Ocean Power Market Size Worth $3,763.92 Million By 2030 | CAGR: 21.2%

The global ocean power market size is expected to reach USD 3,763.92 million by 2030, according to a new study by Polaris Market Research. The report "Ocean Power Market Share, Size, Trends, Industry Analysis Report, By  Type (Tidal Barrages, Tidal Stream, Wave Energy, and Others); By Application;  By Region; Segment Forecast, 2022-2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global market is expanding due to increased demand for energy generated by ocean power sources. Furthermore, the implementation of stringent government regulations aimed at reducing environmental pollution caused by carbon-emitting fossil fuels in the power generation industry is expected to fuel the growth. On the contrary, the rapid transition from coal and other conventional power generation to renewable energy generation is expected to provide lucrative growth opportunities for key players in the market over the coming years.

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The rapid increase in global power consumption has increased power generation capacity to meet global demand. Renewable energy sources (RES) are preferred as alternative solutions due to their availability and are also environmentally friendly. These markets include non-renewable energy generation which is more cost-effective than renewable energy generation. Hence, hampering the market growth of ocean power.

Other forms of renewable energy, such as wind, solar, and biomass, are expected to impact ocean energy's competitiveness. Many renewable energy sources are available today, including wave and tidal power. There is no difference between wave power and tide power in producing electricity. The wind is responsible for generating wave energy, not tidal motions, and produces electricity.

For example, EMEC & Perpetuus Tidal Energy Centre (PTEC) signed an agreement to develop a tidal site in the UK by the end of 2020. Furthermore, the collaboration works towards developing the “TIGER project”, which funds around USD 46.7 million. This involves constructing 5 tidal energy sites in France & the United Kingdom. Furthermore, the European Marine Energy Centre Limited (EMEC) collaborated with the sea-based, in February 2020, to design & implement a test program for its wave-to-grid technology for the energy park.

Ocean Power Market Report Highlights

• The wave energy sub-segment by solution is anticipated to grow at a significant CAGR due to its vast application such as pumping water, desalinating water, and generating electricity.
• The power generation segment is anticipated to grow at a substantial rate of CAGR. The rapid transition from coal and other conventional power generation to renewable energy has created lucrative opportunities for industry key players. Moreover, different technologies are used for power generation from wave and tidal, increasing opportunities for the global market.
• During the forecast period, Europe is expected to be the most significant and fastest-growing region in the market. The rapid industrialization of various end-use industries in countries.
• Key companies include Applied Technologies Company, Aqua-Magnetics, Atargis Energy Corporation, Able Technologies, Alba tern, Aquagen Technologies, Aqua-Magnetics, Biopower Systems, Blue Energy Canada, Carnegie Clean Energy, Minesto, Nova Innovation, Mocean Energy, Ocean Power Technologies, OceanEnergy, Andritz Hydro Hammerfest, Ocean Renewable Power, and Tenax Energy.

Polaris Market Research has segmented the ocean power market report based on type, material type, application, and region:

Ocean Power Market, Type Outlook (Revenue - USD Million, 2018 - 2030)

• Tidal Barrages
• Tidal Stream
• Wave Energy
• Others

Ocean Power Market, Application Outlook (Revenue - USD Million, 2018 - 2030)

• Power Generation
• Desalination
• Water Pumping

Ocean Power Market, Regional Outlook (Revenue - USD Million, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa