USD 256.27 Million
Offshore Energy Storage Market Size, Share, Growth Analysis, By Technology(Battery Energy Storage Systems (Lithium-Ion Batteries, Flow Batteries, Lead-Acid Batteries, Sodium-Sulfur Batteries)), By Application(Offshore Wind Energy (By Storage (Flywheel energy storage, Supercapacitor energy storage, Superconducting magnetic energy storage, Flow battery energy storage))), By End User(Utilities, Oil & Gas Companies, Renewable Energy Companies, Government & Defense), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10A2042 |
Region:
Global |
Published Date: April, 2024
Pages:
177
|Tables:
65
|Figures:
71
Offshore Energy Storage Market Insights
Global Offshore Energy Storage Market size was valued at USD 271.9 Million in 2022, and is poised to grow from USD 304.8 Million in 2023 to USD 758.5 Million by 2031, growing at a CAGR of 12.07% 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Vessels
Fastest Growth
Drilling Platform
Growth Rate
9.12% CAGR
Global Offshore Energy Storage Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Offshore Energy Storage Market Segmental Analysis
Global Offshore Energy Storage Market is segmented by Technology, Application, End User, and region. Based on Technology, the market can be segmented into Battery Energy Storage Systems, Thermal Energy Storage, Mechanical Energy Storage, Hydrogen Energy Storage, and Others. Based on Application, the market is segmented into Offshore Wind Energy, Oil & Gas Platforms, Marine and Subsea Applications, and Islands and Remote Locations. Based on End User, the market is segmented into Utilities, Oil & Gas Companies, Renewable Energy Companies, and Government & Defense. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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.
Global Offshore Energy Storage Market By Application (%)
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Offshore Energy Storage Market Regional Insights
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
Global Offshore Energy Storage Market By Geography
- Largest
- Fastest
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Offshore Energy Storage Market Dynamics
Drivers
Growing Use of Batteries
- Energy storage has received considerable attention from a variety of stakeholders, including utilities, end users, electricity system developers, and regulators. Offshore energy storage is emerging as a key technology for the future, ensuring the efficiency and reliability of offshore energy system installations. With the increasing amount of electricity produced in ships and other offshore facilities, energy storage solutions are becoming increasingly important for storage applications with changing energy consumption.
Use of Clean Energy Is Driving the Offshore Energy Storage Market
- Battery energy storage is an important technology in the transition to sustainable energy systems. Battery energy storage systems (BESS) offer several advantages over battery-powered energy storage systems, including voltage and frequency control, peak demand cost reduction, integration of renewable energy sources and backup power. The marine energy storage market is expected to grow with the rise in application and technological advancements.
Restraints
High Start-up Costs
- Upfront capital costs associated with the development of offshore energy storage projects, including installation of storage facilities and associated infrastructure, can be high. High initial investment requirements can deter potential investors and entrepreneurs.
Technical Challenges
- Technical challenges unique to offshore energy storage include designing systems that can withstand harsh marine environments, including saltwater exposure, strong winds and conditions including corrosive types Reliable and sustainable industrial energy storage solutions for offshore applications must be demanding.
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Offshore Energy Storage Market Competitive Landscape
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
- GE Vernova (US)
- ABB (Switzerland)
- LG Chem, Ltd. (South Korea)
- SolarEdge (Israel)
- Ameresco (US)
- FLASC B.V. (Netherlands)
- Tesla, Inc. (US)
- Panasonic Corporation (Japan)
- Wartsila (Finland)
- Schneider Electric (France)
- Eos Energy Enterprises (US)
- EnerSys (US)
- NGK Insulators Ltd. (Japan)
- Prysmian Group (Italy)
- Samsung SDI (South Korea)
- Highview Power (UK)
- Nexans (France)
- Storelectric Ltd. (UK)
- HDF Energy (France)
- NGK Insulators Ltd. (Japan)
Recent Developments
- 11 February 2021: Siemens Energy and Maersk Drilling sign an agreement to upgrade two environmentally sensitive CJ70 jack-up drilling rigs in the North Sea with hybrid power plants powered by lithium-ion energy storage Rigs – Maersk Intrepid and Maersk Integrator control applications. it was restored with BlueVault™ batteries from Siemens Energy. They are the first jack-ups to use integrated hybrid low emission solutions on the Norwegian mainland.
- Miami, FL, April 21, 2021 – Atlas Renewable Energy, a leading renewable energy company in the U.S., today announced a partnership with Hitachi ABB Power Grids to jointly develop and develop Battery Energy Storage Systems (BESS).
- June 2023: Agratus Energy Storage Solutions Pvt Ltd, a subsidiary of the Tata group, signed an agreement with the Gujarat government to set up India's first giga plant for lithium-ion battery manufacturing at the domestic company's inception.
Offshore Energy Storage Key Market Trends
- Growing Demand for Renewable Energy Integration: Demand in the global offshore energy storage market is on the rise, primarily driven by the increasing adoption of renewable energy sources, especially offshore wind farms. Offshore energy storage atomic size as a key to stabilizing the problem of renewable energy. These systems play an important role in storing surplus energy during periods of peak generation and releasing it during periods of low generation, ensuring consistent and capable electricity supply relies from the offshore wind tunnel.
Offshore Energy Storage Market SkyQuest Analysis
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 271.9 Million |
| Market size value in 2031 | USD 758.5 Million |
| Growth Rate | 12.07% |
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Offshore Energy Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Offshore Energy Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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