The growing world population has been a key driver for energy demands in the past several decades. Lately, the increasing environmental challenges caused by climate change have pushed all energy industry stakeholders and end-users to rethink their energy consumption patterns. In such a business landscape, the adoption of batteries has increased at a fast pace. The global offshore energy storage market has exhibited paced growth in such a scenario. The oil and gas producers have emerged as notable end-user of offshore energy systems. They use these systems to improve the electric dependability of their operations in the seaward regions and provide reliable power backup in case of a blackout. Offshore energy storage systems deliver dispatchable electricity which provides a stable electricity infrastructure. The collective force of growing environmental concerns and battery tech advancements are projected to lead the global offshore energy storage market to fruition.
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Battery Tech Innovations to Prolong Promising Growth Trajectory
The growing traction for offshore energy storage is primarily due to its efficiency in storing energy for long-term usage. Its spectrum of benefits is being extended to electric grid systems and electricity end-users. The utility of offshore energy storage is to manage the power generated on board ships and other offshore installations. These systems have proven to be highly effective in ensuring higher efficiency and reliability of the electrical systems of offshore systems. The robust advancements in battery technologies have opened new avenues of growth for the global offshore energy storage market. These lithium-ion, lead acid, nickel-based, and flow batteries allow the market players and end-users to store energy more efficiently.
Growing Propensity to Adopt Sustainable Energy to Augur Market Growth
The growing awareness and efforts to adopt clean and sustainable sources of energy are creating favourable tailwinds for the global offshore energy storage market expansion. Several governments, energy regulatory bodies, and environmental agencies are consistently pushing for the employment of renewable energy sources to limit the effects of climate change. The mandate to use batteries for energy storage is being proposed across the market spectrum. Batteries are inherently cleaner sources of energy than fossil fuels due to their zero tailpipe emissions. Against this backdrop, several market players have accelerated their efforts to capture this opportunity by establishing large-scale offshore energy storage projects across economies.
Increasing Adoption of Renewables to Establish Europe as Offshore Energy Storage Market Leader
Growing focus on limiting environmental effects via energy consumption and lowering greenhouse gas emissions has propelled Europe as the leading offshore energy storage market region. Major economies such as Germany are steadfast in decreasing emissions and adopting sustainable practices. The country is adopting renewable energy sources at a fast pace which is boding well for market growth. The deployment of solar, onshore, and offshore wind is expected to grow dramatically in the region. All these factors are poised to positively impact the offshore energy storage market in Europe.
Key Market Players
Some of the major players in the global offshore energy storage market include General Electric (US), ABB (Switzerland), Deepwater Wind (US), Duke Energy (US), SolarEdge (Israel), Siemens (Germany), E. ON (Germany), Johnson Controls (US), LG Chem (South Korea), and Tesla (US).
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