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Long Duration Energy Storage Systems Market Size, Industry Analysis Report By Technology (Pumped Hydro Storage, Flow Batteries Energy Storage, Compressed Air Energy Storage, Li-ion Batteries, Molten Salt Energy Storage), By Application (Power Plant, Process Industry) & Region - Forecasts By 2033

  • PUBLISHED ON
  • 2024-10-08
  • NO OF PAGES
  • 285
  • CATEGORY
  • Energy & Power

Market Overview

The global long duration energy storage systems market is valued at USD 4,400 million in 2022 and is expanding at a CAGR of 27.9% over the forecast period of 2023-2033 projected to reach a value of USD 15,100 million by 2033.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 4,400 Million

Market Forecast in 2033

USD 15,000 Million

CAGR % 2023-2033

27.9%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product type, end-user industry, company share, company heatmap, company Material Technology type capacity, growth factors and more

Segments Covered

Technology, Application

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Ess Inc., Highview Power, Hydrostor Inc., ITM Power, Lockheed Martin Corporation, Vionx Energy Corporation, ENERGY VAULT, VRB ENERGY, Primus Power, Yara, and Linde

Long Duration Energy Storage Systems Market: Description

Long duration energy storage systems are equipped with the capacity to offer 10-100 hours of charging and utilizing situation. These systems store energy for longer duration that other conventional storage solutions. They are widely adopted for the operation of robust power systems to ensure reliable and continuous energy supply. These long duration energy solutions offer a wide array of grid services such as frequency control, voltage control, and capability ramp-up. It is defined as a system that is used for storing electric energy when needed and for releasing it when required. These systems also play a pivotal role in the operation of power systems. They have also optimized the system reliability and ensure continuity of energy supply.

The escalating demand for continuous and reliable power sources, rapid industrialization, and technological advancements in the field are primarily augmenting the outlook of this industry vertical. Furthermore, the world is witnessing widespread occurrences of extreme weather conditions such as heavy rains, snowstorms, and tsunamis, among others resulting in long duration power cuts in the affected areas. This necessitates the adoption of long duration power storage systems which in provide electricity to those affected locations until things stabilize.

Every market has its growth determinant and challenges. One of the major factor that has boosted the market growth is the rising R&D investments over the forecast period. Also, elevating demand for sustainable energy sources, and prompt population expansion across the globe are creating lucrative opportunities tor the industry vertical to prosper. Additionally, various countries have increased the focus onto reducing dependency on fossil fuel for their energy needs. This is powered by rising instances of fossil fuel depletion and increasing emission levels. This is turn is positively swaying the dynamics of this marketplace.

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. Also, the surging focus of industry players to develop and launch innovative solutions in the field are adding traction to the development of global long duration energy storage systems market.

Long Duration Energy Storage Systems Market- Segmental Analysis:

Technology Insights

The pumped hydro storage segment is poised to amass notable gains over the forecast period owing to its affordability.

Application Insights

The power plant segment is reckoned to generate significant returns over the analysis timeline ascribing to the rising investments towards the installation of renewable power generation units across the globe.

Regional Insights

The global long duration energy storage systems market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, Latin America, and Middle east and Africa. Among these, North America is expected to capture a substantial revenue share. This is attributable to the rapid occurrences of natural and man-made disasters, escalating demand for continuous power supply along with prompt industrialization and urbanization.

Meanwhile, Europe is projected to expand with a considerable CAGR over the stipulated timeframe ascribing to the rising investments in the sustainable energy sector, increasing environmental cognizance of the masses, and stringent emission regulations.

Competitive Analysis

Some of the prominent companies operating in the market are Ess Inc., Highview Power, Hydrostor Inc., ITM Power, Lockheed Martin Corporation, Vionx Energy Corporation, ENERGY VAULT, VRB ENERGY, Primus Power, Yara, and Linde. The aforementioned companies are adopting effective business-centric strategies involving mergers & acquisitions, new product launches, R&D investments, collaborations, and partnership deals to strengthen their market position.

