Ocean Power Market Witness High Growth Owing to Advancement of Ocean Energy Technology
Ocean power refers to the energy captured from ocean waves and tides using wave energy converters and tidal power stations. These technologies harness the constant motion of ocean waves and tides to generate renewable and sustainable electricity. Ocean power devices work by extracting kinetic energy from wave and tidal movements through buoys, turbines or other devices. There are several advantages of ocean power such as availability of energy in vast amounts, predictability and no emissions.
The rising need for renewable energy due to growing concerns over GHG emissions and climate change has boosted investments in Ocean Power Market Size technologies. The consistent movement of ocean waves and tides makes it a reliable source of renewable power.
The Global Ocean Power Market is estimated to be valued at US$ 3,981.8 Mn in 2024 and is expected to exhibit a CAGR of 19.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Ocean Power market are AWS Ocean Energy, CalWave, Ocean Harvesting, CorPower Ocean, Applied Technologies Company Ltd., Aqua-Magnetics Inc., Atargis Energy Corporation, Able Technologies L.L.C., Alba tern Ltd, Aquagen Technologies, Aqua-Magnetics Inc, Biopower Systems Pty Ltd., Blue Energy Canada Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Mocean Energy, Andritz Hydro Hammerfest, Ocean Renewable Power Company LLC, and Tenax Energy. The consistent development of new wave and tidal energy technologies by these players isexpected to boost the ocean power industry.
The Ocean Power for clean energy solutions from remote communities and islands offers considerable growth opportunities for ocean power technologies. Furthermore, technological advancements in enhancing the energy output and efficiency of ocean power devices will support the market expansion. Recent advancements include the development of scalable and modular designs, power take-off systems, mooring and foundation solutions.
Market Drivers
The key drivers propelling the ocean power market include supportive government regulations and policies promoting ocean renewable energy. Many countries and locales have introduced incentives such as tax credits, renewable portfolio standards and Feed-in-Tariff mechanisms to attract investments in ocean energy projects. Urgent need to reduce dependence on fossil fuels and integrate higher shares of renewables in the energy mix is a major demand side driver. Increasing R&D spending to improve device technologies is enhancing the commercial viability of ocean power solutions over the coming years.
Current challenges in the ocean power market:
The ocean power market is still in its nascent stage of development and faces various technological challenges. Power generation from ocean waves, currents or tides requires robust technologies that can withstand harsh ocean conditions. Developing devices that can survive long periods of immersion in sea water while efficiently harnessing the power of ocean waves and tides is a major challenge. High capital costs involved in setting up ocean power projects also poses a constraint for widespread commercialization at present. Intermittency of ocean waves and currents bring associated issues for grid integration that need to be addressed. Environmental concerns over the impact of large scale ocean power projects on marine ecosystems also acts as a bottleneck.
SWOT Analysis
Strengths: Abundant renewable energy source from oceans can provide sustainable electricity to coastal regions. Ocean power has zero emissions and no effects on climate change compared to fossil fuels.
Weaknesses: Emerging technology with high initial costs requiring huge investments. Power output depends on weather conditions and is variable/intermittent in nature. Maintenance of ocean power devices located offshore requires complex logistics.
Opportunities: Growing global focus on developing sustainable blue economy provides policy support. Continuous technology advancements can make ocean power cost competitive against conventional sources. Untapped potential in coastal regions of many countries offer scope for market expansion.
Threats: Projects face risk of damage from harsh marine environment conditions. Conflicts may arise regarding use of ocean space for energy vs other uses like fishing or transportation. Impact of large scale ocean farms on marine ecosystems needs careful study.
In terms of value, regions near coastlines with strong wave/tidal activity like Europe, North America and Asia Pacific currently account for major share of globalOcean Power Market Regional Analysis. Within these, countries like UK, France, Canada, South Korea and Japan have relatively higher installations due to supportive policies and focus on marine renewable R&D. The Asia Pacific region is emerging as the fastest growing regional market favored by factors like long coastlines, policy push for green energy and growing power demand in coastal economies.
