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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