Ocean Power Market Research, 2031
The global ocean power market size was valued at $0.6 billion in 2021, and is projected to reach $7.8 billion by 2031, growing at a CAGR of 21.4% from 2022 to 2031.
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for ocean power components from ocean power infrastructure building companies. In addition, halt in building and construction of renewable ocean power plants owing to unavailability of workers and increase in demand–supply gap hamper the ocean power market growth during the pandemic period. This declined the market growth in second, third, and fourth quarters of 2020. However, the ocean power market recovered by the second quarter of 2020, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.
The energy generated using sea-based sources such as tidal stream, wave energy, and tidal barrages is known as ocean power. Ocean power is the promising source of renewable energy in achieving global climate change targets and wider environmental, socioeconomic, and sustainable targets. Ocean power generated is used in applications includes power generation, water pumping, and tidal streams. Ocean power possesses various key advantages such as reduction in carbon emissions, energy reliability & security, and cost saving. However, this sector is still in its development stage, thus, the need for investments in R&D is expected to increase in the coming years.
The growth of the global ocean power market is driven by rise in demand for energy generated by using ocean power sources. In addition, implementation of stringent government regulations toward environmental pollution from carbon emitting fossil fuels in the power generation industry is anticipated to fuel growth of the ocean power market from 2022 to 2031. On the contrary, rapid transition from coal & other conventional power generation to renewable source-based energy generation are anticipated to provide lucrative growth opportunities for key players to maintain position in the ocean power market in the upcoming years.
For the purpose of analysis, the report segments theon the basis of type, application, and region. The report highlights information about various sources through which the ocean power is extracted such as tidal stream, wave energy, tidal barrages, and others. In addition, the applications covered in the study include power generation, water desalination, and pumping of water. It further emphasizes on revenue garnered across North America, Europe, Asia-Pacific, and LAMEA.
The global market covers in-depth information of the major ocean power industry participants. Some of the major players in the market include Applied Technologies Company, Ltd., Aqua-Magnetics, Inc., Atargis Energy Corporation, Biopower Systems Pty Ltd., Blue Energy Canada, Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Ocean Power Technologies, Inc., and Ocean Renewable Power Company LLC.
Other players operating in the value chain of the global ocean power market are CorPower Ocean, Aquagen Technologies, Atlantis Resources Ltd., D.E. Energy Ltd., and Marine Current Turbine Ltd.
Key players are adopting numerous strategies such as product launch, business expansion, partnership, and acquisition to stay competitive in the ocean power market.
For instance, in August 2020, Ocean Power Technologies, Inc. opened a new facility in Houston, Texas aimed at supporting business development in the energy sector in the Gulf of Mexico, the U.S., and South America. This has strengthened the position of company in the market.
Depending on type, the wave energy segment held the highest ocean power market share of around 46.8% in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to rise in the wave energy infrastructure led to increase in demand for wave energy producing components. In addition, rapid development in the renewable energy sector and rise in demand for electricity from the marine industry are the key factors that drive the growth of the market during the forecast period.
On the basis of application, the power generation segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increase in investment in the renewable energy sector across the globe. In addition, increase in demand for power from the marine industry drive the growth of the wave energy market across the globe. Moreover, rise in demand for electricity from coastal communities is anticipated to fuel the growth of ocean power market in the coming years.
On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered a dominant share in 2020, and is anticipated to maintain this dominance in during the forecast period. This is attributed to presence of key players and huge consumer base in the region.
In addition, increase in investments and R&D towards commercialization of ocean power to achieve future renewable energy targets by European Union member states is expected to augment growth of the Europe Ocean power market during the ocean power market forecast period.
The ocean power market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2022–2031. The report includes the study of the ocean power market with respect to growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ocean power market analysis from 2021 to 2031 to identify the prevailing ocean power market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ocean power market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ocean power market trends, key players, market segments, application areas, and market growth strategies.
Ocean Power Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Carnegie Clean Energy Limited, Ocean Renewable Power Company LLC, Aqua-Magnetics, Inc., Ocean Power Technologies, Inc., Nova Innovation Ltd., Biopower Systems Pty Ltd., Blue Energy Canada, Inc., Minesto AB, Atargis Energy Corporation, Applied Technologies Company, Ltd. |
Analyst Review
Rapid industrialization and urbanization are the key factors responsible for leading position of Europe and Asia-Pacific in the global ocean power market. Europe is further expected to provide lucrative opportunities to leading ocean power component manufacturers, owing to its huge potential to set up ocean energy infrastructure, surge in demand for sustainable energy generation, and renewable energy targets by the European Union member states.
Increase in demand for power generation is the key factor that drives growth of the global ocean power market during the forecast period. In addition, implementation of stringent government regulations toward environmental pollution, owing to use of gasoline, diesel, or kerosene is expected to fuel growth of the market during the forecast period. However, high initial investments and environmental concern associated with ocean power plants are the key factors expected to hamper the market growth during the forecast period. On the contrary, rapid growth of the renewable energy industry and rise in use of water desalination systems along with ocean power components to provide clean water to coastal communities are anticipated to provide remunerative opportunities for key players to maintain the pace of the ocean power market in the upcoming years.
Among the analyzed regions, Europe is expected to account for the highest revenue in the market by the end of 2031, followed by Asia-Pacific, North America, and LAMEA.
Applied Technologies Company, Ltd., Aqua-Magnetics, Inc., Atargis Energy Corporation, Biopower Systems Pty Ltd., Blue Energy Canada, Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Ocean Power Technologies, Inc., and Ocean Renewable Power Company LLC. are the top companies to hold the market share in Ocean Power Industry
Europe is the largest regional market for Ocean Power.
Rise in demand for electricity from coastal communities, water desalination and others is the key trend of ocean Power market.
Power generation is the leading application of Ocean Power Market.
The global ocean power market was valued at $641.9 million in 2021, and is projected to reach $7.7 billion by 2030, growing at a CAGR of 21.4% from 2022 to 2031.
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