to the earnings of the company, accounting for 62.2% of its total sales, and it is good at providing for international market demand.
The company has a substantial presence in North and South America, Europe, the Middle East & Africa, Asia Oceania, and Japan.
Energy Vault, Inc.
Energy Vault, Inc. is one of the leading utility-scale energy storage solution developers that aims to revolutionize sustainable energy storage, support decarbonization, and enhance grid resilience. The company offers a full portfolio of proprietary technologies: gravity-based, battery, and green hydrogen energy storage systems. These technologies are integrated and managed through the Energy Vault Solutions software platform, a technology-agnostic system designed for efficient energy storage management and integration.
Energy Vault, Inc. delivers short- and long-duration energy storage solutions for utilities, independent power producers, and large industrial energy consumers. Using environmentally friendly materials and utilizing waste to create value, the EVx gravity energy storage technology of the company is instrumental in driving the circular economy. The company operates through 3 different business segments: Build and transfer energy storage products, Licensing of intellectual property, and others. The company sells its products to customers through Build and transfer energy storage products.
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