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. Adapting
to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Offshore
Energy Storage Market is included in the present report.
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.
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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NOTE: Our team of researchers are studying
Covid19 and its impact on various industry verticals and wherever required we
will be considering covid19 footprints for a better analysis of markets and
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