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

The ocean power market has been witnessing significant growth in the past decade due to growing awareness about clean and renewable energy sources. Ocean power or marine power is the energy that is harnessed from ocean waves, tides, salinity, and ocean thermal energy conversion. Instead of using conventional sources like coal and oil which cause pollution, ocean power is an eco-friendlier option to generate electricity from the vast ocean waters. With rapid industrialization across the world, the demand for electricity is rising exponentially which is boosting the development of ocean power technologies. Countries with long coastal lines are especially focusing on harnessing the hydro power potential of oceans to meet their growing energy needs in an environmentally sustainable manner.

Market Dynamics:

The ocean power market is driven by factors such as rising energy demand globally, supportive government policies and regulations promoting renewable energy, and increasing concerns about climate change. Countries around the world are announcing ambitious targets to increase the share of renewable sources in their overall energy mix which is providing a big impetus to the ocean power industry. However, high initial installation and maintenance costs of ocean power plants pose a major challenge to the large-scale adoption of this technology. Geographical and weather constraints related to site selection and operation of offshore structures are other key restraints. On the positive side, continuous technology advancements are helping to reduce costs and improve efficiency. Also, growing investments in research and development of ocean energy devices present lucrative opportunities for market players.

Key Features of the Study:

• This report provides in-depth analysis of the global ocean power market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global ocean power market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include 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, Tenax Energy
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global ocean power market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global ocean power market.

Detailed Segmentation-

• By Type:
• • Tidal Barrages
  • Tidal Stream
  • Wave Energy
  • Others
• By Application:
• • Power Generation
  • Desalination
  • Water Pumping
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • 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
  • Tenax Energy