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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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).
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Market Estimates and Forecast
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Business Solution
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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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