New York, NY, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Ocean Power Market Share, Size, Trends, Industry Analysis Report, By Type (Tidal Barrages, Tidal Stream, Wave Energy, Others), By Application, By Region; Segment others Forecast, 2022 - 2030” in its research database.
“According to the latest research study, the demand for global Ocean (Wave) power Market size & share is expected to generate revenue of USD 3,763.92 Million by 2030 and is estimated to be valued at USD 670.5 million in 2021, at a compound annual growth rate (CAGR) of 21.2% from 2022 to 2030”
What is Ocean (Wave) Power? How Big is Ocean (Wave) Power Market Size & Share?
- Report Overview
Ocean power, also called ocean energy or marine energy, refers to the form of energy generated by surface waves, tides, salinity gradients, and temperature gradients. The kinetic energy in the ocean waves is harnessed using special devices to generate electricity to power homes, transport, and industries. Ocean energy is the primary technology for producing 1,000–10,000 GW of renewable energy.
Many countries, including Australia, China, the United Kingdom, US, are currently developing ocean energy as it is a renewable and clean source of energy. Factors such as rising consumption of non-renewable energy resources and increasing energy requirements are expected to drive market growth over the forecast period. Various applications of ocean power are boosting the demand for the ocean power market.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2030 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Offerings of the Industry Report
- Assessment of all opportunities and risks in the market.
- Conclusive study about the growth of the market for forthcoming years.
- In-depth understanding of market-particular drivers, and constraints.
- It provides historical and forecasts revenue of the market segments and sub-segments with respect to main geographies and their countries.
- Country-level analysis of the market with respect to the current size and future prospective.
Some of the Top Market Players Are:
- Applied Technologies
- Aqua-Magnetics
- Atargis Energy Corporation
- Able Technologies
- Alba tern
- Aquagen Technologies
- Biopower Systems
- Blue Energy Canada
- Carnegie Clean Energy
- Minesto
- Nova Innovation
- Mocean Energy
- Ocean Power Technologies
- OceanEnergy
- Andritz Hydro Hammerfest
- Ocean Renewable Power
- Tenax Energy
For Additional Information on Key Players, Download a PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/ocean-power-market/request-for-sample
Growth Driving Factors
- Rising demand for renewable energy sources to drive the market growth
Technology's advanced architecture, smart tracking, and efficient monitoring are the key characteristics of ocean power which is accelerating the ocean power market size. Besides, the technology has high dependability & predictability index, which augments its demand. Applications of ocean power in power generation, tidal streams, and water pumping fuels the growth of the market. An increase in demand for energy generated by ocean power is further propelling the industry's growth. Growing demand for renewable energy sources and environmental pollution globally is anticipated to flourish the market expansion during the forecast period.
Moreover, favorable government policies related to renewable energies, such as wave and tidal power, are predicted to positively influence the industry growth throughout the foreseen period. In addition, rising investments in R&D for sustainable energy grids are boosting the ocean power market trends. A surge in awareness about ocean power is fueling the demand for such energy resources.
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Segmental Analysis
- The wave energy segment is anticipated to generate the fastest growth in the ocean power market
By type, wave energy is predicted to grow at the fastest rate over the forecast period owing to the enhanced wave energy infrastructure and rise in demand for wave energy-producing components. Wave energy is utilized in various applications, such as pumping water, desalinating water, and generating electricity. Oceans provide an endless supply of renewable and clean energy. Ocean's tide and wave power are crucial sources of sustainable energy. The key factors supporting the segment growth include the rising development in the renewable energy sector coupled with the growing demand for electricity from the marine industry.
- Power Generation is predicted to dominate the market
Based on application, the power generation category is projected to witness the largest ocean power market share and is expected to retain its dominance over the predicted period. This growth can be attributed to the increasing consumption of electrical power worldwide and rapid technological developments. Further, rising global investment in the renewable energy sector is expected to flourish the segment growth. The rising demand for power from the marine industry boosts industry growth. In addition, the growth in demand for electricity from coastal communities is projected to propel market expansion in the upcoming years.
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Ocean Power Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2030 | USD 3,763.92 Million |
| Market size value in 2022 | USD 810.26 Million |
| Expected CAGR Growth | 21.2% from 2022 – 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 - 2030 |
| Top Market 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 |
| Segments Covered | By Type, By Application, and By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- The demand in Europe is anticipated to experience the significant growth
In terms of geography, the ocean power market in Europe is estimated to dominate the market during the forecast period owing to the increasing initiatives by governments across the region to covert a low-carbon economy. The growing adoption of renewable energy in Europe is fueling market growth and regional industries. The establishment of the European Marine Energy Center in the United Kingdom is creating various applications for ocean power which is accelerating the ocean power industry growth.
Moreover, Asia Pacific is anticipated to grow during the study period owing to public funding schemes, favorable government measures, rising competition, and environmental restrictions. Other factors expected to propel regional growth include increasing economic growth, resource availability, public awareness, and developments in open test sites.
Browse the Detail Report “Ocean Power Market Share, Size, Trends, Industry Analysis Report, By Type (Tidal Barrages, Tidal Stream, Wave Energy, Others), By Application, By Region; Segment others Forecast, 2022 - 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/ocean-power-market
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Recent Developments
- In January 2022, Ocean Power Technologies partnered with Eco Wave Power to collaborate on its key projects. Furthermore, solutions will produce by combining each company's offshore & onshore technologies with OPT's off-shore engineering & robot skills.
Frequently Asked Questions
- Who are the crucial companies operating the market?
- What are the major industry norms influencing the development of the industry?
- Which is the most propelling country in the industry?
- Which application or product type will obtain progressive development possibilities during the forecast period?
- What is the expected growth rate of the market during the foreseen period?
Polaris Market Research has segmented the ocean power market report based on type, material type, application, and region:
By Type Outlook
- Tidal Barrages
- Tidal Stream
- Wave Energy
- Others
By Application Outlook
- Power Generation
- Desalination
- Water Pumping
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, U.A.E., Israel, South Africa)
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