In the past few decades, global energy demands have skyrocketed. Meanwhile, the rampant environmental damage caused by pollution, specifically carbon emissions, has created an urgent need to adopt sustainable sources of energy. To this end, the employment of batteries has increased at breakneck speeds. On the other hand, several oil and gas producers have also emerged as notable end-user of offshore energy systems to curtail their emissions. These systems boost the electric dependability of their operations in the seaward regions and provide reliable power backup in case of a power outage. Offshore energy storage systems deliver dispatchable electricity which provides a stable electricity infrastructure. The collective force of intensifying environmental concerns and battery tech innovations is expected to lead the global offshore energy storage market to fruitful outcomes.
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Paced Battery Technology Breakthroughs to Strengthen Offshore Energy Storage Market
The growing traction for offshore energy storage is primarily due to its efficiency in storing energy for long-term usage. The scope of its usage 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.
Increasing Propensity to Adopt Sustainable Energy Will Augur Well for Offshore Energy Storage 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 energy regulatory bodies, environmental agencies, and governments are consistently promoting the employment of renewable energy sources. These efforts are in line 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.
Progressive Focus on Adopting Renewables to Cement Europe as Offshore Energy Storage Market Leader
Europe is emerging as one of the most progressive regions in adopting sustainable practices and policymaking. Many regional economies are steadily moving forward on their net zero goals. Moreover, stringent environmental regulations and growing awareness in the general public are nurturing a positive business landscape. Many regional market players are investing heavily in robust research and development efforts to improve the energy efficiency of renewables. All these factors are collectively operating to establish Europe as the leading regional offshore energy storage market.
Key Market Players
Some of the leading players in the global offshore energy storage market include Siemens (Germany), LG Chem (South Korea), Tesla (US), ABB (Switzerland), E.ON (Germany), Johnson Controls (US), Deepwater Wind (US), General Electric (US), SolarEdge (Israel), and
Duke Energy (US).
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