USD 256.27 Million
Report ID:
SQMIG10A2036 |
Region:
Global |
Published Date: April, 2024
Pages:
177
|Tables:
65
|Figures:
71
Global Offshore Energy Storage Market size was valued at USD 256.27 Million in 2022 and is poised to grow from USD 279.64 Million in 2023 to USD 562.13 Million by 2031, growing at a CAGR of 9.12% in the forecast period (2024-2031).
The global market is expected to grow significantly during the forecast period due to increasing offshore investments in oil, gas and renewable energy. The term offshore energy storage refers to the type of by which energy produced by wind turbines or offshore oil and gas storage systems is stored. Energy storage technologies allow excess energy to be stored and used later. Offshore energy storage requires a reliable grid by providing clean, transferable energy. Supportive legislation and subsidies for energy storage, as well as international investment in renewable energy, drive the market for offshore energy storage.
During the forecast period, increasing urbanization and industrialization will result in high demand for energy. Countries prioritize energy storage programs using renewable energy sources such as offshore wind turbines. The use of wind energy and opportunities in the emerging markets of Asia-Pacific will be enhanced by technological advances and adoption of clean energy, especially in countries such as China, Japan and South Korea, looking for alternative energy sources to diversify and reduce their hybrid CO2 emissions. The offshore energy storage project would be driven by these developments.
Global Market Size
USD 256.27 Million
Largest Segment
Vessels
Fastest Growth
Drilling Platform
Growth Rate
9.12% CAGR
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Based on source, the market is classified into lithium ion, lead acid, sodium chemistry, flow vanadium, flow zinc, and vessel. By application, it is segmented into vessels, drilling platform, wind power. By battery capacity, it is segmented into vessels, drilling platform, wind power. From a geographical standpoint, the market is categorized as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Analysis by Source
The lithium-ion segment is dominating the market as technological advancements are being implemented in lithium-ion batteries. This will significantly reduce the cost of this technology, driving the lithium-ion segment. In May 2018, Siemens unveiled a lithium-ion battery-based energy storage system for marine applications, including offshore wind. This will help in developing energy storage technologies for offshore and offshore oil and gas applications. The global energy storage market is further segmented based on end users including oil & gas and offshore gas. The offshore wind segment growth is estimated to accelerate during the forecast period owing to the increasing investments in renewable energy across the globe.
The lead acid segment is expected to grow at a fast pace in the market. Offshore energy storage refers to energy storage produced by wind turbines or offshore oil and gas storage systems. Energy storage technologies help store excess energy that can be used later. Offshore energy storage aims to provide a reliable grid that produces clean and transportable electricity. The introduction of supportive policies and energy storage support is fueling the growth of the global offshore energy storage market with investments in renewable sectors across the globe.
Analysis by Application
Drilling platform segment require a robust and continuous supply of electricity, often involving sophisticated machinery, equipment and systems Marine energy storage systems provide a reliable energy source for monitoring that it is an easy task and improves overall efficiency. Energy storage in tanks and excavations facilitates maximum scalping and load balancing. Excess electricity is stored when demand is high and released when demand is high, helping to maximize energy efficiency and reduce overall energy costs. Offshore energy storage is combined with renewable energy sources such as solar and wind on ships and in drilling sites. This system stores energy from renewable sources and ensures energy transmission forever even when renewable energy is interrupted.
Energy storage systems are an important reserve of power in case of emergencies. In the event of power outages or outages, these systems provide reliable and immediate power, ensuring worker safety and operational security
Vessel's segment is expected to grow in the market and often use hybrid energy systems that combine conventional energy sources (such as diesel generators) with energy storage and renewable energy These hybrid systems provide energy consumption overall efficiency increases, reducing fuel consumption.
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Asia Pacific is the dominating market. Technological advances and adoption of clean energy will continue to drive the use of wind energy and open opportunities in emerging Asia Pacific markets, especially in countries such as China, Japan and South Korea while they are looking for alternative energy sources to diversify their energy mix and reduce CO2 emissions. This development will provide offshore energy storage. Increasing urbanization and technological advancements are likely to boost the global offshore energy storage market during the forecast period.
North America has increasingly focused on offshore wind energy production, particularly off the Atlantic coast. Offshore wind farms require robust energy storage solutions to manage intermittent wind energy and ensure a stable and reliable power supply to the power grid. Governments and energy stakeholders in North America are actively promoting the transition to clean, sustainable energy sources. Offshore energy storage is a key component of this transformation, helping to integrate renewable energy, reducing carbon emissions and increasing overall energy reliability
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Drivers
Growing Use of Batteries
Use of Clean Energy Is Driving the Offshore Energy Storage Market
Restraints
High Start-up Costs
Technical Challenges
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The competitive environment of the global offshore energy storage market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The market witnessed strong growth due to increasing demand for clean energy and the need for effective energy storage solutions. Offshore wind farms were the primary area for offshore energy storage systems. These systems help store excess energy generated during periods of peak production and release it during periods of low production, providing a constant source of energy. Continuous advances in energy storage technologies including batteries, compressed air storage (CAES), and hydrogen storage have made marine energy storage more efficient, and they can be relied upon. Sponsored government policies and projects aimed at promoting the adoption of renewable energy led to investments in marine energy conservation initiatives. Several key players in the energy industry actively participated in the marine energy storage market, including energy companies, technology suppliers and technology companies and partnerships and partnerships are common channels for market so availability and technical capacity increases. Despite the promising outlook, the offshore energy storage market faced challenges such as high initial investment costs, technical challenges, and regulatory uncertainty It was important to overcome these obstacles and to realize the overall potential of offshore energy storage solutions.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 256.27 Million |
Market size value in 2031 | USD 562.13 Million |
Growth Rate | 9.12% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Offshore Energy Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Offshore Energy Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Energy Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Energy Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG10A2036