Long Duration Energy Storage Market

According to a research report "Long Duration Energy Storage Market by Technology (Mechanical Storage, Thermal Storage, Electrochemical Storage), Duration (8 to 24, >24 to 36, >36), Capacity (Upto 50 MW, 50-100 MW, More Than 100 MW), Application, End User, Region - Global Forecast to 2030", published by MarketsandMarkets, the long duration energy storage market is forecasted to reach USD 8.61 billion by 2030 from an estimated USD 3.64 billion in 2024, at a CAGR of 15.4% during the forecast period (2024-2030).

Browse 286 market data Tables and 58 Figures spread through 292 Pages and in-depth TOC on "Long Duration Energy Storage Market by Technology (Mechanical Storage, Thermal Storage, Electrochemical Storage), Duration (8 to 24, >24 to 36, >36), Capacity (Upto 50 MW, 50-100 MW, More Than 100 MW), Application, End User, Region - Global Forecast to 2030"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/long-duration-energy-storage-market-148402450.html

The major factors driving the market growth of the long duration energy storage market include various driving factors such as it involves growing requirements of grid stability and resilience as it increases its renewable energy sources. The integration of renewables increases the requirements for efficient solutions to be used for handling the intermit energy supplies. Decarbonizing electricity has raised both electricity demand as well as promoting the uptake of long duration energy storage technology like flow batteries, compressed air, and thermal storage, among others. The government policies and incentives favoring deployment are helping promote market growth in this domain. In addition, improving economic feasibility for long-duration energy storage comes from advancements and cost reduction of storage technology: an essential enabler to both global carbon neutrality and overall energy transition goals.

Grid management by Application is expected to be the largest segment in the long duration energy storage market during the forecast period

High penetration of renewable energy will demand advanced storage solutions in the management of changes in supply and demand that will position the grid management segment as a leader in long duration energy storage. In LDES systems, it is also very important that regulation of frequency, voltage stability, and peak load management make grids reliable and efficient. Decentralized power generation along with the integration of renewables like solar and wind fuels are increasing the demand for grid management applications. Additionally, government policies in their favor, investments in the modernization of grids, and developments in storage technologies only boost the growth of this segment and make it an essential pillar for future energy transition strategies.

The Utilities segment, by end user, is expected to be the largest segment in the long duration energy storage market during the forecast period

Long duration energy storage will be driven in the market by a need for increased stability within the grid, as well as a burgeoning demand for renewable energy within power systems. Utilities will use long duration energy storage to respond to the challenges of peaks in demand, and regulations on frequency that might arise from this variable supply of renewable sources of energy. Utilities are now forced to consider long duration energy storage as long duration energy storage in light of growing electricity demand and decarbonization targets. Incentives from the government, policies that encourage the deployment of energy storage, and low-cost technologies that continue advancing further push adoption. Utilities increasingly look at long duration energy storage as a key tool to enhance the resilience of the grid and achieve carbon neutrality.

North America is expected to be the largest region in the long duration energy storage market during the forecast period

North America is expected to lead the long duration energy storage market because it has the most extensive integration of renewable energy sources, such as solar and wind, that require efficient energy storage solutions for grid reliability. It has ambitious decarbonization goals and supportive government policies, such as tax incentives and energy storage mandates. Investments in the modernization of aging grid infrastructure increase demand for long-duration storage to improve grid stability. Moreover, the availability of leading market players and the continued development of flow batteries and thermal energy storage help the region grow. Growing energy consumption and efforts toward energy security ensure North America remains at the forefront of the long duration energy storage market.

The report profiles key players such as The Sumitomo Electric Industries, Ltd. (Japan), ESS Tech, Inc. (US), Energy Vault, Inc. (US), Eos Energy Enterprises (US), Invinity Energy Systems (England), MAN Energy Solutions (Germany), Highview Power (UK), Primus Power (US), CMBlu Energy AG (Germany), and Malta Inc. (US) among others.

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