Ocean Power Market: A Comprehensive Overview - Atargis Energy, Blue Energy Canada, CorPower Ocean, Aquagen Technologies, Atlantis Resources

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 ocean energy or marine energy, refers to the renewable energy that can be harnessed from the movement and temperature differences of the world's oceans.

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Tidal Energy: Tides are created by the gravitational forces of the moon and the sun on Earth's oceans. Tidal energy is harnessed by constructing tidal power plants, such as tidal stream systems (underwater turbines that generate electricity from the kinetic energy of moving water) and tidal range systems (using the potential energy difference between high and low tides to generate electricity).

Wave Energy: Waves are generated by wind blowing across the ocean's surface. Wave energy converters (WECs) capture the kinetic energy of the waves and convert it into electricity. These devices can take various forms, such as point absorbers, oscillating water columns, and attenuators.

Ocean Thermal Energy Conversion (OTEC): OTEC uses the temperature difference between warm surface waters and cold deep waters of the ocean to generate electricity. This temperature gradient is utilized in a closed-loop system where a working fluid with a low boiling point is vaporized by warm water and then used to drive a turbine connected to a generator.

Europe is expected to grow at the fastest rate, registering a CAGR of 21.7%, throughout the forecast period.

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.

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.

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Salinity Gradient Energy: This type of energy is derived from the difference in salt concentration (salinity) between seawater and freshwater. By using membranes that allow ions to pass through, but not water molecules, a process called "blue energy" or salinity gradient power can be harnessed.

Underwater Currents and Kinetic Energy: Ocean currents are constantly moving due to various factors, including temperature differences and Earth's rotation. Underwater turbines and underwater kites can capture the kinetic energy from these currents.

Floating Offshore Wind: While not strictly ocean power, floating offshore wind farms utilize wind turbines mounted on floating platforms anchored to the seabed in deep waters. These platforms allow for the deployment of wind turbines in locations that would be otherwise challenging to access.

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.

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Rise in awareness and regulations toward environmental pollution significantly contributes toward growth of the ocean power market.

Ocean power has the potential to provide a substantial amount of renewable energy and help reduce greenhouse gas emissions. However, there are challenges associated with the development and deployment of ocean power technologies, including high costs, environmental impacts, technical feasibility, and potential conflicts with other ocean uses such as shipping, fishing, and conservation.

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