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.
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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.
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Regional Analysis:
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.
Prominent Players:
The
key players of the global offshore energy storage market are ABB Ltd.
(Switzerland), General Electric (US), Deepwater Wind (US), Duke Energy (US),
E.ON (Germany), LG CHEM (South Korea), TESLA (US), Solaredge (Israel), Siemens
AG (Germany), Johnson Controls (US), among others.
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