Ocean Energy (Tidal Stream and Wave)

Ocean Energy (Tidal Stream and Wave)

Global Ocean Energy (Tidal Stream and Wave) Market to Reach 1 Million Kilowatts by 2030

The global market for Ocean Energy (Tidal Stream and Wave) estimated at 119 Thousand Kilowatts in the year 2023, is expected to reach 1 Million Kilowatts by 2030, growing at a CAGR of 40.0% over the analysis period 2023-2030.

Global Ocean Energy (Tidal Stream and Wave) Market - Key Trends & Drivers Summarized

Ocean energy, encompassing both tidal stream and wave energy, represents a promising and underutilized source of renewable power. Tidal stream energy harnesses the kinetic energy generated by ocean tides, while wave energy captures the power of surface waves. These technologies convert the natural, continuous movement of water into electricity through various mechanisms such as underwater turbines and oscillating water columns. The global potential for ocean energy is immense, with estimates suggesting that it could meet a significant portion of the world`s electricity needs if fully developed. Tidal stream and wave energy systems offer several advantages, including predictable energy generation, minimal visual impact, and the potential for co-location with other marine activities like fishing and aquaculture.

The development of ocean energy technologies witnessed substantial progress in recent years, driven by advancements in engineering and growing environmental awareness. Several pilot projects and commercial installations are successfully deployed, demonstrating the feasibility and efficiency of these systems. For example, the MeyGen project in Scotland is one of the world`s largest tidal stream energy installations, contributing significant power to the grid. Similarly, wave energy projects such as the Wave Hub in the UK are providing valuable data and insights to refine and scale up the technology. However, challenges remain, including high initial costs, complex marine environments, and the need for durable materials to withstand harsh ocean conditions. Ongoing research and development are focused on improving the reliability, efficiency, and cost-effectiveness of ocean energy systems, aiming to make them competitive with other forms of renewable energy.

The growth in the ocean energy market is driven by several factors, including technological advancements, increasing energy demand, and supportive government policies. Innovations in turbine design, materials science, and energy storage are enhancing the performance and reducing the costs of tidal stream and wave energy systems. The rising global energy demand, particularly in coastal regions, is creating a strong market for ocean energy as a reliable and sustainable power source. Governments around the world are also playing a crucial role in fostering the development of ocean energy through funding, subsidies, and favorable regulatory frameworks. Initiatives such as the European Union`s Horizon 2020 program and the US Department of Energy`s Water Power Technologies Office are providing significant financial and technical support for ocean energy projects. Additionally, the growing emphasis on reducing carbon emissions and combating climate change is driving investment in renewable energy sources, including ocean energy. As these factors converge, the ocean energy market is poised for significant growth, contributing to a diversified and sustainable energy future.

Select Competitors (Total 49 Featured) -

• Ocean Power Technologies, Inc.
• Tocardo International BV
• Aquamarine Power Limited
• Bluewater Energy Services BV
• Carnegie Clean Energy Limited

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