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.
Ocean power, also known as marine energy, refers to the harnessing of renewable energy from the world’s oceans and seas. This energy is derived from various sources, including waves, tides, currents, temperature gradients, and salinity differences. Ocean power technologies aim to convert these natural processes into electricity or other usable forms of energy.
Europe is expected to grow at the fastest rate, registering a CAGR of 21.7%, throughout the forecast period.
Download Sample PDF @ https://www.alliedmarketresearch.com/request-sample/7250
The key players operating and profiled in the ocean power market 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. Other players operating in the value chain of the global ocean power market include CorPower Ocean, Aquagen Technologies, Atlantis Resources Ltd., D.E. Energy Ltd., and Marine Current Turbine Ltd.
Environmental Benefits:
Ocean power is a clean and renewable energy source that produces little to no greenhouse gas emissions or air pollution.
It can help reduce reliance on fossil fuels and contribute to climate change mitigation.
Ocean power projects can serve as artificial reefs, benefitting marine ecosystems.
In 2021, Europe dominated the global ocean power market with more than 57.7% of the share, in terms of revenue.
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.
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.
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.
Desalination is the fastest-growing application segment and is expected to grow at a CAGR of 21.3% during the forecast period.
Make an Inquiry before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/7250
Applications:
Ocean power can be used for electricity generation, both on-grid and off-grid, especially in coastal regions.
It can also be utilized for desalination, providing freshwater in regions with limited water resources.
Ocean power is used in some remote islands and coastal communities to reduce reliance on diesel generators.
Challenges:
Ocean power technologies often face technical, engineering, and economic challenges, which can make them more expensive compared to other renewables.
Environmental impacts, such as marine life disturbance, need to be carefully assessed and managed.
Ocean power installations require careful consideration of location and weather conditions.
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.
Increase in demand for clean power generation in Europe and Asia-Pacific is expected to propel growth of the market during the forecast period.
Ocean power is the form of renewable energy generated by using sea-based sources such as tidal stream, wave energy, tidal barrages, ocean thermal energy conversion, and salinity gradient energy.
Ocean power offers various key benefits such as carbon neutrality, independency on fossil fuels, less cost of power generation, wide availability, and less environmental pollution.
Applications of bioenergy include power generation, water pumping, aquaculture, fresh water production, and desalination.
Buy Now: https://www.alliedmarketresearch.com/ocean-power-market/purchase-options
Rise in awareness and regulations toward environmental pollution significantly contributes toward growth of the ocean power market.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: