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Evolving Market Trends In The Long Duration Energy Storage Industry: Advancements In Battery Management Systems For Extended-Duration Energy Storage
Long Duration Energy Storage
What Is the Expected Long Duration Energy Storage Market Size During the Forecast Period?
The market size of long duration energy storage has seen rapid expansion in the last few years. Its value is predicted to escalate from $3.12 billion in 2024 to $3.58 billion in 2025, marking a compound annual growth rate (CAGR) of 14.7%. This substantial growth observed in the historical period stems from factors such as a surging interest in decentralized energy systems, heightened consciousness about climate change, escalated apprehensions about energy security, a rising demand for grid adaptability, and extensive attempts to transition energy sources.
The market size for long-duration energy storage is anticipated to experience substantial expansion in the coming years, with projections setting it at $6.15 billion by 2029, marked by a compound annual growth rate (CAGR) of 14.5%. This ascending trend into the forecast period is largely due to increasing worldwide demand for economical and sustainable energy, intensifying electrification of economies, amplified investments in green energy infrastructures, escalating pressures to achieve net-zero emissions, along with the augmented interest in long-term energy security. Key trends anticipated throughout the forecast period embody advancements in battery technologies, innovative storage materials, state-of-the-art hybrid storage systems, evolved casing systems, and progressive control systems.
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What Are the High-Growth Segments in the Long Duration Energy Storage Market?
The long duration energy storage market covered in this report is segmented -
1) By Technology Type: Pumped Hydro Storage (PHS), Compressed Air Energy Storage (CAES), Liquid Air Energy Storage (LAES), Flow Batteries, Solid-State Batteries
2) By Capacity: Upto 50 MW, 50-100 MW, More Than 100 MW
3) By Duration: Upto 8 Hours, 8 To 10 Hours, Above 10 Hours
4) By Application: Grid Energy Storage, Off-grid Energy Storage, Backup Power
5) By End-User: Utilities, Industrial, Commercial, Residential, Other End-Users
Subsegments:
1) By Pumped Hydro Storage (PHS): Closed-loop, Open-loop
2) By Compressed Air Energy Storage (CAES): Diabatic CAES, Adiabatic CAES, Isothermal CAES
3) By Liquid Air Energy Storage (LAES): High-Grade Cold Recycling, Thermal Energy Integration
4) By Flow Batteries: Redox Flow Batteries, Hybrid Flow Batteries
5) By Solid-State Batteries: Lithium Solid-State Batteries, Sodium Solid-State Batteries, Polymer-Based Solid-State Batteries, Thin-Film Solid-State Batteries
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What Key Drivers Are Expected to Influence Future Long Duration Energy Storage Market Growth?
The escalating numbers of EV charging installations is anticipated to stimulate the growth of the extended energy storage market. EV charging infrastructure, encompassing a plethora of charging stations ranging from slow to ultra-fast chargers, serves to replenish electric vehicle batteries. The proliferation of EV charging facilities can be attributed to the increased use of electric vehicles (EVs), governmental incentives, enhancements in battery technology, and a global shift towards eco-friendly transportation. Long-duration energy storage is utilized in these infrastructures to house renewable energy, providing a consistent power supply during high demand times or grid failures. For instance, projections from the International Energy Agency, a France-based intergovernmental organization, claim that by 2030, public charging stations globally will grow from 4 million in 2023 to more than 15 million, and even further to 25 million by 2035, representing a sixfold growth. Therefore, the expanding network of EV charging infrastructures is propelling the growth of the long-duration energy storage market.
Which Companies Hold the Largest Share Across Different Long Duration Energy Storage Market Segments?
Major companies operating in the long duration energy storage market are Sumitomo Electric Industries Ltd., MAN Energy Solutions, Stryten Energy, Energy Vault Inc., Form Energy, Alsym Energy Inc., Highview Enterprises Ltd, MGA Thermal Pty Ltd, Invinity Energy Systems, VFlowTech Pte Ltd, Eos Energy Enterprises, Primus Power Solutions, VoltStorage GmbH, Gravitricity, e-Zinc Inc., Enlighten Innovations Inc., Storelectric Limited, 1414 Degrees Limited, Corre Energy General Partner B.V., Storion, Malta Inc., ESS Tech Inc., Xiamen HiTHIUM Energy Storage Technology Co. Ltd., Enerpoly AB.
What Trends Are Driving Growth in The Long Duration Energy Storage Market?
Prominent entities in the long-duration energy storage industry are emphasizing on technological progress, such as cutting-edge battery management systems, to augment energy efficiency and improve safety. Battery Management Systems (BMS) are sophisticated tech solutions designed to supervise, regulate, and boost performance, safety, and durability of battery packs in energy storage applications. For example, in September 2024, the China-based firm Xiamen HiTHIUM Energy Storage Technology Co. Ltd. introduced the HiTHIUM ∞Block 6.25MWh energy storage system - a 4-hour long-duration storage solution. The system aims to harness excess solar energy, thereby improving grid stability during high demand periods. It is characterized by an advanced battery management system, external active balancing technology, and environmentally friendly constituents. The introduction of this system highlights HiTHIUM's dedication to promoting the shift towards sustainable energy solutions.
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What Are the Emerging Geographies for The Long Duration Energy Storage Market Growth?
North America was the largest region in the long duration energy storage market in 2024. The regions covered in the long duration energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Long Duration Energy Storage Market?
2. What is the CAGR expected in the Long Duration Energy Storage Market?
3. What Are the Key Innovations Transforming the Long Duration Energy Storage Industry?
4. Which Region Is Leading the Long Duration Energy Storage Market?
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