Global Offshore Energy Storage Market was valued US$ xx Bn. in 2019 and the total revenue is expected to grow at 9.12% through 2019 to 2027, reaching US$ xx Bn.
Global Offshore Energy Storage Market
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Offshore energy storage states to store the energy produced by offshore oil & gas storage or wind turbines systems. Tapping the huge offshore resources will be significant to meet future energy needs; however, the dynamics of offshore energy are shifting fast.
The energy produced offshore is the main component of worldwide oil and gas supply and could offer an essential source of renewable electricity. Resources are huge, but offshore projects have to show their worth in a policy context and changing market scenarios, among a variety of forces at world’s oceans. Thanks to increasing offshore investments in oil & gas and renewable energy industry. Such as, in 2018, Shell Company declared their investment up to US$ 2 Bn. in new energies split in solar, power, gas, and wind generation by 2020. However, the offshore energy storage is high capital venture required for the organization is the major factor hampering the growth of the market during 2019-2027.
The global market for energy storage is set to produce 13- fold to 230 GW by 2025 with the total energy storage asset projected to upsurge from US$ 12 billion in 2019. As per the DNV GL‘s Energy Transition Outlook, By 2050, nearly 12% of world primary energy supply will come from wind energy, of which 20% will come from offshore wind. Moreover, offshore wind is rising 85-fold (2050 Vs. 2016). As electricity consumption rushes, floating offshore and bottom fixed windfarms will play a progressively important role to confirm that the people can meet this demand.
By Source, the lithium-ion segment is expected to continue to hold the largest xx% share in offshore energy storage market owing to technological advancements are getting executed in lithium-ion batteries. By end-user, Offshore wind segment was valued US$ xx Mn. in 2019 and is expected to reach a value of US$ xx Mn. by 2027, with a CAGR of 22% during the forecast period. This is attributed to growing investment in renewable energy across the world.
Global Offshore Energy Storage Market1
Oil and Gas segment is expected to account for the largest xx% market share by 2027. Over 25% of today’s oil and gas supply is made offshore, mostly in the MEA, the North Sea, Brazil, and the Caspian Sea. However offshore oil production has been comparatively stable since 2000, natural gas production from offshore fields has increased by 50% over the same period. Offshore electricity generation, mostly from wind, has increased with a high pace in forecast period, particularly in the comparatively shallow shore waters of Europe’s the North Sea.
By region, APAC offshore energy storage market was valued US$ xx Mn. in 2019 and is expected to reach a value of US$ xx Mn. by 2027, with a CAGR of 56% during 2019-2027. Clean energy consumption and Technological advancement would drive wind power deployment and open opportunities in the developing markets of APAC, especially in economies like Japan, China, and South Korea as they are observing for an alternative source of energy to expand their energy mix to decrease CO2 emissions.
The MMR reports cover key developments in the offshore energy storage market as organic and inorganic growth strategies. Such as, in 2017, ABB Company launched an inventive combining battery, microgrid, and flywheel-based storage technologies designed to test the scalability and expand the power stability for nearby 300,000 people in Anchorage, Alaska, USA.
The objective of the report is to present a comprehensive analysis of the Global Offshore Energy Storage Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Offshore Energy Storage Market dynamics, structure by analyzing the market segments and projects the Global Offshore Energy Storage Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Offshore Energy Storage Market make the report investor’s guide.
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Global Offshore Energy Storage Market, By Sources
• Lithium Ion
• Lead Acid
• Sodium Chemistry
• Flow vanadium
• Flow Zinc
Global Offshore Energy Storage Market, By End-Users
• Offshore Wind
• Oil and Gas
Global Offshore Energy Storage Market, by Region
• North America
• Asia Pacific
o South Korea
• South America
• Middle East and Africa
o GCC Countries
o South Africa
Key players operating in the Global Offshore Energy Storage Market
• ABB (Switzerland)
• General Electric (U.S)
• Siemens (Germany)
• Deepwater Wind (U.S)
• Duke Energy (U.S)
• E.ON (Germany)
• LG Chem (South Korea)
• Johnson Controls (U.S)
• SolarEdge (Israel)
• Tesla (U.S)
• Toshiba corporation (Japan)
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