Long Duration Energy Storage Systems Market- Segmental Analysis

Based on Technology

·         Pumped Hydro Storage

·         Flow Batteries Energy Storage

·         Compressed Air Energy Storage

·         Li-ion Batteries

·         Molten Salt Energy Storage

·         Others

Based on Application

·         Power Plant

·         Process Industry

·         Others

1.       Global Long Duration Energy Storage Systems Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Long Duration Energy Storage Systems Market Scope and Market Estimation

1.2.1.Global Long Duration Energy Storage Systems Overall Market Size, Revenue (US$ Mn) and Volume (Units), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2.Global Long Duration Energy Storage Systems Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1.Technology of Global Long Duration Energy Storage Systems Market

1.3.2.Application of Global Long Duration Energy Storage Systems Market

1.3.3.Region of Global Long Duration Energy Storage Systems Market

2.       Executive Summary

3.       Market Factor Analysis

3.1.   Global Long Duration Energy Storage Systems Market Application Trends under COVID-19 Outbreak

3.1.1.Global COVID-19 Status Overview

3.1.2.Influence of COVID-19 Outbreak on Global Long Duration Energy Storage Systems Market Application Development

3.2.   Market Dynamics

3.2.1.Drivers

3.2.2.Limitations

3.2.3.Opportunities

3.2.4.Impact Analysis of Drivers and Restraints

3.3.   Value Chain/ Ecosystem Analysis

3.3.1.Manufacturers / Vendors

3.3.2.Distributors

3.3.3.Buyers / End-users

3.3.4.Forward Integration & Backward Integration of Key Stakeholders

3.4.   Global Long Duration Energy Storage Systems Market - Pricing Trends Analysis & Average Selling Prices (ASPs)

3.5.   Porter’s Five Forces Analysis

3.5.1.Bargaining Power of Suppliers

3.5.2.Bargaining Power of Buyers

3.5.3.Threat of Substitutes

3.5.4.Threat of New Entrants

3.5.5.Competitive Rivalry

3.6.   PEST Analysis

3.6.1.Political Factors

3.6.2.Economic Factors

3.6.3.Social Factors

3.6.4.Technological Factors

3.7.   Impact of Russia Ukraine War on Long Duration Energy Storage Systems Market

3.8.   Impact of Economic Downturn on Long Duration Energy Storage Systems Market

3.9.   Long Duration Energy Storage Systems Production Capacity, by Major Countries

3.10.  Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions

4.       Global Long Duration Energy Storage Systems Market Estimates & Forecast Trend Analysis, by Technology

4.1.    Global Long Duration Energy Storage Systems Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Technology, 2019 to 2033

4.1.1.Pumped Hydro Storage

4.1.2.Flow Batteries Energy Storage

4.1.3.Compressed Air Energy Storage

4.1.4.Li-ion Batteries

4.1.5.Molten Salt Energy Storage

4.1.6.Others      

5.       Global Long Duration Energy Storage Systems Market Estimates & Forecast Trend Analysis, by Application

5.1.    Global Long Duration Energy Storage Systems Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Application, 2019 to 2033

5.1.1.  Power Plant

5.1.2.Process Industry

5.1.3.Others

6.       Global Long Duration Energy Storage Systems Market Estimates & Forecast Trend Analysis, by Region

6.1.    Global Long Duration Energy Storage Systems Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Region, 2019 to 2033

6.1.1.North America

6.1.2.Europe

6.1.3.Asia Pacific

6.1.4.Middle East & Africa

6.1.5.South America

7.       North America Long Duration Energy Storage Systems Market: Estimates & Forecast Trend Analysis

7.1.    North America Long Duration Energy Storage Systems Market Assessments & Key Findings

7.1.1.Long Duration Energy Storage Systems Market Introduction

7.1.2.Long Duration Energy Storage Systems Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

7.1.2.1.   By Application

7.1.2.2.   By Technology

7.1.2.3.   By Country

7.1.2.3.1.     The U.S.

7.1.2.3.2.     Canada

7.1.2.3.3.     Mexico

8.       Europe Long Duration Energy Storage Systems Market: Estimates & Forecast Trend Analysis

8.1.    Europe Long Duration Energy Storage Systems Market Assessments & Key Findings

8.1.1.Long Duration Energy Storage Systems Market Introduction

8.1.2.Long Duration Energy Storage Systems Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

