How Ocean Thermal Energy Conversion Plant Market will Grow at Highest CAGR

The global ocean thermal energy conversion plant market is likely to gain momentum from increasing demand for energy from around the world. According to an upcoming report by Fortune Business Insights, titled, “Ocean Thermal Energy Conversion Plant Market Size, Share and Global Trend by Engine Type (Closed Cycle, Open Cycle, Hybrid Cycle), by Location (Land Based, Floating) and by Geography Forecast till 2026,” a rapid shift towards renewable energy sources is one of the main factors that is likely to contribute to the growth of the global ocean thermal energy conversion plant market in the forthcoming years.

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Moreover, an increasing number of OTEC plants have begun providing production opportunities for hydrogen as well as supporting the desalination process of water.

Fortune Business Insights has listed some of the prominent market players operating in the global ocean thermal energy conversion plant market. They include Bluerise, Makai Ocean Engineering, NELHA, Akuo Energy, DCNS, OTEC International LLC, UTM OTEC, Bardot Group, and other key market players.

Recently, in April 2019, Global OTEC Resources announced that it has completed its initial feasibility studies and design for using OTEC technology. This was developed to provide energy across the Maldives. Furthermore, the company has received approximately £80,000 from Marine-I to take their work to the next level which will begin by the spring of 2020.

“Increasing Number of Planned OTEC Projects to Favor Growth in Asia Pacific”

The global ocean thermal energy conversion plant market is geographically divided into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. Amongst these, the Asia Pacific is expected to lead the global market. This will occur because of the solo OTEC working plant located in Japan. There are several OTEC projects that have been planned to take place in the radius of islands. This will further result in zero carbon emissions. The OTEC projects are planned in Hainan in China, the Maldives, and Japan.

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North America, on the other hand, also has planned to build three OTEC plants that will start operating in the coming years. Out of the three plants, one is located in the Bahamas while the other two are situated in the U.S. Virgin Islands and Hawaii, respectively. Europe has planned to build only one OTEC plant at Martinique, situated in France, in the near future. Overall, these planned OTEC projects will aid in the global ocean thermal energy conversion plant market growth during the forecast period.

“National Institute of Ocean Technology, Global OTEC Resources and Other Market Players Focus on the Development New Projects to Gain Competitive Edge”

National Institute of Ocean Technology, (NIOT), headquartered in Chennai, announced in October 2018 that it has planned to build an OTEC plant in Kavaratti Island in Lakshadweep. The plant is considered to be India’s first ocean power generation project. The power plant is anticipated to be generated under 200 kW. The entire project is currently under its design phase and the construction work is likely to begin in 2019.

Global OTEC Resources, a prominent developer of OTEC technologies, based in the U.K., announced in September 2018 that it has bagged a fund of £140,000 from Marine-I, a provider of innovative marine technology. The grant has allowed Global OTEC Resources to open a new research and development facility in Newquay. It will house an efficient team of four that would work to create the company’s innovative concepts in order to use OTEC. This will mainly be done for ‘offgrid’ resorts in the Caribbean and Maldives.

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