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Ocean Power Market By Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031

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    Report

  • 200 Pages
  • May 2022
  • Region: Global
  • Allied Market Research
  • ID: 5640394
Description Jump to:
The global ocean power market was valued at $0.6 billion in 2021, and is projected to reach $7.8 billion by 2031, growing at a CAGR of 21.4% from 2022 to 2031.

Ocean power is a type of renewable energy, which is derived from all form of resources from sea. Ocean power finds application in water desalination, power generation, heating, water pumping, and other applications. It is one of the largest renewable contributors for power generation applications in coastal communities. Sources of ocean power production includes tidal stream, wave energy, ocean thermal energy conversion, tidal barrages, and others. Ocean power technologies such as wave energy and tidal stream are developing at a significant rate, which further opens up more revenue generation from these technologies.

Rapid growth of the renewable energy industry, owing to rise in investments and awareness toward benefits of renewable energy in developing economies significantly contribute toward growth of the global ocean power market. However, high initial cost associated with installation of tidal power plants is expected to hamper growth of the ocean power market, globally from 2022 to 2031. Conversely, rise in investments toward R&D of ocean power technologies for commercialization at a significant pace is expected to create potential growth opportunities for key players operating in this market in the upcoming years. The global ocean power market is segmented on the basis of type, application, and region. Depending on type, the market is divided into tidal barrages, tidal stream, wave energy, and others. On the basis of application, it is categorized into power generation, water desalination, and water pumping. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits For Stakeholders

  • The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2031.
  • A comprehensive analysis of the factors that drive and restrict the growth of the global ocean power market is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and forecast are based on factors impacting the global ocean power market growth, in terms of value.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current global ocean power market trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.

Key Market Segments


By Type

  • Tidal Barrages
  • Tidal Stream
  • Wave Energy
  • Others

By Application

  • Power Generation
  • Desalination
  • Water Pumping

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest Of Asia Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

Key Market Players

  • 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.
  • Ocean Renewable Power Company LLC

