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Ocean Power Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Sep 2020 | 39 Views
 
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The market for ocean power is expected to witness robust growth, due to rise in applications of ocean power at residential and commercial level in various industries. Ocean power (in special case, known as marine energy, ocean energy, hydrokinetic energy, and marine power) refers to the energy supplied by tides, ocean temperature differences, salinity, and ocean waves. Flow of water in oceans across the globe generates a large reserve of kinetic energy. The term ocean power incorporates both wave power and tidal power. Wave power refers to the ocean swells produced by strong winds. Tidal power is the energy of the tide’s movement arising from the gravitational effects of the moon and the sun. The oceans have tremendous amount of energy, and has the potential to provide a considerable amount of new renewable energy worldwide. Special buoys, turbines, and other devices are installed in the ocean to absorb the power generated by the sea and tides that are connected to a generator. This generator converts the power of stream and tide into pollution-free, renewable electricity.

 

Market scope and structure analysis

                            Report Metric

                              Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

 Type, Application, and Region

  Regions covered

North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and the Rest of LAMEA)

  Companies covered

Seabased, Ocean Power Technologies, Wello Oy, Atlantis Resources, OpenHydro, ANDRITZ HYDRO Hammerfest, ABB Ltd., Tidal Lagoon Plc, Nova Innovations Ltd., and AWS Ocean Energy Ltd.

 

Key drivers of global ocean power market

Surge in demand for energy coupled with a shift in trends toward the development of renewable energy sources is expected to fuel the growth in the global ocean power market during the forecast period. It is predicted that recent awareness about energy security and crude oil prices will further boost the growth of the global market. In addition, favorable regulatory policies for generating renewable technologies are projected to promote global demand for ocean power, thereby boosting the growth of the global market. Furthermore, implementation of stringent environmental regulation to control carbon emissions associated with the production of nonrenewable energy, which include coal and thermal is projected to act in favor of ocean power market.

Market scenario: opportunities and challenges

The worsening energy scarcity has been forcing governments, customers, and companies to rely on alternative energy sources. This has increased the demand for wave and tidal energy, which can be harnessed from oceans. Owing to increase in efforts by several governments and developing countries to minimize fossil fuel usage and reduce their carbon footprint, the growth of the ocean power market is gaining an increased pace. The future is expected to experience cost cuts, as the overall industry emphasizes on large-scale installation of arrays rather than product production and prototype testing. Thus, the economies of scale are expected to profit the producers of energy transformer tools and the on-shore grid connection and power take-off systems infrastructure. However, high initial capital costs and a lack of market-oriented pricing of energy in countries such as Canada are projected to pose challenges to market participants. Lack of knowledge and infrastructure are further anticipated to restrain the global market growth in developed countries.

COVID-19 scenario analysis

The global ocean power market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from commercial to industrial sectors. The ocean power industry is anticipated to experience a direct impact for the next one or two years, if the growth of the industrial sector declines, as it is one of the key factors that drives the growth of the ocean power market. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities shutdowns. 

Key segments covered

                           Segment

                            Subsegment

  Type

  • Tidal Power
  • Wave Power
  • Ocean Thermal Energy

  Application

  • Residential
  • Industrial
  • Transport
  • Others

 

Key benefits of the report

  • This study presents the analytical depiction of the global ocean power industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global ocean power market share.
  • The current market is quantitatively analyzed from 2019 to 2027 to highlight the global ocean power market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global ocean power market research report:

  • Which are the leading market players active in the global ocean power market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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