OCEAN POWER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The high upfront capital costs required for installing ocean power technologies is one of the major barriers hindering the growth of the global ocean power market. Setting up the basic infrastructure for harnessing power from waves, tides, salinity gradients and ocean thermal energy conversion (OTEC) requires huge investment. Technologies such as wave energy converters and tidal stream generators involve installing large and complex machines in offshore locations, which comes with substantial costs related to feasibility studies, infrastructure development, transportation, equipment, deployment and commissioning. For example, installing a 1 MW wave energy farm can cost anywhere between US$5-10 million. The payback periods for such investments tend to be 15-20 years. Compared to other renewable technologies like solar and wind, ocean power has relatively higher costs per unit of installed capacity.

Market Opportunities: Development of innovative ocean energy technologies

The development of innovative ocean energy technologies provides a great opportunity in the global ocean power market. Oceans cover over 70% of the Earth's surface and represent a huge reservoir of untapped renewable energy. Technologies capable of harvesting energy from ocean waves, tides, salinity gradients, and ocean temperature differences can play a key role in addressing the growing energy needs of coastal populations in a sustainable manner.