Ocean power utilizes the kinetic energy created by ocean waves to operate generators and produce electricity. As global energy demand rises exponentially, governments and industry players are looking to develop sustainable power sources like ocean waves that offer abundance and predictability. Ocean power technologies harness the movement of ocean surface waves to drive hydraulic pumps, pistons, or linear generators and convert the kinetic energy of waves into useful electric power. These technologies have no emissions and can operate continuously without causing any pollution. The Global Ocean Power Market is estimated to be valued at US$ 1,144.2 Mn in 2024 and is expected to exhibit a CAGR of 19.5% over the forecast period 2024 To 2031 Key Takeaways Key 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. The rising global energy demand driven by population growth and industrialization is expected to drive the Ocean Power Market Growth. Ocean waves are a vast untapped renewable resource that can help reduce reliance on fossil fuels and minimize carbon emissions. Driven by supportive government policies and incentives promoting renewable energy, many nations are investing heavily in ocean renewable technologies to harness energy from ocean waves. Several pilot projects are underway around the world to test the viability of wave energy converters at utility scale. This is expected to aid the global expansion of the ocean power market over the coming years. Market Key Trends The growing emphasis on developing sustainable marine energy solutions to address climate change is a major trend spurring innovations Ocean Power Market Challenges And Opportunities. Rising maritime trade has also boosted the viability of offshore ocean farms as they enable the generation and transmission of clean electricity to nearby coastal cities and islands. Advancements in materials engineering, power take-off systems, mooring technologies, and energy storage are allowing the development of more durable and efficient ocean power systems. Several players are working on developing next-gen designs of wave energy converters that can withstand harsh ocean conditions and maximize energy yield from wave actions. This is expected to make ocean power more competitive against conventional power sources over the long term.
Porter’s Analysis Threat of new entrants: Ocean power is still an emerging technology and requires high capital cost to set up infrastructure and R&D which deters new players.
Bargaining power of buyers: Large utilities and grid operators have more bargaining power over ocean power developers as shifting to new renewable source involves high investment risks.
Bargaining power of suppliers: Major equipment and technology suppliers have some bargaining power as ocean power still relies on their specialized products and services.
Threat of new substitutes: Other renewable energy sources like solar, wind and tidal power can replace ocean energy based on location suitability and technology advances.
Competitive rivalry: While the market potential is huge, competition is moderate currently due to high entry barriers and limited number of commercialized projects globally. Geographical Regions Europe is the dominant regional market currently accounting for over 65% of global ocean power capacity led by countries like UK, Portugal, and France. Supportive policy push through renewable portfolio standards and availability of ocean coastline drives higher adoption. Asia Pacific region is witnessing fastest growth led by China, Japan, and Australia. Presence of several ocean current hotspots, supportive ocean energy development plans and global expertise sharing is driving the regional market at over 20% CAGR during the forecast period.
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Wave and Tidal Energy Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2019-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Wave and Tidal Energy include AquaGen Technologies Pty., Ltd., Atlantis Resources Ltd., Marine Current Turbines Ltd., Ocean Renewable Power Company LLC, Tenax Energy, Ocean Power Technologies, Inc., Aquamarine Power, Carnegie Wave Energy Ltd, and Pelamis Wave Power..
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The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
