Long Duration Energy Storage Market to Reach USD 17.00 Billion by 2034, at 13.5% CAGR

Long Duration Energy Storage Market

In 2024, the long duration energy storage market was estimated to be worth USD 4.81 billion. The market is expected to expand at a CAGR of 13.5% over the forecast period, growing from USD 5.45 billion in 2025 to USD 17.00 billion in 2034.

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What Is Long Duration Energy Storage?

Long-duration energy storage (LDES) signifies technologies capable of storing energy for prolonged durations, generally 8 hours or beyond, to tackle grid instability and guarantee a dependable energy supply, particularly with the rising dependence on intermittent renewable sources. LDES helps balance intermittent renewable energy sources like solar and wind by storing extra available energy over periods of high generation and supplying it when demand is high or generation is low. It enhances grid resilience and energy security by providing a reliable backup power source during outages or periods of high demand. LDES expands the business case for renewable energies by enabling their wider deployment and making them more reliable.

Growth Drivers
• The increasing investments in renewable energy sources are driving the expansion of the long duration energy storage market.
• As governments and companies put investments into renewable energy sources, the need for effective storage solutions like long duration energy storage rises to ensure stability.
• The rising emphasis on decarbonization increases the demand for long-duration energy storage.
• The increasing urbanization propels the expansion of the market for long duration energy storage.

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Competitive Landscape

Leading market participants are significantly investing in research and development to enhance their product range, thereby accelerating the growth of the long duration energy storage market. A few of them are:

Alsym Energy Inc.
Ambri Incorporated
CMBlu Energy AG
Energy Vault, Inc.
Eos Energy Enterprises
ESS Tech, Inc.
Form Energy
GKN Hydrogen
Highview Power
Invinity Energy Systems
Malta Inc.
MAN Energy Solutions
MGA Thermal Pty Ltd
Primus Power
QuantumScape Battery, Inc.
RheEnergise Limited
SFW
Sumitomo Electric Industries, Ltd.
VFlowTech Pte Ltd
VoltStorage

Long Duration Energy Storage Industry Developments

In December 2024, Stryten Energy LLC, a U.S.-based provider of energy storage solutions, partnered with Largo Inc. to launch a new long-duration energy storage venture named Storion Energy, LLC. The collaboration aims to advance sustainable storage technologies and address growing grid stability needs.

In June 2024, Singapore-based VFlowTech Pte Ltd inaugurated the largest long-duration energy storage manufacturing facility in Palwal, Haryana, during the India Energy Storage Week (IESW) 2024. This development marks a significant step in scaling up energy storage capabilities in the Asia Pacific region.

Also in June 2024, the Governor of New York City announced more than USD 5 million in funding for long-duration energy storage initiatives. The investment is part of New York State's Renewable Optimization and Energy Storage Innovation Program, aimed at accelerating the deployment of cutting-edge storage technologies to support the state's clean energy goals.

Segment-Wise Analysis

• The long duration energy storage market is basically segmented based on duration, technology, capacity, application, end-user, and region.

• By technology, the electrochemical storage segment captured the largest market share in 2024 owing to its decreasing costs, elevated energy density, and established performance in grid-scale uses.

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Regional Analysis

• In 2024, Asia Pacific accounted for the largest market share, fueled by rapid industrial growth, increasing renewable energy capabilities, and robust governmental backing for energy storage programs.

• The market in North America is projected to expand swiftly during the forecast period, driven by investments in renewable energy initiatives, favorable government policies, and the necessity to upgrade outdated grid infrastructure.

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