Increase in demand for energy generated by using ocean power sources and implementation of stringent government regulations toward environmental pollution from carbon-emitting fossil fuels in the power generation industry drive the growth of the global ocean power market.
PORTLAND, Ore., June 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Ocean Power Market by Type (Tidal Barrages, Tidal Stream, Wave Energy, Others), by Application (Power Generation, Desalination, Water Pumping): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global ocean power industry was estimated at $0.6 billion in 2021, and is anticipated to hit $7.8 billion by 2031, registering a CAGR of 21.4% from 2022 to 2031.
Prime determinants for growth-
Increase in demand for energy generated by using ocean power sources and implementation of stringent government regulations toward environmental pollution from carbon-emitting fossil fuels in the power generation industry drive the growth of the global ocean power market. Moreover, rapid transition from coal & other conventional power generation to renewable source-based energy generation has paved the way for lucrative opportunities for the key players in the industry.
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Covid-19 scenario-
- Restricted operations, disrupted supply chain, shutdown of plants, and halted construction of new projects across the globe impacted the global ocean power market negatively.
- However, as the global situation has gotten back to normalcy, the global market for ocean power has also started recovering at a swift pace.
The wave energy segment to maintain the lion's share-
By type, the wave energy segment accounted for the highest market share in 2021, generating nearly half of the global ocean power market. The same segment is also anticipated to cite the fastest CAGR of 21.8% from 2022 to 2031. This is attributed to the rapid development in the renewable energy sector and rise in demand for electricity from the marine industry.
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The power generation segment to lead the trail-
By application, the power segment generated the highest share in 2021, holding more than three-fifths of the global ocean power market. The same segment is also expected to cite the fastest CAGR of 21.5% from 2022 to 2031. Rise in demand for power from the marine industry fuels the segment growth.
Europe to dominate by 2031-
By region, Europe contributed to the major market share in terms of revenue 2021, holding nearly three-fifths of the global ocean power market. The same region is also projected to cite the fastest CAGR of 21.7% from 2022 to 2031. Increase in investments and R&D toward commercialization of ocean energy to achieve future renewable energy targets by European Union member states is projected to fuel the market growth.
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Prominent market players-
- Aqua-Magnetics, Inc.
- Atargis Energy Corporation
- Biopower Systems Pty Ltd.
- Carnegie Clean Energy Limited
- Minesto AB
- Applied Technologies Company, Ltd.
- Nova Innovation Ltd.
- Ocean Renewable Power Company LLC.
- Ocean Power Technologies, Inc.
- Blue Energy Canada, Inc.
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