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Long Duration Energy Storage System Market to Grow Exponentially by 2030
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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.
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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
By Application (Sales, USD Million, 2017–2030)
- Power Plant
- Process Industry
By Region (Sales, USD Million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- 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.
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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.
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Major players in the global long duration energy storage system market are:
- ESS Inc.
- Highview Power
- Hydrostor Inc.
- ITM Power PLC
- Lockheed Martin Corporation
- Energy Vault, Inc.
- VRB ENERGY
- Primus Power Corporation
- Linde plc
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