Long Duration Energy Storage Market Size to Reach $10.43 Billion, at a 13.6% CAGR by 2030 – Report by MarketsandMarkets™

Delray Beach, FL, Jan. 22, 2025 (GLOBE NEWSWIRE) -- The Long Duration Energy Storage Market size is projected to grow from USD 4.84 billion in 2024 to USD 10.43 billion by 2030, at a CAGR of 13.6% according to a new report by MarketsandMarkets™. 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.

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Scope of the Report

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.

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.

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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.

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. 

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Recent Developments

• In March 2023, Sumitomo Electric Industries, Ltd. (Japan), launched sEMSA, a cloud-based solution for energy management of grid storage batteries. sEMSA optimizes charging/discharge schedules to maximize profits while ensuring support for applications such as supply-demand balancing and power trading. The system consists of sEMSA servers dedicated to plan optimization and terminal units for on-site control of the battery. sEMSA is designed to stabilize the power grid and enable VPP functionalities, supports various battery types, and allows renewable energy integration, which also opens new revenue streams for energy operators.
• In May 2024, ESS Tech, Inc. (US) and Burbank Water and Power (US) celebrated the commissioning of BWP's first long-duration energy storage (LDES) system, a 75 kW/500 kWh ESS Energy Warehouse iron flow battery. The system has been installed at BWP's EcoCampus and connected to a 265 kW solar array, powering around 300 homes, thereby playing an important role in a decarbonized grid through iron flow technology. This project supports California's goal of achieving zero-emission electricity by 2045 and shows the significance of LDES for integrating renewable energy.
• In January 2024, Energy Vault Holdings, Inc. (US) entered into a licensing and royalty agreement with Gravitricity (UK) and a South African consortium for deploying its patented gravity energy storage technology and the VaultOS platform in the SADC region. The consortium comprised WBHO, iX Engineers, and Sizana Solutions and was focusing on storage projects from utilities to mining and industrial applications along with micro-grids. This partnership is anticipated to generate massive revenues through EPC projects and royalty streams that bank on regional market potential crossing 125 GWh by 2035, in support of sustainable energy goals.
• In January 2021, EnerSmart Storage LLC, based in the US, has invested USD 20 million in Eos Energy Enterprises (US) for the building of 10 energy storage facilities in the San Diego region. Each facility is to be powered by a 3-megawatt zinc battery storage system and will feed carbon-free power into California's electric grid, supporting about 2,000 homes per site. It will further the goals set by California for the state's capacity in renewable energy, increase resilience in its grid, and take full advantage of Eos's safe, scalable, and sustainable energy storage technology.

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