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. A long duration energy storage system is generally referred to as a storage system, consisting at least 10 hours of stored energy. In other words, it can be stated as a storage system that has enough stored energy to provide form capacity to the grid. LDES (Long Duration Energy Storage) is growing rapidly as a potential means of enabling affordable, dependable electricity while also supporting power system decarbonization.
MARKET SCOPE
The "Global Long duration energy storage system Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Long duration energy storage system market with detailed market segmentation by technology, application, and geography. The global Long duration energy storage system market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Long duration energy storage system market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- The global Long duration energy storage system market is segmented on the basis of technology, and application.
- On the basis of technology, the Long duration energy storage system market is segmented into pumped hydro storage.
- Similarly, on the basis of application the Long duration energy storage system market is bifurcated into power plat, process industry.
MARKET DYNAMICS
Drivers:
- 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.
- Moreover, the rising demand for local, clean, inexpensive, and resilient backup power, driven by an increase in extreme weather events such as fires and windstorms, is expected to propel the global long duration energy storage system market in the coming years.
Restraints:
- The complexity in deployment planning of long duration energy storage system.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Long duration energy storage system oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Long duration energy storage system oil market in these regions.
IMPACT OF COVID-19 ON LONG DURATION ENERGY STORAGE SYSTEM MARKET
The growth of the utility applications has been hampered by the abrupt breakout of a novel COVID-19. In 2020, the number of scheduled projects that includes the deployment long duration energy storage systems were temporarily shut amidst the pandemic. In addition, the shutdown of manufacturing facilities globally in the first and second quarters of 2020 further led to decline in the market's growth. However, as more energy storage systems are installed in operational projects and the government places, a greater emphasis on modernizing the electricity sector, long duration energy storage systems are expected to rise in the coming years.
However, the negative impact of COVID-19 on the long duration energy storage system market is expected to be there for a short period of time, and by early 2021 the market is anticipated to observe robust recovery rate along with the extensive demand for long duration energy storage system products post pandemic. This is due to the fact that a rise in number of market players are reassessing their strategies and coming up with quick responses to stabilize their supply chain.
MARKET PLAYERS
The report covers key developments in the Long duration energy storage system oil market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Long duration energy storage system oilmarket market are anticipated to lucrative growth opportunities in the future with the rising demand for Long duration energy storage system market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Long duration energy storage system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Ess Inc.
- Highview Power
- Hydrostor Inc.
- ITM Power
- Lockheed Martin Corporation
- Vionx Energy Corporation
- ENERGY VAULT
- VRB ENERGY
- Primus Power
- Yara
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.