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.
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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