Global Offshore Energy Storage Market by Source, End User and Region: Global Industry Analysis and Forecast 2021 – 2030, report offers assembled trends and predictions to clients. The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. The report is an intensive investigation portraying the details and the new opportunity appraisal of the market.
Offshore energy storage is a fundamental hotspot for renewable energy. Demand for offshore energy storage has been increasing across the globe as a result of the implantation of severe laws and guidelines on the utilization of energy.
The increased urbanization and industrialization are required to expand the energy demands which is expected to support the global offshore energy storage market during the forecast period. The countries are focusing on energy storage systems using environmentally friendly power sources such as, offshore wind farms. Constant innovative developments and clean energy utilization would also drive wind power arrangement and opportunities in the developing business sectors of APAC particularly in nations including Japan, China, and South Korea which are looking for an alternative source of energy to expand their energy mix to reduce carbon dioxide emissions. An increase in awareness about climate-related issues as well as the implementation of strict guidelines and rules by administrative authorities to advance the adoption of sustainable technologies are expected to drive the offshore energy storage market.
The rise in investment in the investigation and development of unconventional and traditional assets in deep-water areas is expected to drive the global offshore energy storage market. Oil and gas producers use energy storage systems as backup power sources during blackouts and to improve the electric dependability of their tasks in seaward areas. Offshore energy storage offers a solid electrical organization by providing clear and dispatchable power. However, the high capital investment required for the offshore energy storage arrangement is expected to act as a restraining factor for the global offshore energy storage market.
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Market Trends
- Europe is expected to dominate the global offshore energy storage segment during the forecast period, owing to an increased investment in renewable sectors, such as, solar- powered, onshore, and offshore wind energy, and geothermal energy. A key figure driving investment in renewable technologies is the implementation of strict ecological guidelines with limited fossil fuel by products.
- North America is expected to hold a significant share of the global offshore energy storage market owing to the implementation of smart city projects and the rise in demand for IoT gadgets incorporated with environmentally friendly power sources in the region.
- Hitachi completes the acquisition of ABB power grids in July 2020 to address renewable energy, establish a distribution channel to the power industry, and expand its access to the utility segment in all regions.
- Tesla acquired Maxwell Technologies Inc. in May 2019 to increase the energy holding capacity of the standard capacitors. This will broaden its product range of applications including transportation, industrial, and grid energy storage.
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The market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.
Key Market Players in Offshore Energy Storage Market
ABB, General Electric, Siemens, Deepwater Wind, Duke Energy, E. ON, LG Chem, Johnson Controls, SolarEdge, and Tesla.
Highlights of the study report
- A thorough assessment of the matrix of vendors as well as major firms would help in understanding the competitive scenario in the market
- Information on regulatory and investment scenarios for the market
- An analysis of the factors fueling the market growth along with their influence on the projection and dynamics of the Offshore Energy Storage Market
- A detailed roadmap presenting growth opportunities in the Offshore Energy Storage Market along with identification of key factors influencing the market growth
- A comprehensive assessment of the many trends prevailing in the Offshore Energy Storage market would help in identifying market developments
Key Segments
Source
- Lithium Ion
- Lead Acid
- Sodium Chemistry
- Flow Vanadium
- Flow Zinc
- Vessel
End User
- Offshore Wind
- Oil & Gas