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Value Chain Analysis
3.8. Patent Landscape
CHAPTER 4: OCEAN POWER MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Tidal Barrages
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Tidal Stream
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Wave Energy
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
4.5 Others
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market analysis by country
CHAPTER 5: OCEAN POWER MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Power Generation
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Desalination
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Water Pumping
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
CHAPTER 6: OCEAN POWER MARKET, BY REGION
6.1 Overview
6.1.1 Market size and forecast
6.2 North America
6.2.1 Key trends and opportunities
6.2.2 North America Market size and forecast, by Type
6.2.3 North America Market size and forecast, by Application
6.2.4 North America Market size and forecast, by country
6.2.4.1 U.S.
6.2.4.1.1 Market size and forecast, by Type
6.2.4.1.2 Market size and forecast, by Application
6.2.4.2 Canada
6.2.4.2.1 Market size and forecast, by Type
6.2.4.2.2 Market size and forecast, by Application
6.2.4.3 Mexico
6.2.4.3.1 Market size and forecast, by Type
6.2.4.3.2 Market size and forecast, by Application
6.3 Europe
6.3.1 Key trends and opportunities
6.3.2 Europe Market size and forecast, by Type
6.3.3 Europe Market size and forecast, by Application
6.3.4 Europe Market size and forecast, by country
6.3.4.1 Germany
6.3.4.1.1 Market size and forecast, by Type
6.3.4.1.2 Market size and forecast, by Application
6.3.4.2 France
6.3.4.2.1 Market size and forecast, by Type
6.3.4.2.2 Market size and forecast, by Application
6.3.4.3 U.K.
6.3.4.3.1 Market size and forecast, by Type
6.3.4.3.2 Market size and forecast, by Application
6.3.4.4 Italy
6.3.4.4.1 Market size and forecast, by Type
6.3.4.4.2 Market size and forecast, by Application
6.3.4.5 Spain
6.3.4.5.1 Market size and forecast, by Type
6.3.4.5.2 Market size and forecast, by Application
6.3.4.6 Russia
6.3.4.6.1 Market size and forecast, by Type
6.3.4.6.2 Market size and forecast, by Application
6.3.4.7 Rest of Europe
6.3.4.7.1 Market size and forecast, by Type
6.3.4.7.2 Market size and forecast, by Application
6.4 Asia-Pacific
6.4.1 Key trends and opportunities
6.4.2 Asia-Pacific Market size and forecast, by Type
6.4.3 Asia-Pacific Market size and forecast, by Application
6.4.4 Asia-Pacific Market size and forecast, by country
6.4.4.1 China
6.4.4.1.1 Market size and forecast, by Type
6.4.4.1.2 Market size and forecast, by Application
6.4.4.2 Japan
6.4.4.2.1 Market size and forecast, by Type
6.4.4.2.2 Market size and forecast, by Application
6.4.4.3 India
6.4.4.3.1 Market size and forecast, by Type
6.4.4.3.2 Market size and forecast, by Application
6.4.4.4 South Korea
6.4.4.4.1 Market size and forecast, by Type
6.4.4.4.2 Market size and forecast, by Application
6.4.4.5 Australia
6.4.4.5.1 Market size and forecast, by Type
6.4.4.5.2 Market size and forecast, by Application
6.4.4.6 Rest Of Asia Pacific
6.4.4.6.1 Market size and forecast, by Type
6.4.4.6.2 Market size and forecast, by Application
6.5 LAMEA
6.5.1 Key trends and opportunities
6.5.2 LAMEA Market size and forecast, by Type
6.5.3 LAMEA Market size and forecast, by Application
6.5.4 LAMEA Market size and forecast, by country
6.5.4.1 Brazil
6.5.4.1.1 Market size and forecast, by Type
6.5.4.1.2 Market size and forecast, by Application
6.5.4.2 Saudi Arabia
6.5.4.2.1 Market size and forecast, by Type
6.5.4.2.2 Market size and forecast, by Application
6.5.4.3 South Africa
6.5.4.3.1 Market size and forecast, by Type
6.5.4.3.2 Market size and forecast, by Application
6.5.4.4 Rest of LAMEA
6.5.4.4.1 Market size and forecast, by Type
6.5.4.4.2 Market size and forecast, by Application
CHAPTER 7: COMPANY LANDSCAPE
7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Key developments
CHAPTER 8: COMPANY PROFILES
8.1 Applied Technologies Company, Ltd.
8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Operating business segments
8.1.4 Product portfolio
8.1.5 Business performance
8.1.6 Key strategic moves and developments
8.2 Aqua-Magnetics, Inc.
