The capacity of energy produced by wind turbines and offshore oil and gas energy storage frameworks is referred to as offshore energy storage. The Offshore energy storage innovation aids in the storage of abundant energy to meet the ever-increasing demand for energy. Global industrialization and the population growth have both increased over the past few years. This has increased the demand for energy. Offshore energy storage is a fundamental hotspot for renewable energy. Demand for offshore energy storage has been increasing across the globe as a result of the implantation of severe laws and guidelines on the utilization of energy.

Market Scope and Structure Analysis

COVID-19 Impact analysis

• The COVID-19 pandemic has hampered various sectors due to the inconvenience of lockdowns in numerous countries across the globe. Several restrictions on industrial operations have been imposed during these lockdowns. Furthermore, major end-user enterprises such as oil and gas have ceased their production.
• Oil and gas and offshore wind industries are significant end-users of offshore energy storage. Accordingly, restrictions on offshore and marine activities due to lockdowns has adversely affected the offshore energy storage market.
• COVID-19 is an incomparable global public health emergency that has so far affected almost every industry and is expected to have a long-term impact on the industrial growth of the offshore energy storage market.

Top Impacting Factors

The increased urbanization and industrialization are required to expand the energy demands which is expected to support the global offshore energy storage market during the forecast period. The countries are focusing on energy storage systems using environmentally friendly power sources such as, offshore wind farms. 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. An increase in awareness about climate-related issues as well as the implementation of strict guidelines and rules by administrative authorities to advance the adoption of sustainable technologies are expected to drive the offshore energy storage market. 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. Oil and gas producers use energy storage systems as backup power sources during blackouts and to improve the electric dependability of their tasks in seaward areas. Offshore energy storage offers a solid electrical organization by providing clear and dispatchable power. However, the high capital investment required for the offshore energy storage arrangement is expected to act as a restraining factor for the global offshore energy storage market.

Market Trends

• 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 2020 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 2019 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.

Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the offshore energy storage industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the offshore energy storage market share.
• The current market is quantitatively analyzed from 2020 to 2028 to highlight the growth scenario of the offshore energy storage market.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed offshore energy storage market analysis based on competitive intensity and the competition that will take shape in coming years