Global Offshore Energy Storage Market 2024-2030.

    In Stock

    OFFSHORE ENERGY STORAGE MARKET

     

    KEY FINDINGS

    1. The oil and Gas segment is expected to account for the largest xx% market share by 2030. Over 25% of oil and gas supply is made offshore, mostly in the MEA, the North Sea, Brazil, and the Caspian Sea. However offshore oil production has been comparatively stable since 2000, natural gas production from offshore fields has increased by 50% over the same period. Offshore electricity generation, mostly from wind, has increased with a high pace in forecast period, particularly in the comparatively shallow shore waters of Europe’s the North Sea. 
    2. The cost of energy storage technologies, such as batteries, has been decreasing significantly in recent years, making them more affordable for offshore energy storage applications. 
    3. Lithium-ion batteries were the dominant technology used in offshore energy storage systems due to their high energy density and rapid response capabilities. However, research into alternative energy storage technologies like flow batteries and hydrogen storage was ongoing. 
    4. The key developments in the offshore energy storage market as organic and inorganic growth strategies. Such as, in 2020, ABB Company launched an inventive combining battery, microgrid, and flywheel-based storage technologies designed to test the scalability and expand the power stability for nearby 300,000 people in Anchorage, Alaska, USA. 
    5. CAES systems store energy by compressing air and can be deployed offshore in underwater caverns or containers. 
    6. The offshore energy storage market is expected to grow significantly from 2023 to 2030. The capacity of energy produced by wind turbines and offshore oil and gas energy storage frameworks is referred to as offshore energy storage1. This technology aids in the storage of abundant energy to meet the ever-increasing demand for energy. 
    7. Increased urbanization and industrialization are expected to expand the energy demands, supporting the global offshore energy storage market. Countries are focusing on energy storage systems using environmentally friendly power sources such as offshore wind farms. 
    8. Constant innovative developments and clean energy utilization would also drive wind power arrangement and opportunities in the developing business sectors of APAC particularly in nations including Japan, China, and South Korea which are looking for an alternative source of energy to expand their energy mix to reduce carbon dioxide emissions. 
    9. The rise in investment in the investigation and development of unconventional and traditional assets in deep-water areas is expected to drive the global offshore energy storage market. 
    10. The Dutch government has launched a subsidy scheme for offshore energy storage projects. The scheme will provide financial support for the development and deployment of offshore energy storage projects in the Netherlands. 
    11. The European Commission has proposed new rules to support the development of offshore energy storage. The rules will provide a clear regulatory framework for offshore energy storage projects and will help to reduce the costs of developing and deploying offshore energy storage systems. 

    INTRODUCTION TO OFFSHORE ENERGY STORAGE MARKET

    The process of storing energy produced by renewable sources, such as wind or solar power, in facilities that are offshore is known as offshore energy storage. In order to store extra energy during times of high generation and release it when there is a need or when the renewable source is not actively producing power, it entails the use of a variety of storage technologies. 

    Offshore energy storage has drawn interest as a potential remedy for the erratic nature of renewable energy sources and to increase the stability and dependability of the grid.   

    Utilizing the enormous offshore wind resources and available space is one of the main benefits of offshore energy storage. As wind speeds change and the power generation can be variable, offshore wind farms frequently encounter problems linked to intermittency.   

    A more steady and dependable power supply can be achieved by incorporating energy storage technologies, which will allow excess wind energy produced during peak wind periods to be absorbed and stored for later use.  

    Offshore deployments of several energy storage systems are possible. The usage of battery energy storage systems (BESS) is one such strategy. For instance, lithium-ion batteries are ideal for offshore applications because of their high energy density, quick response times, and modular deployment capabilities.   

    These battery systems can ensure a steady supply of electricity to the grid by storing excess energy during times of low demand and discharging it during periods of peak demand or when the wind speed declines.   

    Compressed air energy storage (CAES) is another possibility for offshore energy storage. This method uses surplus electricity to compress air, which is then stored in subterranean caverns or undersea constructions.  

    The compressed air is released when the energy is needed, which then powers turbines to produce electricity. In comparison to batteries, CAES systems are capable of storing a lot of energy and have a longer discharge time. They may be especially well suited to offshore settings, where space restrictions are less of an issue.  

    Another new option for offshore energy storage is hydrogen storage. Hydrogen can be created through water electrolysis using surplus electricity, and it can then be stored for use as a fuel source in future power plants or for other purposes. 

    Large tanks can be used to store hydrogen, which can also be moved using pipelines or ships. Since it may be utilized for various industrial processes or converted back into electricity using fuel cells, its adaptability as an energy carrier makes it a desirable alternative for offshore storage.   

