Ocean Energy Market – Global Industry Analysis and Forecasts 2022-2029

Ocean Energy Market Volume was valued at US$ 79.48 Thousand Kilowatts in 2021. The Global Ocean Energy Market size is estimated to grow at a CAGR of 35.4% over the forecast period.
Ocean Energy Market Overview:
Ocean energy is the energy derived from ocean waves, tidal streams, tidal range, ocean currents, and temperature gradient without emitting harmful greenhouse gases. It is also known as marine energy, marine power, and marine renewable energy. The market is expected to increase from the growing global attention on energy efficiency against the backdrop of rising energy costs and pollution. Power grid designs are expected to change over time as the future energy industry shift toward a decentralized supply, which is paralleled by the emergence of smart grids. Solar, wind, ocean, and biomass energy are becoming more important as smaller power plants mushroom under the decentralized structure.

The report explores the Ocean Energy Market's segments (Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The market outlook focuses on the market’s dynamics, such as drivers, constraints, opportunities, and challenges. Market intrinsic factors are drivers and restrictions, and extrinsic include opportunities and difficulties. This MMR report includes investor recommendations based on a thorough examination of the Ocean Energy Market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Ocean Energy Market Dynamics:
The market is anticipated to benefit from effective monitoring technologies and smart architecture. The technology is expected to gain more popularity than traditional alternatives because of its high dependability and predictability index. Ocean energy helps in reducing inefficiencies which is a vital need given the increased contribution of renewable energy to the overall energy mix. During the forecast period, the worldwide ocean energy market is anticipated to rise due to the depletion of fossil fuels, growing environmental concerns, rising energy demand, and shifting toward creating renewable energy. The major renewable energy source technology is Ocean wave power conversion for generating more than 1000-10,000 GW and is expected to meet the rising demand and increase the potential for wave power generation.

Growing concerns regarding energy security and faltering crude oil prices complement global market growth. The widespread R&D to develop cheaper technology is expected to provide opportunities for the market participants. The growth of the market is supported by the preferred regulatory policies for renewable energy development. During the forecast period, the environmental rules governing carbon emissions from non-renewable sources like coal and thermal are expected to benefit the ocean energy sector. After putting up the necessary infrastructure, the government is looking for cost-effective and scalable solutions for the total energy supply. The has adopted the program to increase clean energy, including cost reduction in technology and low carbon emissions and the development of cutting-edge technology to assess the practicality of a new type of power.

In countries like Canada, high initial investment costs and a lack of market-oriented electricity pricing can pose a challenge for the market participants. The lack of awareness and technology in developing countries is expected to hinder the global market growth. Energy generation from renewable energy sources is very cost-effective in these markets compared to energy generation from renewable energy sources, which is hampering the global market. The cost-effectiveness of other renewable energy sources like wind, solar, and biomass are expected to impede ocean energy’s competitiveness.
Ocean Energy Market Segment Analysis
Based on Type, the market is divided into Wave Energy, Tidal energy, and Others. The wave energy segment is dominating the ocean energy market. During the forecast period, the market is expected to grow owing to the increase in energy demand and a shift in the trend toward sustainable energy generation, and also concerns related to energy security are boosting the market growth. The advantages of wave energy are it is environment- a friendly energy source, a renewable source of energy, reliable energy source, it has enormous energy potential, less dependency on fossil fuels and it cause no damage the o land. The advantages of tidal energy are it is continuous and predictable, clean and compact, consistency, permanence, energy-efficient, long-term economy.

Based on Application, the market is segmented into Residential and Commercial. The commercial segment is expected to lead the Ocean energy market through the forecast period due to the rising global electricity consumption. Due to this, an increase in power-producing capacity is necessary to meet the global demand. Ocean-based electricity generation is gaining more popularity because it is more promising, dependable, and easily available than other conventional renewable resources hence dominating the market.
Ocean Energy Market Regional Insights:
Europe is expected to dominate the ocean energy market. The European Marine Energy Center has achieved a new milestone in the history of this technology adoption for the United Kingdom (EMEC). It has also attracted a large number of wave energy producers who are close to commercialization. The U.S. market for ocean energy is expected to reach 4.5 thousand Kilowatts, and China up to 83.89 kilowatts by 2029 with a CAGR of 37.6% during the forecast period. Japan and Canada are growing at a faster rate of 34.6% and 33.5%. Various legislative approaches and efforts are expected to adopt in the EU to make ocean energy technologies more cost-effective to reap the benefits provided by these technologies. Due to the increased ocean energy production in Australia and South Korea, Asia Pacific is expected to increase during the forecast period. The North American ocean market is anticipated to be driven by rising awareness and Canadian government measures to develop it.

The objective of the report is to present a comprehensive analysis of the global Ocean Energy Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Ocean Energy Market dynamic, and structure by analyzing the market segments and projecting the Ocean Energy Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Type portfolio, growth strategies, and regional presence in the Ocean Energy Market make the report investor’s guide.
Ocean Energy Market Scope: Inquiry Before Buying



Global Ocean Energy Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 79.48 Thousand Kilowatts


Forecast Period 2022 to 2029 CAGR:
35.4%
Market Size in 2029:
US $ 897.85 Thousand Kilowatts


 Segments Covered:
by Type
• Wave Energy
• Tidal energy
• Others


by Application
• Residential
• Commercial



Ocean Energy Market, by Region:
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Ocean Energy Market Key Players are:
• Abengoa Seapower
• Able Technologies LLC
• Acubens
• AeroVironment Inc
• AlbaTERN
• Applied Technologies Company, Ltd
• Aquagen Technologies
• Aqua-Magnetics Inc
• Aquamarine Power
• Atargis Energy Corporation
• BioPower Systems Pvt.Ltd
• Blue Energy Canada
• Nova Innovation Ltd
• Ocean Power Technologies

Frequently asked questions:

1. What is the market growth of the Ocean Energy Market?
Ans. The modified market was valued at 79.48 Thousand Kilowatts in 2021 and is expected to reach 897.85Thousand kilowatts by 2029, at a CAGR of 35.4% during the forecast period.

2. Which are the major key players in the Ocean Energy Market?
Ans. The key players in this market include Abengoa Seapower, Able Technologies LLC, Acubens, AeroVironment Inc, and AlbaTERN.

3. Which region is anticipated to account for the largest market share?
Ans. Europe is anticipated to dominate the Ocean Energy Market,

4. what is the forecast period for the Ocean Energy Market?
Ans. The forecast period for the Ocean Energy Markets is from 2022 to 2029.

5. what is the segment in which the Ocean Energy Markets are divided?
Ans. The Ocean Energy Markets are fragmented based on Type, and Application. It is also divided on basis of different regions.