Ocean Power Market Witness High Growth Owing to Increasing Focus on Renewable Energy Sources

 

Ocean Power Market
Ocean Power Market

The ocean power market offers an environmentally-friendly solution to meet the ever-increasing global energy demand. Ocean power technology utilizes the energy from ocean waves, tides, salinity gradients, and ocean thermal energy conversion to produce electricity. This helps reduce the dependence on fossil fuels and minimizes carbon emissions. Ocean power plants offer a reliable source of baseload power and can operate without intermittency issues unlike other renewable sources like solar and wind.

The global ocean power market is estimated to be valued at US$ 3,981.8 million in 2024 and is expected to exhibit a CAGR of 19% over the forecast period of 2024-2031.

Key Takeaways

Key players: The major players operating in the ocean power market are AWS Ocean Energy, CalWave, Ocean Harvesting, CorPower Ocean, Applied Technologies Company Ltd., Aqua-Magnetics Inc., Atargis Energy Corporation, Able Technologies L.L.C., Alba tern Ltd, Aquagen Technologies, Aqua-Magnetics Inc, Biopower Systems Pty Ltd., Blue Energy Canada Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Mocean Energy, Andritz Hydro Hammerfest, Ocean Renewable Power Company LLC, and Tenax Energy. These companies are focusing on new product launches, partnerships, and commercialization Ocean Power Market Size technologies to gain a competitive edge in the market.

Key opportunities: Rising investments and government support for ocean energy projects present significant growth opportunities for market players. Further, developing offshore wind farms that also house ocean power technologies provides an optimal way to harness energy from multiple renewable sources and gain economies of scale.

Global expansion: Leading ocean power technology companies are expanding their global footprint by entering new geographic markets. For instance, in 2022, Minesto signed a 15-year contract with the Turkish utility company Zorlu Enerji for a 5 MW ocean power plant to be installed offshore Western Black Sea Coast of Turkey. Such large-scale commercial orders help validate ocean power technologies and accelerate their widespread adoption.

Market drivers:

The growing need for stable renewable energy sources and government policies & initiatives promoting renewable capacities are major market drivers. Additionally, advances in ocean power technologies like tidal turbines that can generate power cost-effectively even from low water speed sites propels the market growth.

Market restrain:

High initial setup and infrastructure costs involved in ocean power projects act as a major market restraint. Further, delays in projects due to permitting issues and lack of financing options also hamper the market potential. Uncertain environmental impacts and reliability issues need to be addressed in order to accelerate commercial and large-scale adoption of ocean power technologies.

Segment Analysis

The ocean power market is divided into sub segments based on technology used such as wave energy, tidal stream energy and ocean thermal energy conversion (OTEC) technology. The wave energy sub segment dominated the market by accounting for over 60% of the market share in 2024. This is because wave power is one of the most promising technologies for harvesting renewable energy from ocean waves as it has the potential to deliver large amounts of both predictable and sustainable power.

Global Analysis

Regionally, Europe dominated the ocean power market and accounted for more than 40% share in 2024. This is attributed to significant investments and supportive policies by governments of countries like the UK, Portugal, and Norway in developing ocean energy technologies. UK and Portugal are at the forefront of wave energy development with presence of several demonstration projects. The Asia Pacific region is expected to be the fastest growing market during the forecast period due to ongoing projects and supportive initiatives by countries such as China, Japan, and South Korea. China and South Korea aim to commercialize ocean energy by 2030 and have established national target capacities for ocean energy.

Gets More Insights on, Ocean Power Market

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

 

Comments

Post a Comment

Popular posts from this blog

Lactate Meters Market is Anticipated to Witness High Growth Owing to Rising Incidences of Sports Injuries

Image
  Lactate Meters Market The lactate meters market has been gaining increasing prominence over the recent past owing to the rising incidences of sports injuries and training programs involving monitoring of lactate levels. Lactate meters help in measuring the amount of lactic acid present in the bloodstream which accumulates during intense physical activity. They play a pivotal role in sports medicine for athletes, coaches and health professionals to determine the level of exertion, evaluate fitness, track progress during training, monitor recovery and help prevent overtraining. They provide critical insights to plan personalized training programs and exercise regimes for athletes belonging to different sports such as soccer, rugby, swimming etc. The increasing focus on fitness among individuals has also augmented the demand for home-use lactate meters. The Global lactate meters market is estimated to be valued at US$ 296.8 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over...
Read more

Blood Glucose Test Strip Market is Poised to Witness High Growth Due to Increasing Diabetes Prevalence

Image
Blood Glucose Test Strip Market Blood glucose test strips are thin, plastic strips that are used in handheld devices called glucometers to measure the concentration of glucose in the blood. Glucose levels are usually measured to monitor diabetes or check for hypoglycemia. Blood glucose test strips enable diabetics to effectively manage their blood glucose levels and determine insulin requirements. The increasing prevalence of diabetes across the globe is a major factor fueling the demand for blood glucose test strips. The Global Blood Glucose Test Strip Market is estimated to be valued at US$ 12.33 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 To 2031. Diabetes is a metabolic disorder in which the body is unable to produce enough insulin or properly use the insulin it produces, resulting in elevated levels of glucose in the blood. According to the International Diabetes Federation (IDF), around 537 million adults aged 20–79 years suffered from...
Read more

Next Generation Sequencing Market to Soar with Rising Personalized Medicine Demand

Image
  Next Generation Sequencing Market Next generation sequencing (NGS), also referred to as high throughput sequencing, refers to the new sequencing technologies including sequencing-by-synthesis, real-time sequencing, and sequencing-by-ligation. This technology allows DNA and RNA to be sequenced massively in parallel. NGS technology has revolutionized genomics research and enabled the sequencing of complete genomes more quickly and cost-effectively in comparison to traditional Sanger sequencing. NGS finds wide applications in various fields including oncology, reproductive health, pharmacogenetics, metabolic disorders diagnosis testing, agriculture, and microbiology research. The global next generation sequencing market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the next generation sequencing market are Canopy Growth Corporation, Aurora Cannabis, Til...
Read more