    Systems for offshore energy storage have various advantages. They can support grid stabilization, supply and demand balancing, and better integrating of renewable energy sources into the current energy infrastructure. 

    Offshore storage systems can decrease curtailment, lessen the need for fossil fuel-based backup power plants, and enable a larger penetration of renewable energy into the grid by storing excess renewable energy and releasing it during times of high demand.   

    Furthermore, the difficulties brought on by a lack of onshore space, visual impact issues, and potential conflicts with other land uses can be avoided by putting energy storage facilities offshore.  

    Utilizing the existing transmission connections and infrastructure, offshore installations can be placed close to offshore wind farms that are already operational or are slated for construction.  

    Offshore energy storage does, however, come with difficulties. Subsea cables and other specialized infrastructure are needed to link the storage systems to the grid. 

    In comparison to on-shore installations, maintenance and monitoring of offshore storage facilities can be more difficult and expensive. Environmental factors including the effect on marine habitats and the potential for stored material leakage must be properly taken into account.

    In conclusion, offshore energy storage is a viable strategy to increase grid stability and further the integration of renewable energy sources. Offshore storage systems can reduce the erratic nature of renewable energy sources and offer a more dependable and robust source of power by storing excess energy produced by offshore wind or other renewable sources for later use.  

    Unlocking the full potential of offshore energy storage and expediting the transition to a sustainable energy system will depend on continued developments in energy storage technologies, as well as supportive policies and investments.  

    Energy storage systems must connect to offshore and onshore grids, requiring high-voltage direct current (HVDC) converters and transmission infrastructure.

    OFFSHORE ENERGY STORAGE MARKET SIZE AND FORECAST

     

    infographic : Offshore Energy Storage Market , Offshore Energy Storage Market Size, Offshore Energy Storage Market Trend, Offshore Energy Storage Market ForeCast, Offshore Energy Storage Market Risks, Offshore Energy Storage Market Report, Offshore Energy Storage Market Share

     

    The Global Offshore Energy Storage Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

    Siemens Energy and Aker Solutions have signed a Memorandum of Understanding (MoU) to collaborate on the development of offshore energy storage systems. The two companies will combine their expertise in offshore wind, energy storage, and subsea engineering to develop innovative and cost-effective offshore energy storage solutions. 

    Equinor, Norwegian energy company, has announced plans to deploy the world’s first floating battery system at its Hywind Tampen offshore wind farm. The battery system will be used to store and deliver energy from the wind farm, helping to balance the grid and provide backup power. 

    EDF Renewables, the renewable energy arm of EDF Group, has announced plans to develop a 400 MW offshore energy storage project off the coast of New Jersey. The project will use a combination of battery and pumped hydro storage technologies. 

      

    TRENDS IN OFFSHORE ENERGY STORAGE MARKET

    Europe is expected to dominate the global offshore energy storage segment during the forecast period, owing to an   increased investment in renewable sectors, such as, solar- powered, onshore, and offshore wind energy, and geothermal energy. A key figure driving investment in renewable technologies is the implementation of strict ecological guidelines with limited fossil fuel by products. 

    North America is expected to hold a significant share of the global offshore energy storage market owing to the implementation of smart city projects and the rise in demand for IoT gadgets incorporated with environmentally friendly power sources in the region.

    Hitachi completes the acquisition of ABB power grids in July 2021 to address renewable energy, establish a distribution channel to the power industry, and expand its access to the utility segment in all regions. 

    Tesla acquired Maxwell Technologies Inc. in May 2020 to increase the energy holding capacity of the standard capacitors. This will broaden its product range of applications including transportation, industrial, and grid energy storage. 

     

     

    OFFSHORE ENERGY STORAGE MARKET NEW PRODUCT LAUNCH

    A new lithium-ion-based energy storage system for ships has been introduced by Rolls-Royce. For a shipowner, the energy storage system (ESS) represented a significant “green investment,”

    According to Rolls-Royce, Save Energy, a liquid-cooled battery system with a modular construction that enables the product to scale in accordance with energy and power requirements is now a product offered by Rolls-Royce.

    Save Energy confirmed with worldwide laws governing low- and zero-emission propulsion systems, the business stated. Rolls-Royce claims that profits are maximized when the system is appropriately sized for the particular vessels and has intelligent power control. The ENERGIX program of the Norwegian Research Council in Norway has contributed to the cost of developing the ESS.

