Report Ocean presents a comprehensive research report on Ocean Power, analyzing markets in 150+ countries. With access to 1,00000+ annual reports, subject matter experts ensure accuracy. Methods like S.W.O.T., P.E.S.T.E.L., and regression analysis forecast growth. The report covers regulations, research tech, innovation, and future trends in Ocean Power.
The global ocean power market size was US$ 0.8 billion in 2021. The global ocean power market is projected to grow to US$ 5.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 20.9% during the study period from 2022 to 2030.
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Ocean power is the term used to describe energy produced by marine sources, including tidal streams, wave energy, and tidal barrages. In order to meet broader environmental, social, and sustainable goals, ocean power is considered to be a promising source of renewable energy.
COVID-19 Impact Analysis
The COVID-19 pandemic-related lockdown led to a temporary prohibition on manufacturing, processing, and import/export across a range of businesses. As a result, it reduced the demand for ocean power components from companies developing ocean power infrastructure. The development of the ocean power market is further hampered by the halt in the construction of renewable ocean power plants due to a lack of laborers. As a result, it impeded the growth of the ocean power market.
Factors Influencing the Market
Applications for ocean power generation include tidal streams, water pumping, and power generation. Ocean power has a number of benefits, including a decrease in carbon emissions, reliable and secure energy supply, and cost savings. However, the need for high R&D funding is likely to limit the growth of the market.
Other factors, like the rising demand for energy generated by using ocean power sources and the growing implementation of stringent government regulations toward environmental pollution caused by carbon-emitting fossil fuels will be opportunistic for the ocean power market.
Additionally, declining non-renewable resources, combined with the increasing industrialization and urbanization across various developing countries, is anticipated to contribute to the growth of the market during the analysis period. It is due to the significant rise in the demand for energy in the coming years. Power generation will be the prominent application area for the ocean power market during the analysis period.
Regional Analysis
Europe dominated the global ocean power market in 2021 and is anticipated to drive the market forward even in the coming years. The growth of the regional market is attributed to the presence of a large number of key players, such as Applied Technologies Company, Ltd., Minesto AB, Nova Innovation, etc. Additionally, strict government regulations pertaining to restricting carbon emissions are expected to be opportunistic for the global market in the coming years. During the projected period, it is also anticipated that rising investments in R&D and commercialization of ocean power will help European Union member states meet their future renewable energy targets. As a result, it will be opportunistic for the expansion of the ocean power market in Europe.
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Competitors in the Market
Applied Technologies Company, Ltd.
Aqua-Magnetics, Inc.
Atargis Energy Corporation
Biopower Systems Pty Ltd.
Blue Energy Canada, Inc.
Carnegie Clean Energy Limited
Minesto AB
Nova Innovation Ltd.
Ocean Power Technologies, Inc.
Ocean Renewable Power Company LLC
Other Prominent Players
Market Segmentation
The global ocean power market segmentation focuses on Type, Application, and Region.
By Type
Tidal Barrages
Tidal Stream
Wave Energy
Others
By Application
Power Generation
Desalination
Water Pumping
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
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Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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