Fairfield Market Research Offshore Energy Storage Market Size, Share, Type | 2023 - 2030

Offshore Energy Storage Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Published Date: Upcoming | Format:

Industry: Energy & Natural Resources


Request Customization $4,995.00Prebook

The approximately US$200 Mn offshore energy storage market will observe a healthy growth pattern through the upcoming decade. The growing boom around renewable energy will create a favourable environment for the growth of offshore energy storage market.

Use of Batteries Is Increasing Offshore Energy Storage Market

The importance and attractiveness of energy storage is receiving increasing attention by a wide range of stakeholders including utilities, end users, grid system operators and regulators. Energy storage can provide a rich spectrum of benefits to the electric grid, to electricity end users and to society as a whole. Offshore energy storage is touted as the future, warranting the high rise of offshore energy storage market. The amount of electric power generated on board ships, and other offshore installations is increasing significantly and the trend is set to continue. Energy storage ensures a higher efficiency and reliability of the electrical system of offshore installations. Especially for installations with a variable energy consumption profile energy storage will be of great added value.

In terms of technology, batteries are categorised according to the foundational technology upon which they operate. Two electrodes, and an electrolyte make up the core components of a storm. An oxidation reaction occurs at the cathode of a battery, followed by a reduction reaction at the anode, which completes the circuit and preserves charge neutrality. When different materials are utilised, the chemical reaction occurring at the electrode alters, resulting in several battery types. Based on chemistry, some typical battery types include lithium-ion, lead acid, nickel-based, and flow batteries.

Offshore Energy Storage Market Swells as Clean Energy Firms up Worldwide

A crucial piece of technology in the shift to a sustainable energy system is battery energy storage. Methods that store energy in batteries control voltage and frequency, lower peak demand costs, include renewable energy sources, and provide backup power. Energy storage systems depend heavily on batteries, which account for about 60% of the system's overall cost. However, it is anticipated that the overall installed storage capacity would not include any batteries. To promote adoption across the commercial and industrial sectors, the United Kingdom government said exemptions would be provided for energy storage, solar PV, and other clean energy technologies. The offshore energy storage market is anticipated to swell over the forecast period due to the increasing deployment of battery energy storage systems (BESS), and accelerating technical breakthroughs.

For instance, a joint venture between the global renewable energy company TagEnergy, and the UK-based Harmony Energy announced in November 2021 that it would jointly create two grid-scale battery energy storage projects in Scotland, and England. Both initiatives will make use of Tesla's multi-megawatt megapack BESS technology. Jamesfield Farm, located near Scotland, will have a generation capacity of 98MWh, whereas Chapel Farm, situated near southern England, will have a generation capacity of 99MWh. The first quarter of 2022 is when construction is scheduled to start, and it should be finished by 2023. In March 2021, the German Energy Storage Association said that at the end of 2020, 300,000 battery storage devices were installed across German households. In 2019 and 2020, the typical installation capacity was roughly 8 kWh. More than 70% of German homes have battery energy storage systems installed, and by the end of 2020, the country's installed residential storage capacity had increased to 2.3 GWh. This is likely to hold influence on the performance of offshore energy storage market.

Improved Electric Dependability in Oil and Gas to Drive Offshore Energy Storage Market

Oil and gas is expected to be the fastest-growing segment for the end user of the offshore energy storage market over the forecast period. Oil and gas producers use energy storage systems to improve the electric dependability of their activities in seaward regions and to provide backup power during blackouts. In addition, offshore energy storage provides unambiguous and dispatchable electricity, which allows for a stable electrical structure. However, the significant capital expenditure needed for the offshore energy storage solution is anticipated to restrain the market for offshore energy storage worldwide.

Europe’s Offshore Energy Storage Market Sees Robust Expansion as the Boom Around Renewables Grows Denser

One of the biggest markets for energy storage in both Europe and the world is Germany. Due to the nation's ambitious energy transition plans and goal of lowering greenhouse gas emissions by at least 80% (relative to 1990 levels) up until 2050, offshore energy storage market has seen a considerable uptick. In addition, the country intends to phase out nuclear power plants by 2023, which is anticipated to spur the growth of renewable energy sources to make up for the lost capacity for electricity production. In line with the German government's objective of raising the share of renewables to at least 40% in electricity generation by 2050, renewable energy sources will produce about 41% of the nation's total electricity in 2020. Additionally, it is anticipated that the installed capacity of heads like solar, onshore, and offshore wind will grow dramatically. The Germany Energy Storage Association estimated the capacity of residential energy storage systems to be 831 MW by the end of 2020. A battery storage system was built with almost 70% of residential solar PV systems. This system's average capacity was 8.5kWh, somewhat higher than the 8kWh average in 2019.