    A wide range of marine applications, including ferries, cruise ships, and multipurpose vessels, are covered by the energy storage system thanks to the involvement of three ship-owning businesses, Color Line, Norled, and the Norwegian Coastal Administration Shipping Company.

    As part of the company’s provision of entire ship systems, the SAVe Energy system will be shipped from the Rolls-Royce Power Electric facility in Bergen, Norway.

    On several of the projects we are now working on, SAVe Energy is being used. This includes the Hurtigruten cruise ferry upgrading program, the cutting-edge fishing vessel that Prestfjord recently ordered, and the ongoing offshore support vessel retrofits. Peak shaving, spinning reserves, and battery-powered boats are just a few places where SAVe Energy can be used. 


    OFFSHORE ENERGY STORAGE  MARKET SEGMENTAION 

    Offshore Energy Storage Market By Geography 

    • North America 
    • Europe 
    • China  
    • Asia Ex China 
    • ROW 

    Offshore Energy Storage Market By Technology 

    • Battery energy storage systems (BESS) 
    • pumped hydro storage (PHS) 
    • compressed air energy storage (CAES)  
    • flywheel energy storage systems (FESS). 

    Offshore Energy Storage Market By End User 

    • Offshore Wind 
    • Oil & Gas 
    • Others 

    Offshore Energy Storage Market By Capacity 

    • Small-scale (up to 10 MWh) 
    • Medium-scale (10-100 MWh) 
    • Large-scale (100 MWh and above) 

     

    OFFSHORE ENERGY STORAGE  MARKET COMPANY PROFILES

    • 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) 
    • Tesla (US) 
    • Toshiba corporation (Japan) 
    • Magnus Marin 
    • EST-Floattech 
    • Leclanché 
    • ZEM AS 
    • Corvus 

     

     

    THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS 

    1. Which region has the largest share in Global Offshore Energy Storage Market? 
    2. Cost breakup of a Global Offshore Energy Storage? 
    3. Market share of Global Offshore Energy Storage market manufacturers and their upcoming products 
    4. key predictions for the next 5 years in the Global Offshore Energy Storage market 
    5. Average price of Offshore Energy Storage market price in all segments. 
    6. Latest trends in the Offshore Energy Storage market, by every market segment 
    7. The market size (both volume and value) of the Offshore Energy Storage market in 2023-2030 and every year in between? 
    8. What is the impact of the increasing deployment of renewable energy on the global offshore energy storage market? 
    9. What is the impact of the growing need for grid flexibility on the global offshore energy storage market? 
    10. What is the impact of the decreasing cost of energy storage technologies on the global offshore energy storage market? 
    11. What is the impact of government support for offshore energy storage on the global offshore energy storage market? 
    12. What is the impact of the regulatory landscape on the global offshore energy storage market? 
    13. What are the key technologies to watch in the global offshore energy storage market? 
    14. What are the key investment opportunities in the global offshore energy storage market? 
    15. What are the key challenges and opportunities for new entrants in the global offshore energy storage market? 
    16. What are the different materials and components used in offshore energy storage systems? 
    17. What are the different installation and commissioning procedures for offshore energy storage systems? 
    18. What are the different costs associated with offshore energy storage systems? 
    Sl no  Topic 
    Market Segmentation 
    Scope of the report 
    Research Methodology 
    Executive Summary 
    Average B-2-B selling price in past 5 years 
    Introduction 
    Insights from Industry stakeholders 
    Decreasing cost of energy storage technologies 
    Disruptive innovation in the Industry 
    10  Technology trends in the Industry 
    11  Consumer trends in the industry 
    12  Increasing deployment of renewable energy 
    13  Government support for offshore energy storage 
    14  Key investment opportunities in the offshore energy storage market 
    15  Key challenges and opportunities for new entrants in the offshore energy storage market 
    16  Discussion of environmental impact and sustainability considerations. 
    17  Analysis of factors driving market growth, such as renewable energy integration and grid stability requirements. 
    18  New product development in past 12 months 
    19  Market Segmentation, Dynamics and Forecast by Geography, 2024-2030 
    20  Market Segmentation, Dynamics and Forecast by Technology Type, 2024-2030 
    21  Market Segmentation, Dynamics and Forecast by Capacity, 2024-2030 
    22  Market Segmentation, Dynamics and Forecast by End use, 2024-2030 
    23  M&A in past 12 months 
    24  Growth strategy of leading players 
    25  Market share of vendors, 2023 
    26  Company Profiles 
    27  Unmet needs and opportunity for new suppliers 
    28  Conclusion 
                   
    0
      0
      Your Cart
      Your cart is emptyReturn to Shop