Ocean Power Market to Witness High Growth Owing to Growing Demand for Renewable Energy Sources

The ocean power market comprises technologies that harness energy from ocean waves and tides. Ocean power provides a clean source of energy as it harnesses the power of ocean waves and tides without generating any air or water pollution. Governments across the globe are promoting renewable energy sources to reduce dependence on fossil fuels to minimize environmental pollution. The demand for renewable energy is growing consistently owing to supportive government policies and initiatives.

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

Ocean power is considered to have substantial potential to contribute to long-term energy supply. Governments are undertaking various research and development projects to improve the performance and commercialization of ocean power systems. Major ocean power technologies include tidal stream generators and tidal barrages that convert kinetic energy of ocean tides into electricity and wave energy converters that harness energy from ocean surface waves.

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. These players are undertaking initiatives such as new product development, collaborations and facility expansion to strengthen their presence in the market.

The key opportunities in the Ocean Power Market Growth include rising focus on integration of underwater kite systems with floating platforms, growing investment in sustainable marine energy projects and developments of small scale ocean power systems targeting isolated communities and islands.

Moreover, key players in the ocean power market are focusing on global expansion by entering into partnerships with local players. Governments of various countries are also supporting the deployment of ocean power projects through funding, incentives and supportive policies & regulations. This is expected to drive the adoption of ocean power technologies across different geographies.

Market Drivers
1. Supportive government policies and initiatives: Governments across various countries are introducing supportive policies, regulations and offering incentives and subsidies to promote the adoption of Ocean Power Market Challenges And Opportunities. This is encouraging private investments in research, development and deployment of ocean power projects.

Market Restrains
1. High initial infrastructure cost: Setting up ocean power plants requires huge capital investments for developing specialized vessels, mooring systems and underwater transmission cables. This increases the levelized cost of energy which acts as a major restrain for widespread commercialization.

Segment Analysis
The ocean power market is dominated by wave power sub segment. This is because wave power systems can harness the natural and renewable energy from surface waves and has potential to generate bulk power. Wave power is highly dependent on location making it suitable for deployment in coastal regions. Tidal power is another promising sub segment is this market as it utilizes energy from ocean tidal flows in tidal ranges and river estuaries. Tidal barrages and tidal turbines are most common technologies in this sub segment. Ocean thermal energy conversion and salinity gradient power are the emerging sub segments with tremendous scope, however they need further technological advancements to scale up the power generation capacity.

Global Analysis
Europe accounts for largest share in the global ocean power market currently. Countries like UK, Portugal, Ireland and Norway are global leaders and have highly advanced infrastructure and research facilities for ocean energy technologies. Supported by favorable government policies providing incentives and subsidies, the European markets will continue to dominate. However, Asia Pacific region is emerging as the fastest growing regional market led by countries like China, Japan, South Korea and Australia. With growing focus on renewable energy deployment and developing coastal cities, the APAC countries are extensively investing in ocean power projects thus driving the market growth. North America especially US is another major regional market and ongoing projects off the coasts of West coast states will boost the regional market over the forecast period.

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About Author:

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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)