Global Marine Power (Wave and Tidal) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Marine Power (Wave and Tidal) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Marine power (also sometimes referred to as ocean energy, ocean power, or marine and hydrokinetic energy) refers to the energy carried by ocean waves, tides, salinity, and ocean temperature differences. The movement of water in the world’s oceans creates a vast store of kinetic energy, or energy in motion. This energy can be harnessed to generate electricity to power homes, transport and industries.

Market Overview:

The latest research study on the global Marine Power (Wave and Tidal) market finds that the global Marine Power (Wave and Tidal) market reached a value of USD 510.07 million in 2022. It’s expected that the market will achieve USD 55.11 million by 2028, exhibiting a CAGR of -30.99% during the forecast period.

In efforts to overcome a foreseeable energy crisis predicated on limited oil and gas supplies, reserves; economic variations facing the world, and of course the environmental side effects of fossil fuels, an urgent need for energy sources that provide sustainable, safe and economic supplies for the world is imperative. The current fossil fuel energy system must be improved to ensure a better and cleaner transportation future for the world. Despite the fact that the marine transportation sector consumes only 5% of global petroleum production; it is responsible for 15% of the world NOx and SOx emissions. These figures must be the engine that powers the scientific research worldwide to develop new solutions for a very old energy problem. Marine power, as a kind of sustainable new energy, get people’s attention.

Market Dynamics

(1) Government support

Governments of different countries have taken an axe to funding for marine energy, what is more, they training specialized personnel, issuing special funds, carrying out professional projects, in order to develop the new sustainable energy.

(2) Advantage of marine power

Renewable: The best thing about wave energy is that it will never run out. There will always be waves crashing upon the shores of nations, near the populated coastal regions. The waves flow back from the shore, but they always return. Unlike fossil fuels, which are running out, in some places in the world, just as quickly as people can discover them. Unlike ethanol, a corn product, waves are not limited by a season. They require no input from man to make their power, and they can always be counted on. Environment Friendly: Also unlike fossil fuels, creating power from waves creates no harmful byproducts such as gas, waste, and pollution. The energy from waves can be taken directly into electricity-producing machinery and used to power generators and power plants nearby. In today’s energy-powered world, a source of clean energy is hard to come by.

Market Limitations

(1) Investment
Since the development of marine energy is in its infancy period, it requires a large amount of capital
investment from the government, investment institutions and enterprises to support.

(2) Technology

Simply because of the amount of energy stored by the ocean and its variable conditions, the marine environment is an incredibly challenging environment for technology. This is particularly the case for multi-MW, far offshore wave devices.

Region Overview:

Europe has the highest growth rate of all regions.

Company Overview:

The major players operating in the Marine Power (Wave and Tidal) market include Carnegie Wave Energy , OpenHydro, ORPC, Verdant Power and Tidal Generation Limited, etc. Among which, Carnegie Wave Energy ranked top in terms of sales and revenue in 2022.

Segmentation Overview:

By type, Tidal Power segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Commercial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Marine Power (Wave and Tidal) market covered in Chapter 3:

Verdant Power
Pelamis
Wello Oy
BioPower Systems
ORPC
Marine Current Turbines (MCT)
OpenHydro
Tidal Generation Limited
Ocean Power Technologies
Carnegie Wave Energy

In Chapter 4 and Chapter 14.2, on the basis of types, the Marine Power (Wave and Tidal) market from 2018 to 2029 is primarily split into:

Wave Power
Tidal Power

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Marine Power (Wave and Tidal) market from 2018 to 2029 covers:

Commercial
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)