Long Duration Energy Storage System Market to Witness Widespread Expansion by 2030

Long Duration Energy Storage System Market: Overview
  • An energy storage system is a system used for storing electric energy when needed and for releasing it when required. These systems play a pivotal role in the operation of power systems. They optimize the system reliability and ensure continuity of energy supply.
Key Drivers of Global Long Duration Energy Storage System Market
  • Shift in trend toward development of renewable energy for power generation along with stringent regulations and norms to reduce greenhouse gas emissions is anticipated to drive the global long duration energy storage system market during the forecast period. Long duration energy storage systems offer various grid services, including voltage control, frequency control, and capability ramp-up (i.e. active power management), which are essential for integrating higher levels of renewables into electricity grids.
  • Surge in the demand for local, clean, affordable, and resilient backup power, led by increase in the occurrence of extreme weather events such as fires and windstorms, is estimated to propel the global long duration energy storage system market during the forecast period. Technological innovations in the design of energy storage devices so as to optimize their efficiency and reduce costs are also expected to propel the global long duration energy storage system market during the forecast period.
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Pumped Hydro Storage Segment Expected to Hold a Major Share of Global Long Duration Energy Storage System Market
  • The global long duration energy storage system market can be segmented based on technology, end-user, and region
  • In terms of technology, the global long duration energy storage system market can be classified into pumped hydro  storage, flow batteries energy storage, compressed air energy storage, Li-ion batteries, molten salt energy storage, and others. Among these, pumped hydro storage is one of the most extensively used technology, due to its cost effectiveness. Pumped hydro storage cuts electricity costs by utilizing electricity generated at off-peak times when the price is lower.
  • Based on application, the global long duration energy storage system market can be divided into power plant, process industry, and others. Increase in investments in the installation of renewable power generation facilities is expected to propel the power plant segment between 2020 and 2030.
Europe to Account for a Prominent Share of Global Long Duration Energy Storage System Market
  • In terms of region, the global long duration energy storage system market can be segmented into Latin America, Asia Pacific, Europe, North America, and Middle East & Africa
  • The long duration energy storage system market in North America is expected to expand at a rapid CAGR during the forecast period. Growth of the market in the region can be ascribed to introduction of regulations and targets to curb GHG emissions. California has set a target to reduce greenhouse gas emissions to 80% below the 1990 levels by 2050.
  • The long duration energy storage system market in Europe is projected to expand at a rapid rate during the forecast period. Increase in investments in the development of clean fuel-based electricity generating facilities is anticipated to boost the market in the region during the forecast period. Policymakers across the EU have introduced several financial aids, such as feed-in tariff, tax rebate, and subsidies, to promote electricity generation based on renewable resources such as solar, wind, and hydro.
  • The long duration energy storage system market in Asia Pacific is projected to expand at a significant pace during the forecast period. Growth of the market in the region can be ascribed to increase in investments in the modernization of aging infrastructure and expansion of grids in Asia Pacific. Furthermore, rise in the focus to reduce dependency on imports of fossil fuel and to meet the rapidly increasing electricity demand by enhancing the utilization of clean technologies is also expected to propel the market in the region during the forecast period.
  • The long duration energy storage system market in Middle East & Africa and Latin America is anticipated to expand at a sluggish pace during the forecast period, owing to the abundant availability of solar energy in these regions
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Key Players Operating in Global Long Duration Energy Storage System Market
  • Ess Inc.
  • Highview Power
  • Hydrostor Inc.
  • ITM Power
  • Lockheed Martin Corporation
  • Vionx Energy Corporation
  • ENERGY VAULT

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