Burlingame, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The global Ocean Power Market Size to Grow from USD 1.14 Billion in 2024 to USD 3.98 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing push for renewable sources as oceans represent a vast, untapped reservoir of clean energy. As environmental regulations tighten around the world and public sentiment sours against fossil fuels, the demand for non-polluting renewable energy from the oceans is expected to increase substantially in the coming years.
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Market Dynamics:
The ocean power market is expected to witness significant growth over the forecast period. Power generated from ocean power has minimal environmental impact and provides a long-term sustainable energy solution. In addition, ocean power technologies such as tidal, wave, and salinity gradients are renewable sources of energy that have potential for base load power generation. Ocean power technologies offer a reliable source of energy as ocean resources are continually replenished and are predictable over many time scales.
Ocean Power Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $1.14 billion |
| Estimated Value by 2031 | $3.98 billion |
| Growth Rate | Poised to grow at a CAGR of 19.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing awareness about climate change • Advancements in ocean power technologies |
| Restraints & Challenges | • High initial installation costs • Location dependence |
Market Trends:
Tidal stream power technology generates energy from the kinetic energy of moving water in tidal currents, and has lower visual and physical impact compared to offshore wind turbines. Technological advancements have improved the efficiency and commercial viability of tidal stream power technology. For instance, in November 2021, a tidal turbine developer Sustainable Marine Energy announced plans to develop a 10MW tidal energy project in Ireland in partnership with the University of Limerick.
Investments in wave energy technologies have been increasing over the past few years. Wave energy technologies harness the energy from surface waves and convert it into electricity. Government agencies and private organizations across regions such as Europe, North America, and Asia Pacific are investing in research, demonstration projects, and commercialization of wave energy technologies to reduce dependence on fossil fuels.
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Market Opportunities:
Tidal barrages make use of dams and sluice gates to capture the energy of rising and falling tides. They work as hydropower plants by utilizing the potential energy of tides. Tidal barrages can generate bulk power on a predictable and reliable schedule. The Rance Tidal Power Station in Brittany, France, which opened in 1966, is still one of the largest tidal power plants in operation. However, tidal barrages require major civil construction works and alter the natural tidal movements in coastal regions. They can also negatively impact the ecosystem in surrounding areas. Nevertheless, tidal barrages remain a promising tidal energy technology if environmental factors are addressed properly.
Tidal stream technology uses underwater turbines similar to wind turbines mounted on the seabed to capture energy from tidal currents. They extract kinetic energy from free-flowing water and have lower visual impacts than tidal barrages. Tidal stream turbines are easy to install and have modular designs making them suitable for phased roll-outs. However, deploying and maintaining turbines in marine environments poses technical challenges. Corrosion, biofouling, and turbulence from tides and waves can affect operations. Advancements in material sciences and development of new materials are helping address these issues. With predictable tides producing strong tidal streams, tidal stream technology has significant potential for power generation.
Key Market Takeaways
The global ocean power market size was valued at USD 1144.2 Mn in 2024 and is anticipated to witness a CAGR of 19.5% during the forecast period 2024-2031. Rising concerns about climate change and focus on developing renewable sources of energy are supporting market growth.
By type, the tidal barrage segment currently dominates due to bulk power generation capability. However, the tidal stream segment is expected to grow at a higher rate due to its modularity and ease of installation.
On the basis of application, power generation remains the key application segment fueled by the rising need for renewable power sources. Within this, the tidal stream power generation sub-segment is projected to be the major revenue contributor during the forecast period.
Regionally, North America holds the major share of the overall ocean power market, driven by supportive policies and presence of key industry players in the US and Canada. Europe holds the second position due to thriving tidal stream projects in the UK.
Some of the prominent players operating in the global ocean power market include Aqua-Magnetics, Atargis Energy Corporation, Able Technologies, Atlantis Resources Ltd., and Minesto, among others. Strategic collaborations and new product launches are among the key strategies adopted by market players to gain competitive advantage.
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Recent Developments
In January 2022, Ocean Power Technologies announced a partnership with Eco Wave Power to collaborate on its key projects. Furthermore, solutions will produce by combining each company's offshore & onshore technologies with the OPT's off-shore engineering & robot skills.
In August 2021, Mocean Energy tested its Blue X wave energy product at the European Marine Energy Centre (EMEC). This machine has started trials at its site to understand its applicability.
Detailed Segmentation-
By Type:
- Tidal Barrages
- Tidal Stream
- Wave Energy
- Others
By Application:
- Power Generation
- Desalination
- Water Pumping
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