8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Operating business segments
8.2.4 Product portfolio
8.2.5 Business performance
8.2.6 Key strategic moves and developments
8.3 Atargis Energy Corporation
8.3.1 Company overview
8.3.2 Company snapshot
8.3.3 Operating business segments
8.3.4 Product portfolio
8.3.5 Business performance
8.3.6 Key strategic moves and developments
8.4 Biopower Systems Pty Ltd.
8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Operating business segments
8.4.4 Product portfolio
8.4.5 Business performance
8.4.6 Key strategic moves and developments
8.5 Blue Energy Canada, Inc.
8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Operating business segments
8.5.4 Product portfolio
8.5.5 Business performance
8.5.6 Key strategic moves and developments
8.6 Carnegie Clean Energy Limited
8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Operating business segments
8.6.4 Product portfolio
8.6.5 Business performance
8.6.6 Key strategic moves and developments
8.7 Minesto AB
8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Operating business segments
8.7.4 Product portfolio
8.7.5 Business performance
8.7.6 Key strategic moves and developments
8.8 Nova Innovation Ltd.
8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Operating business segments
8.8.4 Product portfolio
8.8.5 Business performance
8.8.6 Key strategic moves and developments
8.9 Ocean Power Technologies, Inc.
8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Operating business segments
8.9.4 Product portfolio
8.9.5 Business performance
8.9.6 Key strategic moves and developments
8.10 Ocean Renewable Power Company LLC
8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Operating business segments
8.10.4 Product portfolio
8.10.5 Business performance
8.10.6 Key strategic moves and developments
LIST OF TABLES
Table 1. Global Ocean Power Market, by Type, 2021-2031, ($Million)
Table 2. Ocean Power Market Revenue, for Tidal Barrages, by Region, 2021-2031, ($Million)
Table 3. Ocean Power Market for Tidal Barrages by Country, 2021-2031, ($Million)
Table 4. Ocean Power Market Revenue, for Tidal Stream, by Region, 2021-2031, ($Million)
Table 5. Ocean Power Market for Tidal Stream by Country, 2021-2031, ($Million)
Table 6. Ocean Power Market Revenue, for Wave Energy, by Region, 2021-2031, ($Million)
Table 7. Ocean Power Market for Wave Energy by Country, 2021-2031, ($Million)
Table 8. Ocean Power Market Revenue, for Others, by Region, 2021-2031, ($Million)
Table 9. Ocean Power Market for Others by Country, 2021-2031, ($Million)
Table 10. Global Ocean Power Market, by Application, 2021-2031, ($Million)
Table 11. Ocean Power Market Revenue, for Power Generation, by Region, 2021-2031, ($Million)
Table 12. Ocean Power Market for Power Generation by Country, 2021-2031, ($Million)
Table 13. Ocean Power Market Revenue, for Desalination, by Region, 2021-2031, ($Million)
Table 14. Ocean Power Market for Desalination by Country, 2021-2031, ($Million)
Table 15. Ocean Power Market Revenue, for Water Pumping, by Region, 2021-2031, ($Million)
Table 16. Ocean Power Market for Water Pumping by Country, 2021-2031, ($Million)
Table 17. Ocean Power Market, by Region, 2021-2031, ($Million)
Table 18. North America Ocean Power Market, by Type, 2021-2031, ($Million)
Table 19. North America Ocean Power Market, by Application, 2021-2031, ($Million)
Table 20. North America Ocean Power Market, by Country, 2021-2031, ($Million)
Table 21. U.S. Ocean Power Market, by Type, 2021-2031, ($Million)
Table 22. U.S. Ocean Power Market, by Application, 2021-2031, ($Million)
Table 23. Canada Ocean Power Market, by Type, 2021-2031, ($Million)
Table 24. Canada Ocean Power Market, by Application, 2021-2031, ($Million)
Table 25. Mexico Ocean Power Market, by Type, 2021-2031, ($Million)
Table 26. Mexico Ocean Power Market, by Application, 2021-2031, ($Million)
Table 27. Europe Ocean Power Market, by Type, 2021-2031, ($Million)
Table 28. Europe Ocean Power Market, by Application, 2021-2031, ($Million)
Table 29. Europe Ocean Power Market, by Country, 2021-2031, ($Million)
Table 30. Germany Ocean Power Market, by Type, 2021-2031, ($Million)
Table 31. Germany Ocean Power Market, by Application, 2021-2031, ($Million)
Table 32. France Ocean Power Market, by Type, 2021-2031, ($Million)
