Global Ocean Power Market Size Study, by Type (Tidal Barrages, Tidal Stream, Wave Energy, Others), by Application (Power Generation, Desalination, Water Pumping), and Regional Forecasts 2022-2032
The Global Ocean Power Market, valued at USD 0.6 billion in 2023, is projected to grow at a robust compound annual growth rate (CAGR) of 21.4% over the forecast period 2024-2032. Ocean power, derived from sea-based sources such as tidal streams, wave energy, and tidal barrages, is a promising renewable energy solution that aligns with global climate change goals. This clean energy source reduces carbon emissions, enhances energy security, and offers cost-saving benefits, making it an attractive option for governments and industries alike.
The market's growth is primarily driven by the increasing global demand for renewable energy and the implementation of stringent environmental regulations targeting the reduction of carbon emissions from conventional fossil fuels. In addition, rising investments in research and development (R&D) for ocean power technologies are expected to support its rapid commercialization. However, the sector faces challenges, particularly the high costs associated with developing ocean power infrastructure and the ongoing need for significant investments in R&D. Nevertheless, the transition from coal and other conventional power sources to renewable energy presents substantial opportunities for key players in the ocean power market.
The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Europe currently dominates the market, fueled by strong governmental support, investments in renewable energy projects, and the presence of key market players. The wave energy segment leads the market in terms of type, driven by its growing infrastructure and the rising demand for electricity in coastal communities. The power generation application holds the largest share, benefiting from increased investment in renewable energy and demand from the marine sector.
Major Market Players Included in this Report:
Atargis Energy Corporation
Aqua-Magnetics, Inc.
Biopower Systems Pty Ltd.
Minesto AB
Ocean Renewable Power Company LLC
Carnegie Clean Energy Limited
Blue Energy Canada, Inc.
Ocean Power Technologies, Inc.
Applied Technologies Company, Ltd.
Nova Innovation Ltd.
Seabased AB
Aquamarine Power Ltd.
Pelamis Wave Power Ltd.
CorPower Ocean AB
Mocean Energy Ltd.
The detailed segments and sub-segment of the market are explained below:
By Type:
Tidal Barrages
Tidal Stream
Wave Energy
Others
By Application:
Power Generation
Desalination
Water Pumping
By Region:
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
Saudi Arabia
South Africa
Rest of LAMEA
Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2023 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of geographical landscape with Country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.
- Chapter 1. Global Ocean Power Market Executive Summary
- 1.1. Global Ocean Power Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
- Chapter 2. Global Ocean Power Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer’s Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory Frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
- Chapter 3. Global Ocean Power Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Rising Demand for Renewable Energy
- 3.1.2. Stringent Environmental Regulations
- 3.1.3. Advancements in Ocean Power Technologies
- 3.2. Market Challenges
- 3.2.1. High Development Costs
- 3.2.2. Need for Continued R&D Investments
- 3.3. Market Opportunities
- 3.3.1. Transition from Conventional Power to Renewable Sources
- 3.3.2. Expansion of Renewable Energy in Coastal Regions
- 3.4. COVID-19 Impact Analysis
- 3.5. Market Restraints
- 3.5.1. Lack of Infrastructure in Developing Countries
- Chapter 4. Global Ocean Power Market Industry Analysis
