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The market for offshore energy storage is anticipated to expand at a CAGR of 10.50% between 2023 and 2030.
Over the projected period, it is anticipated that the global market would grow significantly as a result of increased offshore investments in the oil and gas and renewable energy industries. The technique of storing energy produced by wind turbines or offshore oil and gas storage facilities is referred to as offshore energy storage. With the use of energy storage technology, extra energy can be saved and used later. By producing sustainable, dispatchable energy, offshore energy storage aims to create a reliable electrical network. Regulations that are favourable and energy storage subsidies, as well as rising foreign investment in the renewable energy industry, are driving the market for offshore energy storage.
Rising urbanisation and industrialization will increase energy demand during the projection period. The countries are prioritising energy storage systems utilising renewable energy sources, such as offshore wind farms. Technology advancements and clean energy consumption, especially in nations like China, Japan, and South Korea, which are looking for an alternative source of energy to diversify their energy mix and reduce CO2 emissions, will boost wind power deployment and opportunities in Asia-Pacific emerging markets. These developments would boost the offshore energy storage market.
Due to rising offshore investments in the oil & gas and renewable energy sectors, the global offshore energy storage market is anticipated to increase significantly during the forecast period. For instance, Shell said in 2018 that it would invest up to USD 2 billion in the New Energies business by 2020 for the production of power, solar, wind, and gas. The largest offshore wind farm will be built by Dong Energy (Denmark), which expects to invest USD 30.26 billion in renewable energy between 2019 and 2025. This would have a favourable effect on market expansion in the ensuing years. Because of rising investment in the renewable sector in nations like Taiwan, China, and others, the Asia Pacific region currently owns the greatest proportion of the global market for offshore energy storage.
Based on sources, end users, and geographical regions, the global offshore energy storage market has been divided. According to reports, the market can be divided into six categories: vessel, lead acid, sodium chemistry, flow vanadium, and flow zinc. As technological developments are incorporated in lithium-ion batteries, the lithium-ion market sector dominates. The cost of this technology would further decrease as a result, pushing the lithium-ion market. A lithium-ion battery-based energy storage system for offshore activities, including offshore wind, was unveiled by Siemens in May 2018. As a result, energy storage solutions for maritime and offshore oil and gas applications would be developed. The offshore energy storage industry is further divided depending on the end-user, which includes offshore wind and oil & gas. Due to rising investments in renewable energy all over the world, the offshore wind segment is anticipated to grow more quickly during the projection period.
Offshore energy storage is the process of storing energy generated by offshore oil and gas storage systems or wind turbines. Technology for energy storage makes it possible to store extra energy for later use. Offshore energy storage attempts to create a dependable electricity network by supplying dispatchable, clean energy. The global market for offshore energy storage is being driven by rising investments in the renewable energy sector as well as the introduction of supportive regulations and energy storage subsidies.
During the predicted period, rising urbanisation and industrialization are driving up energy demand. The nations are putting their attention on energy storage systems using renewable energy resources like offshore wind farms. Technological development and the use of clean energy will further encourage the deployment of wind power and create opportunities in the Asia-Pacific emerging markets, particularly in nations like China, Japan, and South Korea that are looking for alternative energy sources to diversify their energy portfolios and lower their CO2 emissions. These changes would fuel the market for offshore energy storage.
Report Coverage
Global Offshore Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Offshore Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Offshore Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Offshore Energy Storage market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Offshore Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Offshore Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Offshore Energy Storage market based on the below-mentioned segments:
Global Offshore Energy Storage Market, By Sources
Lithium Ion
Lead Acid
Sodium Chemistry
Flow Vanadium
Flow Zinc
Vessel
Global Offshore Energy Storage Market, By End User
Offshore Wind
Oil & Gas
Global Offshore Energy Storage market, Regional Analysis
Over the projected period, it is anticipated that the global market would grow significantly as a result of increased offshore investments in the oil and gas and renewable energy industries. The technique of storing energy produced by wind turbines or offshore oil and gas storage facilities is referred to as offshore energy storage. With the use of energy storage technology, extra energy can be saved and used later. By producing sustainable, dispatchable energy, offshore energy storage aims to create a reliable electrical network. Regulations that are favourable and energy storage subsidies, as well as rising foreign investment in the renewable energy industry, are driving the market for offshore energy storage.
Rising urbanisation and industrialization will increase energy demand during the projection period. The countries are prioritising energy storage systems utilising renewable energy sources, such as offshore wind farms. Technology advancements and clean energy consumption, especially in nations like China, Japan, and South Korea, which are looking for an alternative source of energy to diversify their energy mix and reduce CO2 emissions, will boost wind power deployment and opportunities in Asia-Pacific emerging markets. These developments would boost the offshore energy storage market.
Due to rising offshore investments in the oil & gas and renewable energy sectors, the global offshore energy storage market is anticipated to increase significantly during the forecast period. For instance, Shell said in 2018 that it would invest up to USD 2 billion in the New Energies business by 2020 for the production of power, solar, wind, and gas. The largest offshore wind farm will be built by Dong Energy (Denmark), which expects to invest USD 30.26 billion in renewable energy between 2019 and 2025. This would have a favourable effect on market expansion in the ensuing years. Because of rising investment in the renewable sector in nations like Taiwan, China, and others, the Asia Pacific region currently owns the greatest proportion of the global market for offshore energy storage.
Based on sources, end users, and geographical regions, the global offshore energy storage market has been divided. According to reports, the market can be divided into six categories: vessel, lead acid, sodium chemistry, flow vanadium, and flow zinc. As technological developments are incorporated in lithium-ion batteries, the lithium-ion market sector dominates. The cost of this technology would further decrease as a result, pushing the lithium-ion market. A lithium-ion battery-based energy storage system for offshore activities, including offshore wind, was unveiled by Siemens in May 2018. As a result, energy storage solutions for maritime and offshore oil and gas applications would be developed. The offshore energy storage industry is further divided depending on the end-user, which includes offshore wind and oil & gas. Due to rising investments in renewable energy all over the world, the offshore wind segment is anticipated to grow more quickly during the projection period.
Offshore energy storage is the process of storing energy generated by offshore oil and gas storage systems or wind turbines. Technology for energy storage makes it possible to store extra energy for later use. Offshore energy storage attempts to create a dependable electricity network by supplying dispatchable, clean energy. The global market for offshore energy storage is being driven by rising investments in the renewable energy sector as well as the introduction of supportive regulations and energy storage subsidies.
During the predicted period, rising urbanisation and industrialization are driving up energy demand. The nations are putting their attention on energy storage systems using renewable energy resources like offshore wind farms. Technological development and the use of clean energy will further encourage the deployment of wind power and create opportunities in the Asia-Pacific emerging markets, particularly in nations like China, Japan, and South Korea that are looking for alternative energy sources to diversify their energy portfolios and lower their CO2 emissions. These changes would fuel the market for offshore energy storage.
Report Coverage
Global Offshore Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Offshore Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Offshore Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Offshore Energy Storage market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Offshore Energy Storage Market from 2021 to 2030.
- Market Forecast for Offshore Energy Storage Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Offshore Energy Storage competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Offshore Energy Storage
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Offshore Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Offshore Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Offshore Energy Storage
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Offshore Energy Storage market based on the below-mentioned segments:
Global Offshore Energy Storage Market, By Sources
Lithium Ion
Lead Acid
Sodium Chemistry
Flow Vanadium
Flow Zinc
Vessel
Global Offshore Energy Storage Market, By End User
Offshore Wind
Oil & Gas
Global Offshore Energy Storage market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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