According to a new report by MarketsandMarkets™, the long duration energy storage (LDES) market is projected to grow from $4.84 billion in 2024 to $10.43 billion by 2030, at a CAGR of 13.6%.
LDES is an economical way to store excess energy when demand is low. Utilizing it during times of peak demand reduces the strain on grids, allows peak load management, and ensures reliable power for energy-intensive sectors.
The benefits of LDES have been complemented by technological advancements and economies of scale in production. Advancements in material science have made it more affordable in recent years, accelerating its adoption among utilities, industries, and large-scale renewable energy projects.
North America is expected to lead the LDES market due to its extensive integration of renewable energy sources like solar and wind that require efficient energy storage solutions.
The key players in the LDES market are Sumitomo Electric Industries, Ltd. (Japan), ESS Tech, Inc. (US), Energy Vault, Inc. (US), Eos Energy Enterprises (US), and Invinity Energy Systems (England), according to a statement.
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