Table 33. France Ocean Power Market, by Application, 2021-2031, ($Million)
Table 34. U.K. Ocean Power Market, by Type, 2021-2031, ($Million)
Table 35. U.K. Ocean Power Market, by Application, 2021-2031, ($Million)
Table 36. Italy Ocean Power Market, by Type, 2021-2031, ($Million)
Table 37. Italy Ocean Power Market, by Application, 2021-2031, ($Million)
Table 38. Spain Ocean Power Market, by Type, 2021-2031, ($Million)
Table 39. Spain Ocean Power Market, by Application, 2021-2031, ($Million)
Table 40. Russia Ocean Power Market, by Type, 2021-2031, ($Million)
Table 41. Russia Ocean Power Market, by Application, 2021-2031, ($Million)
Table 42. Rest of Europe Ocean Power Market, by Type, 2021-2031, ($Million)
Table 43. Rest of Europe Ocean Power Market, by Application, 2021-2031, ($Million)
Table 44. Asia-Pacific Ocean Power Market, by Type, 2021-2031, ($Million)
Table 45. Asia-Pacific Ocean Power Market, by Application, 2021-2031, ($Million)
Table 46. Asia-Pacific Ocean Power Market, by Country, 2021-2031, ($Million)
Table 47. China Ocean Power Market, by Type, 2021-2031, ($Million)
Table 48. China Ocean Power Market, by Application, 2021-2031, ($Million)
Table 49. Japan Ocean Power Market, by Type, 2021-2031, ($Million)
Table 50. Japan Ocean Power Market, by Application, 2021-2031, ($Million)
Table 51. India Ocean Power Market, by Type, 2021-2031, ($Million)
Table 52. India Ocean Power Market, by Application, 2021-2031, ($Million)
Table 53. South Korea Ocean Power Market, by Type, 2021-2031, ($Million)
Table 54. South Korea Ocean Power Market, by Application, 2021-2031, ($Million)
Table 55. Australia Ocean Power Market, by Type, 2021-2031, ($Million)
Table 56. Australia Ocean Power Market, by Application, 2021-2031, ($Million)
Table 57. Rest of Asia-Pacific Ocean Power Market, by Type, 2021-2031, ($Million)
Table 58. Rest of Asia-Pacific Ocean Power Market, by Application, 2021-2031, ($Million)
Table 59. LAMEA Ocean Power Market, by Type, 2021-2031, ($Million)
Table 60. LAMEA Ocean Power Market, by Application, 2021-2031, ($Million)
Table 61. LAMEA Ocean Power Market, by Country, 2021-2031, ($Million)
Table 62. Brazil Ocean Power Market, by Type, 2021-2031, ($Million)
Table 63. Brazil Ocean Power Market, by Application, 2021-2031, ($Million)
Table 64. Saudi Arabia Ocean Power Market, by Type, 2021-2031, ($Million)
Table 65. Saudi Arabia Ocean Power Market, by Application, 2021-2031, ($Million)
Table 66. South Africa Ocean Power Market, by Type, 2021-2031, ($Million)
Table 67. South Africa Ocean Power Market, by Application, 2021-2031, ($Million)
Table 68. Rest of LAMEA Ocean Power Market, by Type, 2021-2031, ($Million)
Table 69. Rest of LAMEA Ocean Power Market, by Application, 2021-2031, ($Million)
Table 70. Applied Technologies Company, Ltd.: Company Snapshot
Table 71. Applied Technologies Company, Ltd.: Operating Segments
Table 72. Applied Technologies Company, Ltd.: Product Portfolio
Table 73. Applied Technologies Company, Ltd.: Net Sales
Table 74. Applied Technologies Company, Ltd.: Key Stratergies
Table 75. Aqua-Magnetics, Inc.: Company Snapshot
Table 76. Aqua-Magnetics, Inc.: Operating Segments
Table 77. Aqua-Magnetics, Inc.: Product Portfolio
Table 78. Aqua-Magnetics, Inc.: Net Sales
Table 79. Aqua-Magnetics, Inc.: Key Stratergies
Table 80. Atargis Energy Corporation: Company Snapshot
Table 81. Atargis Energy Corporation: Operating Segments
Table 82. Atargis Energy Corporation: Product Portfolio
Table 83. Atargis Energy Corporation: Net Sales
Table 84. Atargis Energy Corporation: Key Stratergies
Table 85. Biopower Systems Pty Ltd.: Company Snapshot
Table 86. Biopower Systems Pty Ltd.: Operating Segments
Table 87. Biopower Systems Pty Ltd.: Product Portfolio
Table 88. Biopower Systems Pty Ltd.: Net Sales
Table 89. Biopower Systems Pty Ltd.: Key Stratergies
Table 90. Blue Energy Canada, Inc.: Company Snapshot
Table 91. Blue Energy Canada, Inc.: Operating Segments
Table 92. Blue Energy Canada, Inc.: Product Portfolio
Table 93. Blue Energy Canada, Inc.: Net Sales
Table 94. Blue Energy Canada, Inc.: Key Stratergies
Table 95. Carnegie Clean Energy Limited: Company Snapshot
Table 96. Carnegie Clean Energy Limited: Operating Segments
Table 97. Carnegie Clean Energy Limited: Product Portfolio
Table 98. Carnegie Clean Energy Limited: Net Sales
