Global Ocean Energy Market to Grow at a CAGR of 35.4%, Reaching Significant Milestones by 2030

As several countries become more aware of the impact of climate change and the reduction of dependency on fossil fuels, the global ocean energy market is heading on the path of strong growth. There is great potential for ocean energy, including tidal, wave, and ocean thermal energy, to provide the world with a clean alternative to traditional energy sources. Better technologies are enabling ocean energy to become a more cost-efficient and commercial energy source, fuelling the rapid growth of the market in the next few years.

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐭𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐩𝐞𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

The leading drivers in the ocean energy market are increasing sustainability concerns in energy solutions globally. Ocean energy has great potential to provide clean energy alternatives to diversify energy supply as governments and business strive to meet renewables energy targets. Ocean energy technologies utilize the natural energy of the moon (tides), the sun (waves and ocean temperature differentials) and deep ocean current to produce electricity which is a very sustainable and abundant energy source.

𝐆𝐞𝐭 𝐝𝐞𝐞𝐩𝐞𝐫 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬-𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐞 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 : https://www.maximizemarketresearch.com/request-sample/147403/

The increasing worries regarding climate change and government incentives and policies supporting clean energy are driving the ocean energy market. Witold W. B. K., et al. of the Norwegian University of Science and TechnologyMany coastal countries are familiar with the idea of ocean energy as a promising, sustainable alternative to traditional energy grids. Further development of offshore platforms, tidal energy converters, and other ocean-based technologies are also increasingly making ocean energy commercially competitive.

Another arrival opportunity for energy is the expanded necessity of energy security - particularly for remote or island regions. Ocean energy infrastructure can provide a potential stable/local sustainable energy resource for islands and coastal settlements that are dependent on costly fossil fuel imports.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

Market SegmentationOn the basis of technology, the ocean energy market is segmented into tidal energy, marine energy, and ocean thermal energy; On the basis of application, it is classified deep sea application and shallow sea application; And at last, on the basis of geography, the ocean energy market is segmented into North America, Europe, Asia, and the rest of the world.

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 : The ocean energy market is segmented as mentioned below by technology:

Tidal Power Power Tidal energy converts the power of oceanic tides into electricity. The fact that tides are so predictable makes this technology especially appealing as a more reliable energy source.

𝐖𝐚𝐯𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 : Wave energy is the process of converting the motion from the surface waves of the sea into electricity. Wave energy, while more variable than tidal energy, has massive potential in areas of high wave energy (not only near the coast).

Ocean thermal energyOcean thermal energy harnesses the temperature difference between warm surface waters and cold deep ocean waters to produce electricity. Weirdly enough this technology is still in its infancy but has huge promise in tropical areas.Others (e.g., Salinity gradient power): other ocean energy technologies, such as salinity gradient energy, derive energy from the difference on salinity between freshwater and seawater.

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐚𝐧𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐞 𝐭𝐨𝐝𝐚𝐲 : https://www.maximizemarketresearch.com/request-sample/147403/

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐎𝐜𝐞𝐚𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

𝐏𝐨𝐰𝐞𝐫 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 : The main use of ocean energy is for power generation. Ocean energy can be connected to national grids, or used in off grid mode to first supply energy in remote areas.

𝐃𝐞𝐬𝐚𝐥𝐢𝐧𝐚𝐭𝐢𝐨𝐧 : the Energy from the ocean can also be harnessed to desalinate oversea water for use of fresh water for regions that suffer from not enough accessibility to fresh water resources. Such an application is especially relevant for arid coastal regions.

𝐎𝐭𝐡𝐞𝐫𝐬 : Ocean energy can also be applied to aquaculture, shipping, and other marine industries, powering ships, underwater operations, and much more from renewable energy.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 : Geographically, ocean energy market segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is at the forefront of ocean energy technology development and deployment, with the UK, France, and Portugal investing significant effort in the development of research, design and infrastructure. In addition to it, North America, Asia-Pacific will also lead other regions in terms of growth owing to greater investment in renewable energy and ocean-based technologies.

𝐂𝐨𝐮𝐧𝐭𝐫𝐲-𝐋𝐞𝐯𝐞𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

𝐔𝐒𝐀 : The USA is making significant investments towards ocean energy, with many wave and tidal energy projects proposed along the countries long coastline. IntroductionCurrently, research and development are being conducted to improve ocean energy converters' efficiency and costs (Mann et al., 2018). Some states have already begun looking beyond - but closely related - options to power their energy grids with ocean energy, especially driven by energy independence for coastal communities.

𝐔𝐊 : The UK is one of the early movers on ocean energy technologies, especially in tidal energy. The UK government has supported the development of a number of large scale tidal energy initiatives, and the United Kingdom has optimal conditions for any tidal and wave energy system to be deployed. Due to the UK having the longest coast line in the world and one of the highest tidal ranges in the world, the UK continues to be a leading nation in the global ocean energy market.

𝐅𝐫𝐚𝐧𝐜𝐞 : France Is Exploring ocean energy in Atlantic ocean area. There have been several government-backed French tidal and wave energy projects. In line with some of its renewable energy goals, France is in the process of ramping up ocean energy to fulfill increasing demand.

𝐂𝐡𝐢𝐧𝐚 : China by contrast is set for a rapid growth in ocean energy markets as the country attempts to diversify its renewable energy portfolio. China has a lot of coastal areas and wants more and more green energy, so it is putting a lot of money into the research and development of ocean energy to enhance its tidal and wave energy technologies. China is also looking into ocean thermal energy conversion as a possible clean energy source.

𝐀𝐮𝐬𝐭𝐫𝐚𝐥𝐢𝐚 : The geographical location also makes Australia suitable for ocean energy development. It has been working on wave energy projects and researching ocean thermal energy. With a government prioritising the achievement of its renewable energy targets, and with ocean energy to become an integral part of the nation's clean energy future.

𝐆𝐞𝐭 𝐝𝐞𝐞𝐩𝐞𝐫 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬-𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐞 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 : https://www.maximizemarketresearch.com/request-sample/147403/

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐨𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

The ocean energy market is fragmented with various players focusing on the development and deployment of ocean energy technologies. Some of them are major companies and research institutions in the market are following:

𝐎𝐜𝐞𝐚𝐧 𝐏𝐨𝐰𝐞𝐫 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬, 𝐈𝐧𝐜 - Ocean Power Technologies is a pioneer in wave energy technology. The company's PowerBuoy technology is capturing energy from ocean waves to convert into electricity for offshore and grid-tied applications.

𝐒𝐈𝐌𝐄𝐂 𝐀𝐭𝐥𝐚𝐧𝐭𝐢𝐬 𝐄𝐧𝐞𝐫𝐠𝐲 - SIMEC Atlantis Energy is one of the largest tidal power developers in the world and commercializes and develops tidal stream energy projects. MeyGen, one of the world biggest tidal energy projects, developed by the company in Scotland.

𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐄𝐧𝐞𝐫𝐠𝐲 - DynamicEnergy specializes in tidal energy. Most of its attention is devoted to commercializing the first-ever tidal energy project in the United States. To be used by the company, the technology of which harnesses the kinetic energy of tidal currents to turn the electrical power world.

Tidal Lagoon Power - A UK-based company that has dedicated itself to creating tidal lagoon energy generation projects. It wants to leverage tidal cycles for a stable energy source for the nation.

𝐀𝐥𝐬𝐭𝐨𝐦 - One among the world leaders in energy technologies industry, Alstom is a driven partner in the development of ocean energy solutions, especially tidal energy. Well, they work closely with governments and industry leaders to accelerate large-scale ocean energy projects by bringing them to a practical practice.

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