- 4.1. Porter’s 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top Investment Opportunities
- 4.4. Top Winning Strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
- Chapter 5. Global Ocean Power Market Size & Forecasts by Type (2022-2032)
- 5.1. Segment Dashboard
- 5.2. Global Ocean Power Market: Type Revenue Trend Analysis, 2022 & 2031 (USD Billion)
- 5.2.1. Tidal Barrages
- 5.2.2. Tidal Stream
- 5.2.3. Wave Energy
- 5.2.4. Others
- Chapter 6. Global Ocean Power Market Size & Forecasts by Application (2022-2032)
- 6.1. Segment Dashboard
- 6.2. Global Ocean Power Market: Application Revenue Trend Analysis, 2022 & 2031 (USD Billion)
- 6.2.1. Power Generation
- 6.2.2. Desalination
- 6.2.3. Water Pumping
- Chapter 7. Global Ocean Power Market Size & Forecasts by Region (2022-2032)
- 7.1. North America Ocean Power Market
- 7.1.1. U.S. Ocean Power Market
- 7.1.1.1. Type breakdown size & forecasts, 2022-2032
- 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Ocean Power Market
- 7.1.3. Mexico Ocean Power Market
- 7.2. Europe Ocean Power Market
- 7.2.1. UK Ocean Power Market
- 7.2.2. Germany Ocean Power Market
- 7.2.3. France Ocean Power Market
- 7.2.4. Italy Ocean Power Market
- 7.2.5. Spain Ocean Power Market
- 7.2.6. Russia Ocean Power Market
- 7.2.7. Rest of Europe Ocean Power Market
- 7.3. Asia-Pacific Ocean Power Market
- 7.3.1. China Ocean Power Market
- 7.3.2. Japan Ocean Power Market
- 7.3.3. India Ocean Power Market
- 7.3.4. South Korea Ocean Power Market
- 7.3.5. Australia Ocean Power Market
- 7.3.6. Rest of Asia-Pacific Ocean Power Market
- 7.4. LAMEA Ocean Power Market
- 7.4.1. Brazil Ocean Power Market
- 7.4.2. Saudi Arabia Ocean Power Market
- 7.4.3. South Africa Ocean Power Market
- 7.4.4. Rest of LAMEA Ocean Power Market
- Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.1.1. Company 1
- 8.1.2. Company 2
- 8.1.3. Company 3
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. Atargis Energy Corporation
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. Aqua-Magnetics, Inc.
- 8.3.3. Biopower Systems Pty Ltd.
- 8.3.4. Minesto AB
- 8.3.5. Ocean Renewable Power Company LLC
- 8.3.6. Carnegie Clean Energy Limited
- 8.3.7. Blue Energy Canada, Inc.
- 8.3.8. Ocean Power Technologies, Inc.
- 8.3.9. Applied Technologies Company, Ltd.
- 8.3.10. Nova Innovation Ltd.
- 8.3.11. Seabased AB
- 8.3.12. Aquamarine Power Ltd.
- 8.3.13. Pelamis Wave Power Ltd.
- 8.3.14. CorPower Ocean AB
- 8.3.15. Mocean Energy Ltd.
- Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes
- List of Tables
- TABLE 1. Global Ocean Power Market, report scope
- TABLE 2. Global Ocean Power Market estimates & forecasts by Region (2022-2032) (USD Billion)
- TABLE 3. Global Ocean Power Market estimates & forecasts by Type (2022-2032) (USD Billion)
- TABLE 4. Global Ocean Power Market estimates & forecasts by Application (2022-2032) (USD Billion)
- TABLE 5. Global Ocean Power Market by segment, estimates & forecasts (2022-2032)
- ...
- This list is not complete; the final report contains more than 100 tables. The list may be updated in the final deliverable.
- List of Figures
- FIG 1. Global Ocean Power Market, research methodology
- FIG 2. Global Ocean Power Market, market estimation techniques
- FIG 3. Global market size estimates & forecast methods
- FIG 4. Global Ocean Power Market, key trends (2023)
- FIG 5. Global Ocean Power Market, growth prospects (2022-2032)
- FIG 6. Global Ocean Power Market, Porter's 5 Force Model
- FIG 7. Global Ocean Power Market, PESTEL analysis
- FIG 8. Global Ocean Power Market, value chain analysis
- FIG 9. Global Ocean Power Market by Type (2022-2032) (USD Billion)
- FIG 10. Global Ocean Power Market by Application (2022-2032) (USD Billion)
- ...
- This list is not complete; the final report contains more than 50 figures. The list may be updated in the final deliverable.
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