Long Duration Energy Storage Market

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). Modernizing the power grid is important as it deals with increasing electricity demand, urbanization, industrialization, and decentralization of renewable energy. LDES technologies modernize grids by providing flexible storage solutions; they reduce congestion and stabilize fluctuations. Hence, LDES technologies can be the most cost-effective means of accumulating excess energy generated during off-peak hours to be dumped when it is in peak demand, ensuring continuous and stable power supply to the grid. Grid modernization initiatives, particularly in developed economies, are driving LDES adoption to improve efficiency, resilience, and energy balancing, meeting the growing demands of energy-intensive sectors and electrified transportation.

The key players following the strategies between 2020 to 2024 are Sumitomo Electric Industries, Ltd. (Japan), ESS Tech, Inc. (US), Energy Vault, Inc. (US), Eos Energy Enterprises (US), and Invinity Energy Systems (England). The companies are majorly following product launches, investments, expansions, contracts, agreements, partnerships, funding, and acquisition as the strategy to grow and expand the market.

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Sumitomo Electric Industries, Ltd. was established in the year 1897. Now it is a global manufacturer, starting from horse-drawn carriages to becoming a giant of global manufacturing. The company is organized into six business segments: Environment and Energy, Infocommunications, Automotive, Electronics, and Industrial Materials. The company's Environment and Energy segment provides solutions for long duration energy storage.

Sumitomo Electric Industries, Ltd. has 415 subsidiaries and affiliates in over 40 countries, providing Sumitomo Electric with an excellent global base. Overseas sales are important to the earnings of the company, accounting for 62.2% of its total sales, and it is good at providing for international market demand.

The company has a substantial presence in North and South America, Europe, the Middle East & Africa, Asia Oceania, and Japan.

Energy Vault, Inc. is one of the leading utility-scale energy storage solution developers that aims to revolutionize sustainable energy storage, support decarbonization, and enhance grid resilience. The company offers a full portfolio of proprietary technologies: gravity-based, battery, and green hydrogen energy storage systems. These technologies are integrated and managed through the Energy Vault Solutions software platform, a technology-agnostic system designed for efficient energy storage management and integration.

Energy Vault, Inc. delivers short- and long-duration energy storage solutions for utilities, independent power producers, and large industrial energy consumers. Using environmentally friendly materials and utilizing waste to create value, the EVx gravity energy storage technology of the company is instrumental in driving the circular economy. The company operates through 3 different business segments: Build and transfer energy storage products, Licensing of intellectual property, and others. The company sells its products to customers through Build and transfer energy storage products.

The company collaborates directly with customers to develop solutions that maximize the value for their assets in an economically and environmentally effective manner. In addition to this, the company's strong presence is found around the world in regions including North America, Europe, and Asia Pacific.

Related Reports:

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

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