by The ocean power market involves converting the energy from ocean waves into electricity using wave energy converters . These offer reliable renewable energy from oceans and help mitigate climate change with near-zero emissions. Key advantages include high energy density as waves carry over 3,000 times more energy than wind, location independence from land-based infrastructure, and considerable predictability of waves. Significant investments have been made globally to develop commercially viable wave energy conversion technologies. The growing need to shift from diesel generators to cleaner renewable sources for powering remote areas, islands and offshore oil & gas platforms is also driving the ocean power market.
The global ocean power market is estimated to be valued at US$ 1144.2 Mn in 2024 and is expected to exhibit a CAGR of 19.5% over the forecast period 2024 to 2031
Key Takeaways
Key players: Key players operating in the ocean power market are AWS Ocean Energy, CalWave, Ocean Harvesting, CorPower Ocean, Applied Technologies Company Ltd., Aqua-Magnetics Inc., Atargis Energy Corporation, Able Technologies L.L.C., Alba tern Ltd, Aquagen Technologies, Aqua-Magnetics Inc, Biopower Systems Pty Ltd., Blue Energy Canada Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Mocean Energy, Andritz Hydro Hammerfest, Ocean Renewable Power Company LLC, and Tenax Energy.
Key opportunities: Developing economies across Asia and Africa represent major Ocean Power Market Growth opportunities owing to their long coastlines and need for reliable off-grid power. Declining technology costs and improving conversion efficiencies will also boost the market.
Technological advancements: Advancements in wave energy conversion technology such as oscillating water columns, oscillating hydrofoils and overtopping devices are making wave energy more economical by capturing higher amounts of energy through innovative device designs.
Market Drivers
The major market drivers are the need to explore new renewable sources with zero emissions to mitigate climate change, growing focus on offshore renewable integration, and requirement for powering remote islands, communities and offshore infrastructure reliabily without grid connectivity or high costs of undersea cables. Rising investments in wave energy projects globally and ongoing technological progress are also driving the adoption of ocean power solutions.
Current challenges in Ocean Power Market
The Ocean Power Market Challenges And Opportunities is still in nascent stage with several technological that are limiting its growth. High initial installation cost, lack of standardized technologies, interconnection challenges, permitting and regulatory issues are some of the key barriers for ocean power projects. Due to lack of commercially viable and large scale projects, there are still unknown risks involved which makes financing difficult. Environmental concerns around impact on marine ecosystems during construction and operation is another challenge. Developing cost-effective energy storage and power transmission systems is crucial to make ocean power projects commercially viable at utility scale.
SWOT Analysis
Strength: Abundant renewable resource that can power coastal cities and islands. Predictable and consistent source of clean energy.
Weakness: High infrastructure and maintenance costs. Exposure to harsh marine conditions affects equipment lifespan.
Opportunity: Rapid technology advancement can help reduce costs. Rising focus on offshore renewable targets of many countries.
Threats: Complex permitting process delays projects. Environmental impact concerns during construction and operations. Intermittent nature requires large storage solutions.
Geographical Regions
About 60% of the market value is concentrated in Europe due to supportive regulatory environment and strong coastline. Countries like UK, Portugal, France, Norway are leading in ocean power development through pilot projects.
Asia Pacific region is emerging as the fastest growing market led by countries like China, South Korea, Japan and Australia. Strong government support through incentives and technological progress is driving higher installations in the region. Growing energy demand along long coastlines provide significant opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
