Offshore Energy Storage Market Analysis
The global offshore energy storage market is poised to experience a notable growth at 9.50% CAGR over the estimated years (2018-2023). Offshore energy storage simply put means storing energy produced by offshore oil and gas storage systems or wind turbines. This technology aids to store surplus energy that can be utilized later on. The aim of offshore energy storage is to offer reliable electrical network by offering dispatchable and clean power. Energy storage ensures reliability and higher efficiency of electrical systems in case of offshore installations. This storage system helps in bridging the auxiliary diesel generator’s startup time and when the peak demand is less, the offshore energy storage system can be utilized as a backup as well rather than a generator. In case of offshore wind energy storage, two forms of technologies are utilized namely compressed air energy storage system and pumped storage system. Besides, new infrastructure is being made for reusing the current infrastructure especially for the oil and gas sector. There are numerous sources namely battery storage that has been specially designed to ensure utmost safety and maximum reliability.
There are plentiful factors that is boosting the growth of the offshore energy storage market. These factors as per the Market Research Future (MRFR) report include accessibility of constant electrical network that offers clean and dispatchable power, presence of energy storage grants and favorable policies, expansion of offshore wind farms, increasing industrialization and urbanization, clean energy consumption, initiatives undertaken by the government for reducing carbon footprint, and technological advancement.
Offshore Energy Storage Industry Segmentation
MRFR report provides an Offshore Energy Storage Market Analysis has been segmented on the basis of sources and end-user.
Based on sources, it is segmented into vessel, flow zinc, flow vanadium, sodium chemistry, lead acid, and lithium ion. Of these, lithium-ion will have the largest share in the market over the estimated years with advancements in technology getting used in lithium-ion batteries. This will reduce the cost of the technology further thereby driving the lithium-ion segment. Siemens in May 2018, launched an energy storage system that is based on lithium-ion battery for offshore operations which also includes offshore wind. This will help in creating energy storage technologies especially for offshore oil and gas as well as marine applications.
Based on end-user, the offshore energy storage market is segmented into offshore wind and oil and gas. Of these, offshore wind will dominate the market over the estimated years. It is predicted to expand at a faster pace owing to growing investment being made in renewable energy all over the world.
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Regional Analysis
By region, the offshore energy storage market covers growth opportunities and latest trends across Middle East and Africa, South America, North America, Europe and Asia Pacific.
Of these, APAC will have lion’s share in the market over the estimated years and is also predicted in being the fastest growing. Besides, clean energy consumption and technological advancement will propel wind power deployment further as well as open opportunities in the region’s emerging markets, particularly in Japan, South Korea and China as they are on the pursuit for alternative energy sources for diversifying their energy mix for cutting down carbon dioxide emissions. Such developments will boost the offshore energy storage market growth in this region.
Key Players
Leading players profiled in the offshore energy storage market include Tesla (US), SolarEdge (Israel), Johnson Controls (US), LG Chem (South Korea), E.ON (Germany), Duke Energy (US), Deepwater Wind (US), Siemens (Germany), General Electric (US), ABB (Switzerland), and others.
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