Press release
Sustainable Marine Energy Solutions Fuel Ocean Power Market Growth
Ocean power refers to the various methods of generating energy from the ocean's natural movements and properties. This includes harnessing energy from waves, tides, thermal gradients, and ocean currents.
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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.
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.
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.
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.
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Desalination is the fastest-growing application segment and is expected to grow at a CAGR of 21.3% during the forecast period.
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.
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.
Advantages of Ocean Power
Renewable Source: Ocean energy is abundant and sustainable.
Low Emissions: Reduces reliance on fossil fuels, contributing to lower greenhouse gas emissions.
Predictable Energy Generation: Tides and waves are more predictable than solar and wind energy.
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Rise in awareness and regulations toward environmental pollution significantly contributes toward growth of the ocean power market.
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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.
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