The global ocean energy market is projected to grow at a CAGR of 8.2% during the forecast period, reaching USD 1.6 billion by 2028 from an estimated USD 488 million in 2018 with innovative technologies such as wave power and tidal power driving demand for cleaner sources of energy generation.
Ocean Energy includes Wave Energy, Others (Tidal Power). The report covers the present scenario and growth prospects of the global ocean energy market for 2018-2028. It presents a detailed analysis of global and regional markets including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa that has been carried out using various research methodologies along with their respective key players.
Ocean energy is a form of clean and renewable power that can be generated from the tides, waves, currents, or temperature differences in ocean water. it includes some types such as wave energy, tidal energy, and current energy. it is a form of renewable energy and can be generated from the tides, waves, currents, or temperature differences in ocean water.
Ocean power converts this into electricity using a number of different technologies including tidal power, wave power, and ocean thermal energy conversion (OTEC). OTEC uses the natural heat differential found between cold deep seawater at the ocean bottom and warmer surface water to generate electricity.
In general, the oceans are a vast source of clean power that can be harnessed to provide renewable energy for coastal communities around the world. it is also useful in providing reliable backup power sources when other sources fail or become too expensive to operate.
Ocean energy has been used as a reliable source of power for many coastal communities in countries like Japan, Finland, and Australia. These regions have long relied on ocean thermal energy conversion (OTEC) to provide additional electricity during peak demand periods by using the natural heat differential found between cold deep seawater at the ocean bottom and warmer surface water to generate clean electricity. Due to its large capacity for generating electricity without global warming emissions (no greenhouse gases are emitted), ocean energy is the only renewable resource that can cover 100% of global electricity demand.
On the basis of type, the global ocean energy market is segmented into Wave Energy, Others.
Wave energy is a form of hydropower. It converts the kinetic power from waves into electricity which can be used to generate clean, renewable power on-site or near shore. Ocean currents also produce the potential for producing electrical power by generating an electric current in submerged conductors that pass through the water column and return to the bottom when they meet with an electrode at the bottom.
The main types of wave energy conversion technologies are either point absorber devices such as Pelamis Wave Energy Converter (PEWEC) or oscillating water columns (OWCs). Direct hydraulic machines use these two approaches together - PEWECs capture wave motion while OWCs convert it into direct hydraulic pressure via a pump attached to the turbine shaft.
On the basis of application, the global ocean energy market is segmented into Residential and Commercial.
Ocean energy has many applications in the residential market, one of which is to power homes with electricity. This application requires a wave-powered system that converts ocean waves into clean renewable energy by way of oscillating water columns. These systems can be scaled up or down depending on the size and needs of an individual home. The trade-off for this type of solution is increased investment costs as well as decreased efficiency when compared to other methods such as rooftop solar panels.
The benefits are numerous, however, including reduced dependence on fossil fuels (and therefore lowered emissions), lower monthly utility bills, and uninterrupted power during blackouts due to grid failures all without having any impact on neighboring residences because there is no noise pollution from these systems!
The commercial application of ocean energy is to generate electricity for public use. It can be used by the power grids, or in small-scale applications such as iPhones and laptops.
On the basis of region, the global ocean energy market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The global ocean energy market is segmented on the basis of regions as North America, Latin America, Europe, and the Asia Pacific. The fastest-growing region in the forecast period is Asia-Pacific which accounted for a share of over 30% in 2017.
North America is ranked second in the market with a share of close to 22%. Europe accounted for 14% in 2017. Latin America recorded a share of close to 12%. The Middle East and Africa (MEA) region have the smallest market, accounting for nearly 15% in 2017.
- Increase in the demand for renewable energy sources is a major driving factor.
- Rise in population will have an impact on the increase of electricity consumption over time and therefore also on ocean power generation capacity which could lead to increased investments and installations globally.
- The ocean energy market is expected to witness significant growth in the coming years as more countries are looking for alternate sources of power.
- Partnerships between key players and governments could make investments easier, which will lead to increased installation numbers.
Up Market Research published a new report titled “Ocean Energy Market research report which is segmented by Types (Wave Energy, Others), By Applications (Residental, Commerical), By Players/Companies Able Technologies, L.L.C. (USA), Albatern Ltd. (UK), Applied Technologies Company, Ltd. (Russia), AquaGen Technologies (Australia), Aqua-Magnetics Inc. (USA), Atargis Energy Corporation (USA), Atlantis Resources Ltd. (UK), BioPower Systems Pty. Ltd. (Australia), Blue Energy Canada Inc. (Canada), Carnegie Clean Energy Limited (Australia), Minesto AB (Sweden), Nova Innovation Ltd. (UK), Ocean Power Technologies Inc. (USA), Ocean Renewable Power Company, LLC (USA), OpenHydro Group Limited (Ireland), Scotrenewables Tidal Power Ltd. (Scotland), Tocardo International BV (Netherlands), Verdant Power, Inc. (USA)”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Ocean Energy Market Research Report|
|By Type||Wave Energy, Others|
|By Application||Residental, Commerical|
|By Companies||Able Technologies, L.L.C. (USA), Albatern Ltd. (UK), Applied Technologies Company, Ltd. (Russia), AquaGen Technologies (Australia), Aqua-Magnetics Inc. (USA), Atargis Energy Corporation (USA), Atlantis Resources Ltd. (UK), BioPower Systems Pty. Ltd. (Australia), Blue Energy Canada Inc. (Canada), Carnegie Clean Energy Limited (Australia), Minesto AB (Sweden), Nova Innovation Ltd. (UK), Ocean Power Technologies Inc. (USA), Ocean Renewable Power Company, LLC (USA), OpenHydro Group Limited (Ireland), Scotrenewables Tidal Power Ltd. (Scotland), Tocardo International BV (Netherlands), Verdant Power, Inc. (USA)|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||208|
|Number of Tables & Figures||146|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Wave Energy, Others and By Application Residental, Commerical.
Some of the companies that are profiled in this report are:
Ocean Energy Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Ocean Energy Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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