New York, United States , Sept. 05, 2024 (GLOBE NEWSWIRE) -- The Global Ocean Energy Market Size is Expected to Grow from USD 910.26 Million in 2023 to USD 6548.92 Million by 2033, at a CAGR of 21.81% during the forecast period 2023-2033.
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Ocean energy, also known as marine energy, is a renewable energy source that comes from the ocean and doesn't produce harmful greenhouse gases. Marine energy can also be harnessed from temperature differences in water through a process known as ocean thermal energy conversion. Interest in tapping these clean, renewable ocean energy sources is growing due to rising concerns over climate change and the need to transition away from fossil fuels. Technological progress in materials science, power takeoff, and control mechanisms has led to enhanced efficiency and cost reduction for the devices. This also improves their viability for large-scale diffusion. Other driving factors are government policies and incentives, feed-in tariffs, grants, and funding toward research have been very instrumental in stirring investment and innovation into the ocean energy sector. The huge capital costs for developing and deploying devices for the production of ocean energy, huge upfront capital in research, development, and large-scale infrastructure. The uncertainty pertaining to the long-term reliability and performance of ocean energies, many of which are at an infant stage and are still under the cycle of testing and optimization. Challenging ocean environment entailing corrosion, biofouling, and extreme weather conditions that it may hike the maintenance and operational costs for the respective ocean energy projects are the challenges of the ocean energy market.
Browse key industry insights spread across 218 pages with 120 Market data tables and figures & charts from the report on the "Global Ocean Energy Market Size, Share, and COVID-19 Impact Analysis, By Type (Tidal Barrages, Tidal Stream, Wave Energy, and Others), By Application (Power Generation, Desalination, and Water Pumping), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The wave energy segment is predicted to hold the largest market share through the forecast period.
Based on the type, the ocean energy market is classified into tidal barrages, tidal stream, wave energy, and others. Among these, the wave energy segment is predicted to hold the largest market share through the forecast period. This is due to ongoing technological advancements in wave energy conversion devices, such as improved designs, materials, and power take-off systems, are steadily enhancing the efficiency and cost-competitiveness of wave energy projects. The wide geographic distribution of viable wave energy resources, spanning coastlines across the globe, provides opportunities for widespread deployment and local energy generation.
The power generation segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the ocean energy market is divided into power generation, desalination, and water pumping. Among these, the power generation segment is anticipated to hold the highest market share during the projected timeframe. Due to the ocean energy technologies, like wave, tidal, and ocean thermal energy conversion systems, are gaining recognition as a reasonable alternative for large-scale power generation, particularly in coastal regions with proper ocean conditions. What makes these technologies very interesting for grid integration and baseload power supply is their capacity to provide predictable and reliable electricity, thus complementing other sources of renewable energy such as solar and wind.
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Europe is estimated to hold the largest share of the ocean energy market over the forecast period.
Europe is estimated to hold the largest share of the ocean energy market over the forecast period. Europe had already positioned itself well in terms of investment and development in ocean energy technologies, with countries leading from the front, boasting long coastlines and favorable ocean conditions for such purposes leading players being the UK, France, and Portugal. Government policies at all levels in support of the industry such as renewable energy targets, feed-in tariffs, and funding of research have fostered a good environment for the growth of the ocean energy sector in Europe.
Asia Pacific is expected to grow at the fastest CAGR growth of the ocean energy market during the forecast period. The key driving factors are the rich ocean energy resources of the region, particularly in wave, tidal, and ocean thermal energy. Countries such as China, Japan, South Korea, and India have rather been active in their investments in ocean energy technologies, entailing research, development, and demonstration projects, which are backed by corresponding enabling government policies, incentives, and test and demonstration facilities. It is within the Asia-Pacific region, with its extensive coastlines and very good ocean conditions, that ample opportunities are afforded for the exploitation of these renewable energy sources with large potential for diversification of the energy mix and breaking over-reliance on fossil fuel energies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key Vendors in the Global Ocean Energy Market 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, Others.
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Recent Developments
- In August 2024, Dutch company developing innovative ocean energy technology, Equinox Ocean Turbines, has closed its seed funding round, raising €2.4 million.
- In May 2024, through its twelfth Request For Technical Support (RFTS), the U.S. Testing Expertise and Access to Marine Energy Research (TEAMER) program has funded eleven projects with a total of over $1.1 million.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the ocean energy market based on the below-mentioned segments:
Global Ocean Energy Market, By Type
- Tidal Barrages
- Tidal Stream
- Wave Energy
- Others
Global Ocean Energy Market, By Application
- Power Generation
- Desalination
- Water Pumping
Global Ocean Energy Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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