Global Offshore Energy Storage Market: Competitive Landscape

Meyer Burger Technology AG, a manufacturer of solar modules with headquarters in Switzerland, revealed a building-integrated PV (BIPV) concept, including solar roof tiles, in October 2021. The patent for the new invention was sold to Meyer Burger by the German technical firm paXos Consulting & Engineering GmbH & Co. The roof tile is smaller and lighter than typical tiles, measuring 44 cm x 33 cm x 3 cm and weighing 2.5 kg. The business also disclosed that the manufacture of the tiles is anticipated to start in the second half of 2022. On the other hand, The manufacturing plant for the business's new module series NeMo 3.0 120 M received a EUR 21 million investment from the German company Heckert Solar in September 2021. Moreover, 3D-Micromax, Teamtechnik, and Ecoprogetti provide the production machinery.

A few of the players in offshore energy storage market include Duke Energy (US), ABB (Switzerland), Deepwater Wind (US), E.ON (Germany), Johnson Controls (US), SolarEdge (Israel), Siemens (Germany), General Electric (US), LG Chem (South Korea), and Tesla (US).

Global Offshore Energy Storage Market is segmented as Below:

By Sources

  • Lithium Ion
  • Lead Acid
  • Sodium Chemistry
  • Flow Vanadium
  • Flow Zinc
  • Vessel

By End User

  • Offshore Wind
  • Oil & Gas

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Offshore Energy Storage Market

  • Offshore Energy Storage Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

Post Sale Support, Research Updates & Offerings

We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.

  • The report will be prepared in a PPT format and will be delivered in a PDF format.
  • Additionally, Market Estimation and Forecast numbers will be shared in Excel Workbook.
  • If a report being sold was published over a year ago, we will offer a complimentary copy of the updated research report along with Market Estimation and Forecast numbers within 2-3 weeks’ time of the sale.
  • If we update this research study within the next 2 quarters, post purchase of the report, we will offer a Complimentary copy of the updated Market Estimation and Forecast numbers in Excel Workbook.
  • If there is a geopolitical conflict, pandemic, recession, and the like which can impact global economic scenario and business activity, which might entirely alter the market dynamics or future projections in the industry, we will create a Research Update upon your request at a nominal charge.

Disclaimer:

  • The segmentation/company profiles/countries depicted above may vary in the actual report.

1. Executive Summary
     1.1. Global Offshore Energy Storage Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                  2.2.1.1. Driver A
                  2.2.1.2. Driver B
                  2.2.1.3. Driver C
            2.2.2. Restraints
                  2.2.2.1. Restraint 1
                  2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Pre-Covid and Post-Covid Scenario
            2.5.2. Supply Impact
            2.5.3. Demand Impact
     2.6. Government Regulations
     2.7. Technology Landscape
     2.8. Economic Analysis
     2.9. PESTLE

3. Global Offshore Energy Storage Market Outlook, 2018 - 2030
     3.1. Global Offshore Energy Storage Market Outlook, by Storage System, Value (US$ Mn), 2018 - 2030
            3.1.1. Key Highlights
                  3.1.1.1. Battery Energy Storage Solutions (BESS)
                  3.1.1.2. Flywheel Energy Storage (FEES)
                  3.1.1.3. Hydro-Pneumatic Energy Storage (HPES)
                  3.1.1.4. Misc.
     3.2. Global Offshore Energy Storage Market Outlook, by End-user, Value (US$ Mn), 2018 – 2030
            3.2.1. Key Highlights
                  3.2.1.1. Offshore Wind Farms
                  3.2.1.2. Oil & Gas
            3.2.2. BPS/Market Attractiveness Analysis
     3.3. Global Offshore Energy Storage Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
            3.3.1. Key Highlights
                  3.3.1.1. North America
                  3.3.1.2. Europe
                  3.3.1.3. Asia Pacific
                  3.3.1.4. Latin America
                  3.3.1.5. Middle East & Africa
            3.3.2. BPS/Market Attractiveness Analysis

4. North America Offshore Energy Storage Market Outlook, 2018 - 2030
     4.1. North America Offshore Energy Storage Market Outlook, by Storage System, Value (US$ Mn), 2018 - 2030
            4.1.1. Key Highlights
                  4.1.1.1. Battery Energy Storage Solutions (BESS)
                  4.1.1.2. Flywheel Energy Storage (FEES)
                  4.1.1.3. Hydro-Pneumatic Energy Storage (HPES)
                  4.1.1.4. Misc.
     4.2. North America Offshore Energy Storage Market Outlook, by End-user, Value (US$ Mn), 2018 - 2030
            4.2.1. Key Highlights
                  4.2.1.1. Offshore Wind Farms
                  4.2.1.2. Oil & Gas
     4.3. North America Offshore Energy Storage Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            4.3.1. Key Highlights
                  4.3.1.1. U.S.
                  4.3.1.2. Canada
            4.3.2. BPS/Market Attractiveness Analysis

