The ocean power market size was valued at $0.6 billion in 2021, and is estimated to reach $7.8 billion by 2031, growing at a CAGR of 21.4% from 2022 to 2031. Significant development of end-use industries such as manufacturing, aquaculture, water desalination, transportation, and power generation fuels growth of the ocean power market during the ocean power market forecast period. In addition, increase in demand for clean power generation in Europe and Asia-Pacific is expected to propel growth of the market during the forecast period. However, some disadvantages of ocean power such as high cost for tidal power plant setup, effect on marine ecosystem, and weak performance in rough weather are key factors expected to hamper the global ocean power market growth.
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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 investments in the renewable energy sector across the globe. In addition, increase in demand for power from the marine industry drive growth of the ocean power market trends across the globe.
On the basis of region, the market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe garnered a dominant share in 2020, and is anticipated to maintain this dominance 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 toward 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 forecast period.
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The global ocean power market analysis covers in-depth information of the major ocean power industry participants. Key players operating and profiled in the report 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.
KEY FINDINGS OF THE STUDY
- In 2021, the wave energy segment accounted for around 46.8% in the global ocean power market, and is expected to maintain its dominance during the forecast period.
- In 2021, the power generation segment accounted for 61.4%, and is anticipated to grow at a rate of 21.5%, in terms of revenue, increasing its share in the global ocean power market.
- Desalination is the fastest-growing application segment and is expected to grow at a CAGR of 21.3% during the forecast period.
- Europe is expected to grow at the fastest rate, registering a CAGR of 21.7%, throughout the forecast period.
- In 2021, Europe dominated the global ocean power market with more than 57.7% of the share, in terms of revenue.
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