Table 99. Carnegie Clean Energy Limited: Key Stratergies
Table 100. Minesto Ab: Company Snapshot
Table 101. Minesto Ab: Operating Segments
Table 102. Minesto Ab: Product Portfolio
Table 103. Minesto Ab: Net Sales
Table 104. Minesto Ab: Key Stratergies
Table 105. Nova Innovation Ltd.: Company Snapshot
Table 106. Nova Innovation Ltd.: Operating Segments
Table 107. Nova Innovation Ltd.: Product Portfolio
Table 108. Nova Innovation Ltd.: Net Sales
Table 109. Nova Innovation Ltd.: Key Stratergies
Table 110. Ocean Power Technologies, Inc.: Company Snapshot
Table 111. Ocean Power Technologies, Inc.: Operating Segments
Table 112. Ocean Power Technologies, Inc.: Product Portfolio
Table 113. Ocean Power Technologies, Inc.: Net Sales
Table 114. Ocean Power Technologies, Inc.: Key Stratergies
Table 115. Ocean Renewable Power Company LLC: Company Snapshot
Table 116. Ocean Renewable Power Company LLC: Operating Segments
Table 117. Ocean Renewable Power Company LLC: Product Portfolio
Table 118. Ocean Renewable Power Company LLC: Net Sales
Table 119. Ocean Renewable Power Company LLC: Key Stratergies
LIST OF FIGURES
Figure 1. Ocean Power Market Segmentation
Figure 2. Ocean Power Market, 2021-2031
Figure 3. Ocean Power Market, 2021-2031
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. Ocean Power Market:Drivers, Restraints and Opportunities
Figure 12. Value Chain Analysis
Figure 13. Patent Analysis by Company
Figure 14. Patent Analysis by Country
Figure 15. Ocean Power Market, by Type, 2021 (%)
Figure 16. Comparative Share Analysis of Tidal Barrages Ocean Power Market, 2021-2031 (%)
Figure 17. Comparative Share Analysis of Tidal Stream Ocean Power Market, 2021-2031 (%)
Figure 18. Comparative Share Analysis of Wave Energy Ocean Power Market, 2021-2031 (%)
Figure 19. Comparative Share Analysis of Others Ocean Power Market, 2021-2031 (%)
Figure 20. Ocean Power Market, by Application, 2021 (%)
Figure 21. Comparative Share Analysis of Power Generation Ocean Power Market, 2021-2031 (%)
Figure 22. Comparative Share Analysis of Desalination Ocean Power Market, 2021-2031 (%)
Figure 23. Comparative Share Analysis of Water Pumping Ocean Power Market, 2021-2031 (%)
Figure 24. Ocean Power Market by Region, 2021
Figure 25. U.S. Ocean Power Market, 2021-2031 ($Million)
Figure 26. Canada Ocean Power Market, 2021-2031 ($Million)
Figure 27. Mexico Ocean Power Market, 2021-2031 ($Million)
Figure 28. Germany Ocean Power Market, 2021-2031 ($Million)
Figure 29. France Ocean Power Market, 2021-2031 ($Million)
Figure 30. U.K. Ocean Power Market, 2021-2031 ($Million)
Figure 31. Italy Ocean Power Market, 2021-2031 ($Million)
Figure 32. Spain Ocean Power Market, 2021-2031 ($Million)
Figure 33. Russia Ocean Power Market, 2021-2031 ($Million)
Figure 34. Rest of Europe Ocean Power Market, 2021-2031 ($Million)
Figure 35. China Ocean Power Market, 2021-2031 ($Million)
Figure 36. Japan Ocean Power Market, 2021-2031 ($Million)
Figure 37. India Ocean Power Market, 2021-2031 ($Million)
Figure 38. South Korea Ocean Power Market, 2021-2031 ($Million)
Figure 39. Australia Ocean Power Market, 2021-2031 ($Million)
Figure 40. Rest of Asia-Pacific Ocean Power Market, 2021-2031 ($Million)
Figure 41. Brazil Ocean Power Market, 2021-2031 ($Million)
Figure 42. Saudi Arabia Ocean Power Market, 2021-2031 ($Million)
Figure 43. South Africa Ocean Power Market, 2021-2031 ($Million)
Figure 44. Rest of LAMEA Ocean Power Market, 2021-2031 ($Million)
Figure 45. Top Winning Strategies, by Year
Figure 46. Top Winning Strategies, by Development
Figure 47. Top Winning Strategies, by Company
Figure 48. Product Mapping of Top 10 Players
Figure 49. Competitive Dashboard
Figure 50. Competitive Heatmap of Top 10 Key Players
Figure 51. Applied Technologies Company, Ltd. Net Sales, ($Million)
Figure 52. Aqua-Magnetics, Inc. Net Sales, ($Million)
Figure 53. Atargis Energy Corporation.: Net Sales, ($Million)
Figure 54. Biopower Systems Pty Ltd. Net Sales, ($Million)
Figure 55. Blue Energy Canada, Inc. Net Sales, ($Million)
Figure 56. Carnegie Clean Energy Limited.: Net Sales, ($Million)
Figure 57. Minesto Ab.: Net Sales, ($Million)
Figure 58. Nova Innovation Ltd. Net Sales, ($Million)
Figure 59. Ocean Power Technologies, Inc. Net Sales, ($Million)
Figure 60. Ocean Renewable Power Company LLC.: Net Sales, ($Million)

