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. 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. 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 Analysis 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),
Related
Reports:
https://telegra.ph/XLPE-Cable-Market-2020-Emerging-Technologies-and-Trends-by-Forecast-to-2023-03-18
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