8.1.2.1.   By Application

8.1.2.2.   By Technology

8.1.2.3.        By Country

8.1.2.3.1.     Italy

8.1.2.3.2.     Germany

8.1.2.3.3.     U.K.

8.1.2.3.4.     France

8.1.2.3.5.     Spain

8.1.2.3.6.     Rest of Europe

9.       Asia Pacific Long Duration Energy Storage Systems Market: Estimates & Forecast Trend Analysis

9.1.    Asia Pacific Market Assessments & Key Findings

9.1.1.Long Duration Energy Storage Systems Market Introduction

9.1.2.Long Duration Energy Storage Systems Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

9.1.2.1.   By Application

9.1.2.2.   By Technology

9.1.2.3.        By Country

9.1.2.3.1.     China

9.1.2.3.2.     Japan

9.1.2.3.3.     India

9.1.2.3.4.     Australia

9.1.2.3.5.     South Korea

9.1.2.3.6.     ASEAN

9.1.2.3.7.     Rest of Asia Pacific

10.   Middle East & Africa Long Duration Energy Storage Systems Market: Estimates & Forecast Trend Analysis

10.1.  Middle East & Africa Market Assessments & Key Findings

10.1.1.   Long Duration Energy Storage Systems Market Introduction

10.1.2.   Long Duration Energy Storage Systems Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

10.1.2.1.    By Application

10.1.2.2.    By Technology

10.1.2.3.    By Country

10.1.2.3.1. U.A.E.

10.1.2.3.2. Saudi Arabia

10.1.2.3.3. Egypt

10.1.2.3.4. South Africa

10.1.2.3.5. Rest of Middle East & Africa

11.   South America Long Duration Energy Storage Systems Market: Estimates & Forecast Trend Analysis

11.1.  South America Market Assessments & Key Findings

11.1.1.   Long Duration Energy Storage Systems Market Introduction

11.1.2.   Long Duration Energy Storage Systems Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

11.1.2.1.    By Application

11.1.2.2.    By Technology

11.1.2.3.    By Country

11.1.2.3.1. Brazil

11.1.2.3.2. Argentina

11.1.2.3.3. Colombia

11.1.2.3.4. Rest of South America

12.   Competition Landscape

12.1.  Long Duration Energy Storage Systems Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

12.2.  Long Duration Energy Storage Systems Market Competition White Space Analysis, By End-user

12.3.  Long Duration Energy Storage Systems Market Competition Regional Intensity Map Analysis, By Geographies Served

12.4.  Long Duration Energy Storage Systems Market Concentration & Company Market Shares (%) Analysis, 2022

13.   Company Profiles

13.1.Ess Inc 

13.1.1.    Company Overview & Key Stats

13.1.2.    Financial Performance & KPIs

13.1.3.    Product Portfolio

13.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

13.2.Highview Power

13.3.Hydrostor Inc.,

13.4.ITM Power

13.5.Lockheed Martin Corporation

13.6.ENERGY VAULT

13.7.Vionx Energy Corporation

13.8.Primus Power

13.9.Linde  

13.10.    Others**

14.   Research Methodology

14.1.      External Power Outputs / Databases

14.2.      Internal Proprietary Database

14.3.      Primary Research

14.4.      Secondary Research

14.5.      Assumptions

14.6.      Limitations

14.7.      Report FAQs

15.   Research Findings & Conclusion

 

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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size and growth projections?

The global long duration energy storage systems market is valued at USD 4,400 million in 2022 and is expanding at a CAGR of 27.9% over the forecast period of 2023-2033 projected to reach a value of USD 15,100 million by 2033.

What are the drivers shaping various markets?

Every market has its growth determinant and challenges. One of the major factor that has boosted the market growth is the rising R&D investments over the forecast period. Also, elevating demand for sustainable energy sources, and prompt population expansion across the globe are creating lucrative opportunities tor the industry vertical to prosper.

Who are the key competitors of market Players?

Some of the major players operating within the market are Ess Inc., Highview Power, Hydrostor Inc., ITM Power, Lockheed Martin Corporation, Vionx Energy Corporation, ENERGY VAULT, VRB ENERGY, Primus Power, Yara, and Linde

What are the top performing segments, and countries / regions of each of the markets?

The global long duration energy storage systems market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, Latin America, and Middle east and Africa. Among these, North America is expected to capture a substantial revenue share.

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