The global offshore energy storage market is estimated to expand at ~9.50% CAGR during the forecast period. Offshore energy storage involves storing the energy produced either by wind turbines or offhsore oil & gas plant. For offshore wind energy storage purposes, mainly two types of technologies are used, namely, pumped storage system and the compressed air energy storage systems. Offshore energy storage aims to provide reliable electrical network by providing clean and dispatchable power. On the other hand, new infrastructure is being developed to reuse the existing infrastructure for oil & gas industry.
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The growing demand for offshore energy storage is attributed to investment in oil & gas and renewable sectors. Moreover, introduction of supportive policies and energy storage subsidies is also driving the market for offshore energy storage market. One of the major restraints of the offshore energy storage is high capital investment required for the deployment.
ABB (Switzerland), General Electric (US), Siemens (Germany), Deepwater Wind (US), Duke Energy (US), E.ON (Germany), LG Chem (South Korea), Johnson Controls (US), SolarEdge (Israel), and Tesla (US)
Lithium-ion segment in global offshore energy storage market holds the highest market share in 2017.
The market for offshore energy storage is segmented based on sources as lithium-ion, lead acid, sodium chemistry, flow vanadium, flow zinc, and vessels. The lithium-ion segment dominates the market as technological advancements are getting implemented in lithium-ion batteries. This would further lower down the cost of this technology, driving the lithium-ion segment.
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Global offshore energy storage market has been segmented based on sources, end-user, and region.
Based on sources, the market is classified into lithium ion, lead acid, sodium chemistry, flow vanadium, flow zinc, and vessel. The lithium-ion segment dominates the market as technological advancements are getting implemented in lithium-ion batteries. This would further lower down the cost of this technology, driving the lithium-ion segment. In May 2018, Siemens unveiled a lithium-ion battery-based energy storage system for offshore operations including offshore wind. This would help to develop energy storage technologies for marine and offshore oil & gas applications.
The global offshore energy storage market is further segmented based on end-user including oil & gas and offshore wind. Offshore wind segment is estimated to grow at a faster pace during the forecast period due to increasing investment in renewable energy across the globe.
Based on region, Asia Pacific held the largest market share of the global offshore energy storage market in 2017. It is also estimated that Asia-Pacific region would also be the fastest growing market during the forecast period. Moreover, technological advancement and clean energy consumption would further propel wind power deployment and open opportunities in the emerging markets of Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for an alternative source of energy to diversify their energy mix to reduce CO2 emissions. these developments would drive the offshore energy storage market.