According to the Market Statsville Group (MSG), the global long duration energy storage system market size is expected to grow at a CAGR of 14.6% during the forecast period (2022 to 2030). Long duration energy storage systems provide various grid functions, such as voltage control, frequency control, and capability ramp-up (active power management), all of which are critical for integrating increasing amount of renewables into electricity grids. The rising shift in the trend towards the development of renewable energy for power generation coupled with the strict government regulations and norms to minimize greenhouse gas emissions are some factors driving the market growth globally. 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. In addition, the technological advancements in the design of energy storage devices to improve efficiency and lower costs are also likely to boost the market during the forecast period.
Global Long Duration Energy Storage System Market Definition
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.
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COVID–19 Impact on the Global 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 in