Long Duration Energy Storage System Market: Overview
- An energy storage system is a system used for storing electric energy when needed and for releasing it when required. These systems play a pivotal role in the operation of power systems. They optimize the system reliability and ensure continuity of energy supply.
Key Drivers of Global Long Duration Energy Storage System Market
- Shift in trend toward development of renewable energy for power generation along with stringent regulations and norms to reduce greenhouse gas emissions is anticipated to drive the global long duration energy storage system market during the forecast period. Long duration energy storage systems offer various grid services, including voltage control, frequency control, and capability ramp-up (i.e. active power management), which are essential for integrating higher levels of renewables into electricity grids.
- Surge in the demand for local, clean, affordable, and resilient backup power, led by increase in the occurrence of extreme weather events such as fires and windstorms, is estimated to propel the global long duration energy storage system market during the forecast period. 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.
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Pumped Hydro Storage Segment Expected to Hold a Major Share of Global Long Duration Energy Storage System Market
- The global long duration energy storage system market can be segmented based on technology, end-user, and region
- In terms of technology, the global long duration energy storage system market can be classified into pumped hydro storage, flow batteries energy storage, compressed air energy storage, Li-ion batteries, molten salt energy storage, and others. Among these, pumped hydro storage is one of the most extensively used technology, due to its cost effectiveness. Pumped hydro storage cuts electricity costs by utilizing electricity generated at off-peak times when the price is lower.
- Based on application, the global long duration energy storage system market can be divided into power plant, process industry, and others. Increase in investments in the installation of renewable power generation facilities is expected to propel the power plant segment between 2020 and 2030.
Europe to Account for a Prominent Share of Global Long Duration Energy Storage System Market
- In terms of region, the global long duration energy storage system market can be segmented into Latin America, Asia Pacific, Europe, North America, and Middle East & Africa
- The long duration energy storage system market in North America is expected to expand at a rapid CAGR during the forecast period. Growth of the market in the region can be ascribed to introduction of regulations and targets to curb GHG emissions. California has set a target to reduce greenhouse gas emissions to 80% below the 1990 levels by 2050.
- The long duration energy storage system market in Europe is projected to expand at a rapid rate during the forecast period. Increase in investments in the development of clean fuel-based electricity generating facilities is anticipated to boost the market in the region during the forecast period. Policymakers across the EU have introduced several financial aids, such as feed-in tariff, tax rebate, and subsidies, to promote electricity generation based on renewable resources such as solar, wind, and hydro.
- The long duration energy storage system market in Asia Pacific is projected to expand at a significant pace during the forecast period. Growth of the market in the region can be ascribed to increase in investments in the modernization of aging infrastructure and expansion of grids in Asia Pacific. Furthermore, rise in the focus to reduce dependency on imports of fossil fuel and to meet the rapidly increasing electricity demand by enhancing the utilization of clean technologies is also expected to propel the market in the region during the forecast period.
- The long duration energy storage system market in Middle East & Africa and Latin America is anticipated to expand at a sluggish pace during the forecast period, owing to the abundant availability of solar energy in these regions
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Key Players Operating in Global Long Duration Energy Storage System Market
- Ess Inc.
- Highview Power
- Hydrostor Inc.
- ITM Power
- Lockheed Martin Corporation
- Vionx Energy Corporation
- ENERGY VAULT
- VRB ENERGY
- Primus Power
Global Long Duration Energy Storage System Market: Research Scope
Global Long Duration Energy Storage System Market, by Technology
- Pumped Hydro Storage
- Flow Batteries Energy Storage
- Compressed Air Energy Storage
- Li-ion Batteries
- Molten Salt Energy Storage
Global Long Duration Energy Storage System Market, by Application
- Power Plant
- Process Industry
Global Long Duration Energy Storage System Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.