Global
Offshore Energy Storage Market
According to the report of Market Research Future
(MRFR), the global offshore energy storage market is slated to acquire a
substantial valuation, growing at a 9.50% CAGR during the forecast period.
Drivers
and Restraints
growing industrialization and urbanization are leading
to high energy demand over the forecast period. The countries are focusing on
energy storage systems through renewable energy sources such as offshore wind
farms. Technological advancements and clean energy utilization are expected to
further boost the deployment wind energy and potential open opportunities in
the emerging markets of Asia-Pacific, especially in countries like Japan, China,
and South Korea and the major countries of North America and Europe. The global
offshore energy storage market is projected to grow at a high growth rate
during the review period, primarily due to the rising energy demand and increasing
investment in renewable energy sources such as solar and wind, over the assessment
period.
Segmental
Analysis
The Global
Offshore Energy Storage Market has been segmented based on end-user, sources,
and region. Based on sources, the market is segmented into lead-acid, lithium-ion,
sodium chemistry, flow zinc, flow vanadium, and vessel. The lithium-ion segment
leads the market since technological advancements are being implemented in
lithium-ion batteries. This is expected to reduce the cost of this technology, fueling
the lithium-ion segment. The global offshore energy storage market is segmented
based on end-user including oil & gas and offshore wind. Offshore wind
segment is expected to grow at a faster pace during the forecast period due to
increasing investment in renewable energy across the globe.
Regional
Analysis
The regional analysis of the global offshore storage
market is conducted in the following regions – North America, Asia Pacific,
Europe and the rest of the world.
North America is the most significant regions across
the globe and is expected to acquire a significant market share over the review
period. This is attributed to the established energy industry in the region,
along with the several development projects funded by the governments of
developed economies such as the US and Canada. The governments are also taking
the initiative towards increasing the adoption of sustainable energy sources in
order to reduce the CO2 emission levels produced in the region. This is also
expected to contribute towards the growth of the North American offshore energy
storage market over the assessment period.
Europe is also one of the major regions in the global
energy storage market and is likely to record a substantial market share over
the review period. This is driven by the stable economic conditions, especially
in developed countries such as Germany, the UK, france, among others. Morevoer,
the presence of major market players, government funding, supportive regulatory
reforms, among others are expected to have a noteworthy impact on the growth of
the European offshore energy storage market over the review period.
The Asia Pacific region is expected to account for the
fastest growing offshore energy storage market during the review period. additionally,
technological advancements and clean energy use is likely to further drive the
wind power deployment and open a vast scope of opportunities in the emerging
markets of Asia-Pacific, especially in developing countries like Japan, China, India,
and South Korea. This is due to the research and development activities taking
place in these countries for an substitute source of energy to diversify their
energy usage to reduce CO2 emissions in the coming years. these developments are
likely to propel the offshore energy storage market in the asia pacific over
the forecast period.
Key
Market Players
The key market players of global offshore energy
storage market are General Electric (US), ABB (Switzerland), Siemens (Germany),
Deepwater Wind (US), E.ON (Germany), Duke Energy (US), Johnson Controls (US), LG
Chem (South Korea), SolarEdge (Israel), and Tesla (US)
No comments:
Post a Comment