The global offshore energy storage market is estimated
to expand at ~9.50% CAGR during the forecast period. Offshore energy storage involves
storing the energy produced either by wind turbines or offhsore oil & gas
plant. For offshore wind energy storage purposes, mainly two types of
technologies are used, namely, pumped storage system and the compressed air
energy storage systems. Offshore energy storage aims to provide reliable
electrical network by providing clean and dispatchable power. On the other
hand, new infrastructure is being developed to reuse the existing
infrastructure for oil & gas industry.
The growing demand for offshore energy storage is
attributed to investment in oil & gas and renewable sectors. Moreover,
introduction of supportive policies and energy storage subsidies is also
driving the market for offshore energy storage market. One of the major
restraints of the offshore energy storage is high capital investment required
for the deployment.
Prominent Players:
ABB (Switzerland), General Electric (US),
Siemens (Germany), Deepwater Wind (US), Duke Energy (US), E.ON (Germany), LG
Chem (South Korea), Johnson Controls (US), SolarEdge (Israel), and Tesla (US)
Lithium-ion segment in
global offshore energy storage market holds the highest market share in 2017.
The market for offshore energy storage is segmented
based on sources as lithium-ion, lead acid, sodium chemistry, flow vanadium,
flow zinc, and vessels. The lithium-ion segment dominates the market as
technological advancements are getting implemented in lithium-ion batteries.
This would further lower down the cost of this technology, driving the lithium-ion
segment.
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Segmental
Analysis:
Global offshore energy storage market has
been segmented based on sources, end-user, and region.
Based on sources, the market is classified
into lithium ion, lead acid, sodium chemistry, flow vanadium, flow zinc, and
vessel. The lithium-ion segment dominates the market as technological
advancements are getting implemented in lithium-ion batteries. This would
further lower down the cost of this technology, driving the lithium-ion
segment. In May 2018, Siemens unveiled a lithium-ion battery-based energy
storage system for offshore operations including offshore wind. This would help
to develop energy storage technologies for marine and offshore oil & gas
applications.
The global offshore energy storage market
is further segmented based on end-user including oil & gas and offshore
wind. Offshore wind segment is estimated to grow at a faster pace during the
forecast period due to increasing investment in renewable energy across the
globe.
Based on region, Asia Pacific held the
largest market share of the global offshore energy storage market in 2017. It
is also estimated that Asia-Pacific region would also be the fastest growing
market during the forecast period. Moreover, technological advancement and
clean energy consumption would further propel wind power deployment and open
opportunities in the emerging markets of Asia-Pacific, especially in countries
like China, Japan, and South Korea as they are looking for an alternative
source of energy to diversify their energy mix to reduce CO2 emissions. these developments
would drive the offshore energy storage market.
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