Executive Summary

According to this report titled, 'Ocean Power Market,' 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 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. Rise in awareness and regulations toward environmental pollution significantly contributes toward growth of the ocean power market.

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. In addition, increase in demand for clean power generation in Europe and Asia-Pacific is expected to propel growth of the market during the forecast period. However, some disadvantages of ocean power such as high cost for tidal power plant setup, effect on marine ecosystem, and weak performance in rough weather are key factors expected to hamper the global ocean power market growth.

Depending on type, the wave energy segment held the highest ocean power market share of around 46.8% in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to rise in the wave energy infrastructure led to increase in demand for wave energy producing components. In addition, rapid development in the renewable energy sector and rise in demand for electricity from the marine industry are the key factors that drive the growth of the market during the forecast period.

On the basis of application, the power generation segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. 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.

On the basis of region, the market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe garnered a dominant share in 2020, and is anticipated to maintain this dominance during the forecast period. This is attributed to presence of key players and huge consumer base in the region.

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.

The global ocean power market analysis covers in-depth information of the major ocean power industry participants. Key players operating and profiled in the 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.

Key findings of the Study

  • 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.
  • Desalination is the fastest-growing application segment and is expected to grow at a CAGR of 21.3% during the forecast period.
  • 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.

Companies Mentioned

  • 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.
  • Ocean Renewable Power Company LLC

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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Table Information

Report AttributeDetails
No. of Pages200
PublishedMay 2022
Forecast Period2021 - 2031
Estimated Market Value ( USD ) in 2021 $ 1.12 billion
Forecasted Market Value ( USD ) by 2031 $ 7.8 billion
Regions CoveredGlobal
No. of Companies Mentioned10

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