The report “Ocean Power Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032“ gives a detailed insight into current market dynamics and provides analysis on future market growth. The global ocean power market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Ocean Power Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
According to the research report, the global ocean power market was estimated at USD 670.5 million in 2021 and is expected to reach USD 3,763.92 million by 2030, to grow at a CAGR of 21.2% during the forecast period.
The global market is expanding due to increased demand for energy generated by ocean power sources. Furthermore, the implementation of stringent government regulations aimed at reducing environmental pollution caused by carbon-emitting fossil fuels in the power generation industry is expected to fuel the growth. On the contrary, the rapid transition from coal and other conventional power generation to renewable energy generation is expected to provide lucrative growth opportunities for key players in the market over the coming years.
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The rapid increase in global power consumption has increased power generation capacity to meet global demand. Renewable energy sources (RES) are preferred as alternative solutions due to their availability and are also environmentally friendly. These markets include non-renewable energy generation which is more cost-effective than renewable energy generation. Hence, hampering the market growth of ocean power.
List of Top Key Players:
- 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
- Ocean Power Technologies Inc.
- OceanEnergy
- Andritz Hydro Hammerfest
- Ocean Renewable Power Company LLC
- Tenax Energy
The rapid increase in global power consumption has increased power generation capacity to meet global demand. Renewable energy sources (RES) are preferred as alternative solutions due to their availability and are also environmentally friendly. These markets include non-renewable energy generation which is more cost-effective than renewable energy generation. Hence, hampering the market growth of ocean power.
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Other forms of renewable energy, such as wind, solar, and biomass, are expected to impact ocean energy’s competitiveness. Many renewable energy sources are available today, including wave and tidal power. There is no difference between wave power and tide power in producing electricity. The wind is responsible for generating wave energy, not tidal motions, and produces electricity.
Ocean Power Market Report Highlights
- The wave energy sub-segment by solution is anticipated to grow at a significant CAGR due to its vast application such as pumping water, desalinating water, and generating electricity.
- The power generation segment is anticipated to grow at a substantial rate of CAGR. The rapid transition from coal and other conventional power generation to renewable energy has created lucrative opportunities for industry key players. Moreover, different technologies are used for power generation from wave and tidal, increasing opportunities for the global market.
- During the forecast period, Europe is expected to be the most significant and fastest-growing region in the market. The rapid industrialization of various end-use industries in countries.
Polaris Market Research has segmented the ocean power market report based on type, material type, application, and region:
Ocean Power Market, Type Outlook (Revenue – USD Million, 2018 – 2030)
- Tidal Barrages
- Tidal Stream
- Wave Energy
- Others
Ocean Power Market, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Power Generation
- Desalination
- Water Pumping
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