The Ocean Power Market is estimated to be valued at USD 1,144.2 Mn in 2024 and is expected to reach USD 3,981.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 19.5% from 2024 to 2031.
Ocean power or marine energy harnesses the energy from ocean waves, tides, salinity gradients, and ocean temperature differences to generate renewable energy. Ocean power technologies deploy Wave energy converters, tidal stream generators and tidal barrages to convert potential and kinetic energy from ocean waves and tides into electricity. These sustainable solutions offer abundant, reliable and predictable power without emitting greenhouse gases.
The Global Ocean Power Market is driven by the need for eco-friendly alternatives to conventional power sources and the demand for reliable, non-intermittent renewable energy. Ocean power addresses concerns over carbon emissions, energy security, and the gradual depletion of fossil fuel reserves, much like the Oilfield Drill Bits Market size which reflects the ongoing focus on resource efficiency and sustainability. It provides a stable source of baseload power independent of weather conditions on land. With steady technological advances, ocean power technologies have become more viable economically. Their minimal footprint and ability to operate offshore allows ocean power farms to harness energy without interfering with other ocean activities.
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 copyright 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 investing in research and development to optimize device designs, lower costs and commercialize ocean energy solutions.
The growing demand for renewable and reliable sources of energy to meet increasing electricity needs is driving interest in ocean power. With continued technology advancements, the economic viability of ocean energy is improving. Several pilot projects and demonstration sites are underway to mitigate technical risks and accelerate the scaling up of ocean power capacity globally.
Several countries and regions have ambitious ocean energy targets and supportive policies to promote the global expansion of the marine power industry. Europe, particularly the UK, Ireland, Portugal and France is leading commercial development. copyright, USA, Australia, Japan and China are also active in testing ocean power devices to harness the untapped energy from ocean waves and tides.
Market Key Trends
One of the key trends in the ocean power market is the increasing focus on developing modular, scalable and floating wave energy conversion systems. Companies are adopting modular and scalable designs that allow for incremental capacity additions. This offers flexibility to suppliers and reduces both capital and performance risks. Floating wave energy converters that can operate in deep waters further offshore are gaining traction as they provide access to larger waves with higher energy potential. Their ability to be moored in location independent of the shoreline eliminates the requirement for underwater transmission cables, thus lowering installation costs. Standardizing key components, sub-systems and interconnection systems for wave energy farms is another area attracting investments to accelerate the scale-up process.
Porter's Analysis
Threat of new entrants: The ocean power market has moderate barriers for new entrants to establish due to requirement of high capital investment and technical expertise.
Bargaining power of buyers: The buyers have moderate to low bargaining power as the major demand comes from utilities which require reliable power sources.
Bargaining power of suppliers: The suppliers of components have moderate bargaining power due to availability of alternative component providers.
Threat of new substitutes: The threat of substitution is low as there are limited alternatives to ocean power that can provide large scale renewable energy.
Competitive rivalry: The competitive rivalry is moderate to high owing to presence of numerous global and regional players operating in this market.
Geographical Regions
The Europe region currently dominates the market in terms of value, owing to supportive government policies and the presence of large oceanfront location countries like the UK, Portugal, and Norway, among others. The UK alone accounted for around 60% of the global installed ocean power capacity in 2020. Similarly, the Oilfield Drill Bits Market Regional Analysis highlights the significance of regional advantages and policies in driving market growth.
Asia Pacific region is expected to grow at the fastest pace during the forecast period fueled by rapid development of ocean power industry in China and Japan. China has ambitious target of installing 5 GW of ocean power capacity by 2025 and is providing funding and incentives to drive the localized manufacturing of ocean energy technologies.
Get More Insights On Ocean Power Market
https://www.exoltech.us/blogs/243534/Ocean-Power-Market-is-Gaining-Momentum-With-Increasing-Interest-In
Identify the language that you favor.
Japanese Korean
About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
copyright src="chrome-extension://fpjppnhnpnknbenelmbnidjbolhandnf/content_script_web_accessible/ecp_regular.js" type="text/javascript">