5. Europe Offshore Energy Storage Market Outlook, 2018 - 2030
     5.1. Europe Offshore Energy Storage Market Outlook, by Storage System, Value (US$ Mn), 2018 - 2030
            5.1.1. Key Highlights
                  5.1.1.1. Battery Energy Storage Solutions (BESS)
                  5.1.1.2. Flywheel Energy Storage (FEES)
                  5.1.1.3. Hydro-Pneumatic Energy Storage (HPES)
                  5.1.1.4. Misc.
     5.2. Europe Offshore Energy Storage Market Outlook, by End-user, Value (US$ Mn), 2018 - 2030
            5.2.1. Key Highlights
                  5.2.1.1. Offshore Wind Farms
                  5.2.1.2. Oil & Gas
     5.3. Europe Offshore Energy Storage Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            5.3.1. Key Highlights
                  5.3.1.1. Germany
                  5.3.1.2. France
                  5.3.1.3. U.K.
                  5.3.1.4. Italy
                  5.3.1.5. Spain
                  5.3.1.6. Norway
                  5.3.1.7. Russia
                  5.3.1.8. Rest of Europe
            5.3.2. BPS/Market Attractiveness Analysis

6. Asia Pacific Offshore Energy Storage Market Outlook, 2018 - 2030
     6.1. Asia Pacific Offshore Energy Storage Market Outlook, by Storage System, Value (US$ Mn), 2018-2030
            6.1.1. Key Highlights
                  6.1.1.1. Battery Energy Storage Solutions (BESS)
                  6.1.1.2. Flywheel Energy Storage (FEES)
                  6.1.1.3. Hydro-Pneumatic Energy Storage (HPES)
                  6.1.1.4. Misc.
     6.2. Asia Pacific Offshore Energy Storage Market Outlook, by End-user, Value (US$ Mn), 2018 - 2030
            6.2.1. Key Highlights
                  6.2.1.1. Offshore Wind Farms
                  6.2.1.2. Oil & Gas
     6.3. Asia Pacific Offshore Energy Storage Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            6.3.1. Key Highlights
                  6.3.1.1. China
                  6.3.1.2. Japan
                  6.3.1.3. South Korea
                  6.3.1.4. India
                  6.3.1.5. Southeast Asia
                  6.3.1.6. Rest of Asia Pacific
            6.3.2. BPS/Market Attractiveness Analysis

7. Latin America Offshore Energy Storage Market Outlook, 2018 – 2030
     7.1. Latin America Offshore Energy Storage Market Outlook, by Storage System, Value (US$ Mn), 2018 - 2030
            7.1.1. Key Highlights
                  7.1.1.1. Battery Energy Storage Solutions (BESS)
                  7.1.1.2. Flywheel Energy Storage (FEES)
                  7.1.1.3. Hydro-Pneumatic Energy Storage (HPES)
                  7.1.1.4. Misc.
     7.2. Latin America Offshore Energy Storage Market Outlook, by End-user, Value (US$ Mn), 2018 - 2030
            7.2.1. Key Highlights
                  7.2.1.1. Offshore Wind Farms
                  7.2.1.2. Oil & Gas
     7.3. Latin America Offshore Energy Storage Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            7.3.1. Key Highlights
                  7.3.1.1. Brazil
                  7.3.1.2. Mexico
                  7.3.1.3. Rest of Latin America
            7.3.2. BPS/Market Attractiveness Analysis

8. Middle East & Africa Offshore Energy Storage Market Outlook, 2018 - 2030
     8.1. Middle East & Africa Offshore Energy Storage Market Outlook, by Storage System, Value (US$ Mn), 2018 - 2030
            8.1.1. Key Highlights
                  8.1.1.1. Battery Energy Storage Solutions (BESS)
                  8.1.1.2. Flywheel Energy Storage (FEES)
                  8.1.1.3. Hydro-Pneumatic Energy Storage (HPES)
                  8.1.1.4. Misc.
     8.2. Middle East & Africa Offshore Energy Storage Market Outlook, by End-user, Value (US$ Mn), 2018 - 2030
            8.2.1. Key Highlights
                  8.2.1.1. Offshore Wind Farms
                  8.2.1.2. Oil & Gas
     8.3. Middle East & Africa Offshore Energy Storage Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
            8.3.1. Key Highlights
                  8.3.1.1. GCC
                  8.3.1.2. South Africa
                  8.3.1.3. Rest of Middle East & Africa
            8.3.2. BPS/Market Attractiveness Analysis

9. Competitive Landscape
     9.1. Company Market Share Analysis, 2021
     9.2. Competitive Dashboard
     9.3. Company Profiles
            9.3.1. Siemens AG
                  9.3.1.1. Company Overview
                  9.3.1.2. Product Portfolio
                  9.3.1.3. Financial Overview
                  9.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
            9.3.2. ABB Ltd.
            9.3.3. Ørsted A/S
            9.3.4. General Electric
            9.3.5. LG Chem
            9.3.6. Energy Vault
            9.3.7. E.ON Energy
            9.3.8. Johnson Controls
            9.3.9. Wärtsilä
            9.3.10. FLASC B.V.
            9.3.11. Stornetic

10. Appendix
     10.1. Research Methodology
     10.2. Report Assumptions
     10.3. Acronyms and Abbreviations

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

View Methodology
Fairfield Quality assured
Fairfield Confidentiality assured
Fairfield Custom research services