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Offshore energy storage is defined as storage of energy produced by wind turbinate & offshore oil and gas energy storage systems. This technology helps store excess energy in order to meet the projected rise in demand for energy. Offshore energy storage aims to offer reliable electrical network by offering clean & dispatchable power.
Market Drivers
The increase in urbanization and industrialization is expected to increase the energy demand which expected to boost the global offshore energy storage market over the forecast period. The countries are focuses on energy storage system via renewable energy sources such as offshore wind farms. Continuous technological advancements & clean energy consumption would further drive wind power deployment and open opportunities in the emerging markets of APAC especially in countries including Japan, China, and South Korea as they are looking for an alternative source of energy to diversify their energy mix to reduce Carbon dioxide emissions. These developments are expected to propel the global offshore energy storage market growth.
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The Global Offshore Energy Storage Market is expected to grow at a high rate over the forecast period, owing to the increase in energy demand and the rise in renewable energy projects which will positively influence the market growth.
Market Restraints
The increase in spread of COVId-19 pandemic is expected to hamper the global offshore energy storage market growth, owing to the imposition of lockdowns in many countries across the world. Due to these lockdowns, various restrictions placed on industrial activities which may negatively influence the market growth.
Market Segmentation
The Global Offshore Energy Storage Market is segmented into Sources such as Lithium Ion, Lead Acid, Sodium Chemistry, Flow Vanadium, Flow Zinc, Vessel, by End-User such as Offshore Wind and Oil & Gas.
Also, the Global Offshore Energy Storage Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Regional Analysis
Europe is projected to dominate the offshore energy storage market during this forecast time period, due to the increase in investments in renewable sectors such as onshore, solar, and energy. Introduction of stringent environmental rules & regulations to limit CO2 emission is a key driving factor driving the investment in renewable technologies.
The North America is expected to hold key revenue share of the overall market in the near future, due to the implementation of smart city projects & increase in demand for IoT devices integrated with renewable energy sources in this region.
Market Key Players
Some operating key players are listed in this report such as ABB, General Electric, Siemens, Deepwater Wind, Duke Energy, E.ON, LG Chem, Johnson Controls, SolarEdge, and Tesla. Etc.
Market Taxonomy
By Sources
- Lithium Ion
- Lead Acid
- Sodium Chemistry
- Flow Vanadium
- Flow Zinc
- Vessel
By End User
- Offshore Wind
- Oil & Gas
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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