The long duration energy storage market is forecasted to reach USD 10.43 billion by 2030 from an estimated USD 4.84 billion in 2024, at a CAGR of 13.6% during the forecast period (2024-2030).
With urbanization, industrialization, and transportation electrification, growing demand for global energy causes a need for stable continuous power supply. LDES is an economical way of storing excesses of energy when the demand is minimal and releasing it during peak usage as this reduces the strain on grids, allows peak load management and ensures reliable power for energy-intensive sectors. This has been accompanied by advancements in technology and economies of scale in production, making LDES technologies such as flow batteries and compressed air storage dramatically cheaper.
Advances in material science and economies of scale make those solutions even more affordable, accelerating their adoption among utilities, industries, and large-scale renewable projects.
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The Mechanical segment, by technology of the market, is expected to hold the major share during the forecast period. Mechanical storage technologies, like pumped hydro and compressed air energy storage (CAES), are mature solutions with a history of decades of operational success, which offers reliability and existing infrastructure, hence their attractiveness to utilities. It is highly scalable, which means ideal for large-scale energy storage, and can hold enormous amounts of energy for very long durations. With the ability to provide energy discharge from multi-hour, up to multi-day horizons, they ensure uninterrupted power supply. This addresses demands in critical sectors, makes renewable energy integration easier, and reduces risks associated with less established storage alternatives.
The >24-36 hours segment by duration, The renewable energy sources like solar and wind power need storage facilities. Storage systems that could power for 24-36 hours will store the excess in peak generation and then emit it when the output from the renewable sources is low. Hence, it will ensure a stable grid and efficient use of the energy. Furthermore, increased frequency of extreme weather events such as storms and heatwaves may cut off the supply of energy for longer periods. The systems in the 24-36 hour range of LDES provide reliable backup power supply, improve resilience of the grid, and ensure uninterruptible energy access in locations with weather-driven outages.
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.
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Key Market Players
The Key players in the long duration energy storage market are Sumitomo Electric Industries, Ltd. (Japan), ESS Tech, Inc. (US), Energy Vault, Inc. (US), Eos Energy Enterprises (US), and Invinity Energy Systems (England). These companies have a strong diversified product portfolio and a strong global presence.
With operations spread across the globe, these players leverage their R&D capabilities and wide ranges of products and services to gain further market share. They focus on product launches, collaborations, acquisitions, contracts, and partnerships towards improving business reach and reviving innovation in products.
