Global Ocean Power Market 2018-2022

The global ocean power market size will grow by 795 GWh during 2018-2022. This report offers an analysis of the market based on technology (tidal power and wave power) and geography (Americas, APAC, and EMEA). The report analyzes the market’s competitive landscape and offers information on several companies including ANDRITZ HYDRO Hammerfest, Atlantis Resources, Ocean Power Technologies, OpenHydro, Seabased, and Wello Oy.

Below are some of the key findings from the ocean power market research report

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Global ocean power industry overview

The growing need for reducing the dependency on fossil fuel is one of the key factors driving the growth of the ocean power market. Renewable energy sources such as ocean power are an attractive alternative source of power as they are easy to install and do not emit any direct greenhouse gases. When compared to other renewable energy sources, ocean power is predictable in nature as coastlines experience two low tides and two high tides daily. This allows the operator to transform the wave motion into electricity that becomes a substitute for base load. Governments across the world are adopting renewable energy to regulate carbon dioxide emissions to decarbonize the power system. The growing environmental concerns have forced countries to adopt a diversified energy mix by increasing the share of low/no carbon sources, such as wind, solar, geothermal, and ocean power.

Increasing focus on clean energy development is identified as a key market trend that will gain traction in the coming years. The energy mix is being redefined globally, where the year on year power edition has been on the rise from renewable sources than fossil fuel sources, thus progressing towards a clean energy future. In 2016, the IEA’s Ocean Energy Systems Technology Collaboration Programme (OES TCP) aimed to form collaborations between countries to augment the research, development, and demonstration (RD&D) activities of ocean power technologies to generate electricity. Such initiatives are expected to increase investments in the development of ocean power technologies. Researchers project the global ocean power market to grow at a CAGR of over 10% during the forecast period.

Top ocean power companies covered in this market research report

The ocean power market is highly fragmented. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by the companies, this ocean power industry analysis report is designed to aid clients to identify new growth opportunities and formulate new growth strategies.

The report offers a complete analysis of various companies including:

• ANDRITZ HYDRO Hammerfest
• Atlantis Resources
• Ocean Power Technologies
• OpenHydro
• Seabased
• Wello Oy

Ocean power market segmentation based on geographic regions

• Americas
• APAC
• EMEA

The EMEA region will account for the highest growth of the ocean power market throughout the forecast period, attributing around 52% incremental growth. Some of the most consistent and reliable tides are created from the Nordic countries, thus presenting a huge growth potential for the ocean power market.

Ocean power market segmentation based on technology

• Tidal power
• Wave power

The tidal power segment will account for the highest growth in the market. However, the wave power segment is expected to gain some shares from tidal energy in the forthcoming years. Additionally, the report will also provide an accurate prediction of the contribution of the various technology segments to the growth of the ocean power market size.

Key highlights of the global ocean power market for the forecast years 2018-2022:

• CAGR of the market during the forecast period 2018-2022
• Detailed information on factors that will accelerate the growth of the ocean power market during the next five years
• Precise estimation of the global ocean power market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the ocean power industry across the Americas, APAC, and EMEA
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details on the factors that will challenge the growth of the ocean power companies

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