Offshore Energy Storage Market – Overview
The expansion of the renewable energy sector is bolstered by the escalation in damages observed in the global environment. Reports that evaluate the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is projected to develop at a CAGR of 9.50% in the upcoming forecast period.
The availability of a consistent electrical network which provides dispatchable and clean power is motivating the development of the offshore energy storage market. The presence of favorable policies and energy storage grants are expected to additionally motivate the development of the market for offshore energy storage. Moreover, the expansion of offshore wind farms is expected to create a potential for progress in the approaching period.
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Segmental Analysis
The segmental analysis of the offshore energy storage market has been carried out on the basis of end-user, sources, and region.
On the basis of sources, the offshore energy storage market is segmented into lead acid, lithium ion, sodium chemistry, flow zinc, flow vanadium, and vessel.
The offshore energy storage market is segmented on the basis of end-user into offshore wind and oil & gas.
The regions included in the study of the offshore energy storage market are Africa, North America, Middle East, Europe, Asia Pacific, and South America.
Regional Analysis
The evaluation of the offshore energy storage market comprises of regions such as Africa, North America, Middle East, Europe, Asia Pacific, and South America.
The offshore energy storage market globally is anticipated to observe considerable growth all through the forecast period due to rising offshore investments in oil & gas and renewable energy sector. For example, in 2018, Shell declared their investment up to USD 2 billion in new energies division in power, solar, wind, and gas generation by 2020. The Asia Pacific region controls the major share in the offshore energy storage market owing to the amplified investment in the renewable sector by nations such as China, Taiwan, and others.
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Competitive Analysis
An intensified growth pace is observed due to the productive effect exerted by the market forces both externally and internally. The absorbed expenses in the market are readily dispensed with, opening more room for the development in the market. The companies functioning in the market are persistently taking on the hindrances to progress and are forming strategies that are projected to guide to a beneficial outcome on the market’s advancement. The advancement of the market is upgraded chiefly due to the reduction in promotional and miscellaneous expenses. The progress capability of the market is bolstered by the accretive nature of the assets available in the market. The market is projected to accomplish an absolute lead in the market place owing to improved strategies in specific areas. Additionally, the deals being coined in the market are likely to additionally inspire the development of the market in the impending years.
Leading Players:
The significant contenders in the offshore energy storage market globally are General Electric (US), ABB (Switzerland), Siemens (Germany), Duke Energy (US), E.ON (Germany), Deepwater Wind (US), LG Chem (South Korea), SolarEdge (Israel), Johnson Controls (US), and Tesla (US).
Industry Updates:
March 2019 DNV GL has presented the University of Malta’s new offshore energy storage system with a Statement of Feasibility certificate. As per DNV GL, the Floating Liquid-piston Accumulator using Seawater under Compression (FLASC) concept had recently undertaken a high-level study, together with an evaluation of its technical and commercial viability. The technology has been considered feasible and thus appropriate for more development and qualification.
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