The Business Research Company’s report on the Long Duration Energy Storage Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the long duration energy storage industry?
The increasing EV charging infrastructures are expected to fuel the growth of the long-duration energy storage market going forward. EV charging infrastructure refers to the network of charging stations, including slow, fast, and ultra-fast chargers, that supply electricity to recharge electric vehicles. EV charging infrastructures are growing due to the rising adoption of electric vehicles (EVs), government incentives, advancements in battery technology, and the global push for sustainable transportation. EV charging infrastructures use long-duration energy storage to store renewable energy and provide a stable power supply during peak demand or grid outages. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, by 2030, global public charging points will exceed 15 million, a fourfold rise from 4 million in 2023, and reach 25 million by 2035, marking a sixfold increase. Therefore, the increasing EV charging infrastructures are driving the long-duration energy storage market.
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What is the estimated market size of the long duration energy storage sector by 2029, based on current forecasts?
The long duration energy storage market size has grown rapidly in recent years. It will grow from $3.12 billion in 2024 to $3.58 billion in 2025 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to increasing interest in decentralized energy systems, growing climate change awareness, increasing energy security concerns, increasing need for grid flexibility, and growing energy transition efforts.
The long duration energy storage market size is expected to see rapid growth in the next few years. It will grow to $6.15 billion in 2029 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to rising global demand for clean and affordable energy, increasing electrification of economies, rising investment in clean energy infrastructure, growing pressure to achieve net-zero emissions, and growing interest in long-term energy security. Major trends in the forecast period include advancements in battery technologies, innovative storage materials, advanced hybrid storage systems, advanced case systems, and advanced control systems.
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Who are the top players in the long duration energy storage market?
Major companies operating in the long duration energy storage market are Sumitomo Electric Industries Ltd., MAN Energy Solutions, Stryten Energy, Energy Vault Inc., Form Energy, Alsym Energy Inc., Highview Enterprises Ltd, MGA Thermal Pty Ltd, Invinity Energy Systems, VFlowTech Pte Ltd, Eos Energy Enterprises, Primus Power Solutions, VoltStorage GmbH, Gravitricity, e-Zinc Inc., Enlighten Innovations Inc., Storelectric Limited, 1414 Degrees Limited, Corre Energy General Partner B.V., Storion, Malta Inc., ESS Tech Inc., Xiamen HiTHIUM Energy Storage Technology Co. Ltd., Enerpoly AB.
What are the major trends in the long duration energy storage market?
Major companies operating in the long-duration energy storage market are focusing on technological advancements such as innovative battery management systems to optimize energy efficiency and enhance safety. Battery management systems (BMS) are advanced technology solutions designed to monitor, control, and optimize the performance, safety, and longevity of battery packs in energy storage applications. For instance, in September 2024, Xiamen HiTHIUM Energy Storage Technology Co. Ltd., a China-based energy storage company, launched the HiTHIUM 8Block 6.25MWh energy storage system, a 4-hour long-duration storage solution. This system is designed to capture surplus solar energy, enhancing grid reliability during peak demand hours. Key features include an advanced battery management system, external active balancing technology, and eco-friendly components. The launch emphasizes HiTHIUM’s commitment to supporting the transition to sustainable energy solutions.
Which geography holds the highest long duration energy storage market share?
North America was the largest region in the long duration energy storage market in 2024. The regions covered in the long duration energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How do different segments contribute to the overall expansion of the long duration energy storage market?
The long duration energy storage market covered in this report is segmented –
1) By Technology Type: Pumped Hydro Storage (PHS), Compressed Air Energy Storage (CAES), Liquid Air Energy Storage (LAES), Flow Batteries, Solid-State Batteries
2) By Capacity: Upto 50 MW, 50-100 MW, More Than 100 MW
3) By Duration: Upto 8 Hours, 8 To 10 Hours, Above 10 Hours
4) By Application: Grid Energy Storage, Off-grid Energy Storage, Backup Power
5) By End-User: Utilities, Industrial, Commercial, Residential, Other End-Users
Subsegments:
1) By Pumped Hydro Storage (PHS): Closed-loop, Open-loop
2) By Compressed Air Energy Storage (CAES): Diabatic CAES, Adiabatic CAES, Isothermal CAES
3) By Liquid Air Energy Storage (LAES): High-Grade Cold Recycling, Thermal Energy Integration
4) By Flow Batteries: Redox Flow Batteries, Hybrid Flow Batteries
5) By Solid-State Batteries: Lithium Solid-State Batteries, Sodium Solid-State Batteries, Polymer-Based Solid-State Batteries, Thin-Film Solid-State Batteries
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How is the long duration energy storage market defined?
Long duration energy storage (LDES) refers to technologies that store energy for extended periods, beyond 4-6 hours, for later use. It helps balance renewable energy supply, enhance grid stability, and ensure energy resilience by storing excess power during low demand and discharging it during peak periods.
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