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 Industry 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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