Global Long-Term Energy Storage Market Size To Exceed USD 19.40 Billion By 2035 | CAGR of 13.54%
Category: Energy & PowerGlobal Long-Term Energy Storage Market Size To Exceed USD 19.40 Billion By 2035
According to a research report published by Spherical Insights & Consulting, The Global Long-Term Energy Storage Market Size is expected to grow from USD 4.80 Billion in 2024 to USD 19.40 Billion by 2035, at a CAGR of 13.54% during the forecast period 2025-2035.
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Browse 210 Market Data Tables And 45 Figures Spread Through 190 Pages and In-Depth TOC On the “Global Long-Term Energy Storage Market Size, Share, and COVID-19 Impact Analysis, By Technology (Mechanical Storage, Thermal Storage, and Electrochemical Storage), By Application (Grid Management, Power Backup, Renewable Energy Integration, and Off-Grid & Micro-Grid System), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035.” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/long-term-energy-storage-market
The market for long-term energy storage is the area of the energy sector devoted to systems and technologies that can store energy for a number of hours, days, weeks, or even seasons. These storage options are crucial for maintaining long-term supply and demand balance, especially in energy systems that heavily rely on fluctuating renewable energy sources like wind and solar. Through minimizing curtailment, reducing the intermittency of renewable energy sources, and offering backup during times of low supply or high demand, long-term storage contributes to grid stability, resilience, and flexibility. Pumped hydro storage, hydrogen, compressed air energy storage (CAES), improved batteries, and thermal storage systems are among the technologies used in this industry. Government laws and policies that promote energy security, decarbonization, and climate resilience also hasten the adoption of LTES technology. International carbon reduction agreements and national net-zero targets have raised the need for energy storage technologies that can contribute to a low-carbon future. Incentives, subsidies, and market mechanisms that reward storage capacity and flexibility play a major role in driving the market. However, the market for long-term energy storage is restricted by high capital costs, technological constraints, unclear regulations, and a lack of infrastructure development.
The electrochemical storage segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.
Based on the technology, the long-term energy storage market is divided into mechanical storage, thermal storage, and electrochemical storage. Among these, the electrochemical storage segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The high energy density, demonstrated performance in grid-scale applications, and falling costs are the reasons behind the electrochemical storage category.
The renewable energy integration segment accounted for the largest share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the application, the long-term energy storage market is divided into grid management, power backup, renewable energy integration, and off-grid & micro-grid system. Among these, the renewable energy integration segment accounted for the largest share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. In order to ensure grid stability, renewable energy integration systems offer the flexibility to store extra energy during high generation times and release it during periods of low generation or peak demand.
Asia Pacific is expected to hold the majority share of the global long-term energy storage market during the forecast period.
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Asia Pacific is expected to hold the majority share of the global long-term energy storage market during the forecast period. In the Asia-Pacific region, grid-scale storage solutions are being deployed more frequently to support the integration of renewable energy, improve grid reliability, and lessen reliance on fossil fuels. The region is characterized by rapid industrialization, large investments in renewable energy infrastructure, and strong governmental support for energy transition initiatives across key economies like China, India, Japan, and South Korea.
North America is anticipated to grow at the fastest pace in the global long-term energy storage market during the forecast period. Investments in renewable energy projects, encouraging government regulations, and the requirement to update outdated grid infrastructure are the reasons for this in North America. The US is predicted to lead the regional market over the course of the projection period because of its ambitious decarbonization targets and substantial investment in renewable energy projects.
Major vendors in the global long-term energy storage market are NextEra Energy, LS Power, Neoen, VRB Energy, Highview Power, Fluence Energy, Tesla Energy, LG Energy Solution, Samsung SDI, EVE Energy Co., Ltd., BYD Company Limited,GE Renewable Energy, Panasonic Holdings Corporation, Wartsila Energy Storage and Optimization, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In My 2024, In Australia's New South Wales, a massive 50MW/400MWh battery energy storage system (BESS) project was approved by RWE. Adjacent to RWE's 249MW Limondale Solar Farm near Balranald, the battery is intended to last for eight hours.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the long-term energy storage market based on the below-mentioned segments:
Global Long-Term Energy Storage Market, By Technology
- Mechanical Storage
- Thermal Storage
- Electrochemical Storage
Global Long-Term Energy Storage Market, By Application
- Grid Management
- Power Backup
- Renewable Energy Integration
- Off-Grid & Micro-Grid System
Global Long-Term Energy Storage Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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