The ocean power market is characterized by the harnessing of energy generated naturally from ocean waves, tides, salinity gradients, and ocean thermal energy conversion. The power generated from ocean is clean, renewable and reliable. Ocean power technologies help in generating electricity by utilizing the potential and kinetic energy of ocean waves and water currents. This helps countries to achieve greater energy security and diversification of energy mix. Growing awareness regarding carbon emissions from fossil fuels and need for transition towards renewable sources is a key driver boosting the demand for ocean power solutions.
The global ocean power market is estimated to be valued at US$ 1144.2 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.
Ocean Power Market Growth focus on renewable portfolio standards and increasing investments in ocean energy projects opportunities . Geographies such as Asia Pacific and Europe are expected to witness increasing adoption of ocean power owing to supportive government policies and initiatives towards development of sustainable ocean energy value chains.
Market Drivers
The major factor fueling growth of the ocean power market includes emphasis on developing sustainable renewable energy solutions to address environmental concerns related to greenhouse gas emissions from coal and natural gas-fired power plants. Rising investments by government bodies and private organizations in research & development as well as deployment of ocean energy projects will boost the ocean power market growth over the forecast period. Growing cognizance regarding the vast untapped ocean power potential particularly in regions with large ocean coastline further supports the market expansion.
PEST Analysis
Political: Governments around the world are providing favorable policies and financial incentives like tax credits to promote the development of Ocean Power Market Challenges And Opportunities. They are also establishing certification standards and regulations to ensure the safety and commercial viability of these systems.
Economic: Declining costs of ocean power technologies coupled with rising electricity prices are making ocean power an economically attractive alternative energy source. The growing concerns around energy security are also encouraging investments in indigenous clean energy sources like ocean power.
Social: Rising environmental awareness among consumers is driving the acceptance of clean and renewable ocean power. People are increasingly willing to pay a premium for energy from non-polluting sources. Support for indigenous energy sources is also increasing energy independence and local job creation.
Technological: Advancements in materials, structural engineering, power generation and mooring systems are helping to develop more efficient, durable and cost-effective ocean power devices that can operate safely under harsh marine conditions. New technologies are also helping optimize energy extraction from ocean waves and tides.
The Asia Pacific region accounts for the largest share of the global ocean power market in terms of value due to the growing emphasis on renewable energy independence in countries like China, Japan and South Korea. The region is also home to several leading ocean energy technology developers.
Europe has emerged as the fastest growing regional market propelled by strong government support through favorable policies, large investment in research and pilots, and presence of major players in countries like UK, Portugal, France, and Ireland. Countries are deploying ocean power systems to meet renewable energy targets and decarbonize their energy mix.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile