Global Ocean Energy (Tidal Stream and Wave) Markets, 2022-2026: Despite Dominance of Tidal Energy, Wave Energy Garner Growing Attention and Investments
DUBLIN, May 11, 2022 /PRNewswire/ — The “Ocean Energy (Tidal Stream and Wave) – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Ocean Energy (Tidal Stream and Wave) Market to Reach 348.1 Thousand Kilowatts by 2026
The global market for Ocean Energy (Tidal Stream and Wave) estimated at 58.7 Thousand Kilowatts in the year 2020, is projected to reach a revised size of 348.1 Thousand Kilowatts by 2026, growing at a CAGR of 35.4% over the analysis period.
Ocean energy, also called marine energy, marine power and marine renewable energy, relates to energy that is harnessed from ocean waves, tidal streams, tidal range, ocean currents, salinity gradients, and temperature gradients without the emission of harmful greenhouse gases.
The growing global focus on energy efficiency against a backdrop of rising energy costs and environmental pollution is poised to benefit the market for ocean energy. With the energy industry of the future moving towards a decentralized supply model as mirrored by the evolution of smart grids, power grid configurations are forecast to change over time.
As smaller power plants mushroom under the decentralized structure, tapping into solar, wind, ocean, and biomass becomes a necessity. Ocean energy, in this regard, helps reduce the inefficiencies, which incidentally represents a critical need especially against the backdrop of growing contribution of renewable energy to the overall energy mix.
The market is also expected to gain from the technologies` efficient monitoring and smart architecture. The technology`s high reliability and predictability index is likely to result in it gaining more preference as compared to its traditional counterparts.
The U.S. Market is Estimated at 4.5 Thousand Kilowatts in 2021, While China is Forecast to Reach 32.8 Thousand Kilowatts by 2026
The Ocean Energy (Tidal Stream and Wave) market in the U.S. is estimated at 4.5 Thousand Kilowatts in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 32.8 Thousand Kilowatts by the year 2026 trailing a CAGR of 37.6% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 34.6% and 33.5% respectively over the analysis period. Various policy systems and initiatives are being implemented in the EU to enable ocean energy technologies to become cost effective, for obtaining the advantages offered by these technologies.
The region remains the leader in tidal and wave technologies, and has investments to the tune of over EUR 100 million in ocean energy systems. In Asia-Pacific region, a major contributor of this growth is commissioning of Sihwa Lake Tidal Power Station having 254 MW capacity in 2011 in South Korea, becoming world`s largest tidal power plant, replacing France`s Rance Tidal Power Station.
On the other hand, North American tidal and wave energy market is still struggling to find its feet on account of demonstration projects being stuck on account of governmental sanctions and want of funds.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET COVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Covid-19 Crisis Underlines the Need for Sustainable Development
- Investment Scenario on Renewable Energy Remains Impacted
- Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy
- Ocean Energy: Prelude
- Wave Energy
- Major Resources
- Tidal Energy
- Tidal Streams
- Floating Offshore Wind Turbine (FOWT)
- Ocean Thermal Energy
- Salt Power
- Ocean: One of the Largest Renewable Energy Sources
- Worldwide Major Locations with Mean Tidal Range >5 Meters
- Sustained Rise in Electric Power Consumption Drives the Need for Alternative Energy Sources
- Shift to Renewable Sources of Energy: An Inevitable Reality
- Global Renewable Energy Breakdown by Type: 2010 Vs 2030
- Global Energy Production by Energy Source (2030 & 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
- Huge Untapped Kinetic Energy Potential of Oceans: A Fundamental Growth Driver
- Fast Facts
- Growth Drivers in a Nutshell
- Key Market Inhibitors
- Government Intervention Critical for Commercial Success of Ocean Energy
- Targets for Electricity Production from Renewable Energy Sources in Select Countries
- Global Market Outlook
- Europe Leads the Global Ocean Energy Market
- Asia-Pacific: Frontrunner in Tidal Barrage Power Plants
2. FOCUS ON SELECT PLAYERS (Total 49 Featured)
- Applied Technologies Company, Ltd.
- Aqua-Magnetics Inc.
- Atargis Energy Corporation
- BioPower Systems Pty. Ltd.
- Blue Energy Canada Inc.
- Carnegie Clean Energy Limited
- Minesto AB
- Nova Innovation Ltd.
- Ocean Power Technologies Inc.
- Ocean Renewable Power Company, LLC
- Orbital Marine Power
- SIMEC Atlantis Energy Ltd
- Tocardo International BV
- Verdant Power, Inc.
3. MARKET TRENDS AND DRIVERS
- Growing Number of Wave Energy Projects Worldwide Drives Strong Market Growth
- Select Wave Power Stations Worldwide
- Tidal Energy Gains Momentum
- MeyGen: A Multi-Turbine Tidal Stream Project in Scotland
- Tidal Energy Projects Worldwide
- Select Tidal Projects (Existing & Proposed) Worldwide
- Tidal Stream Projects Lends Traction to Market Growth
- Ocean Thermal Energy Conversion (OTEC) – A Niche Segment
- OTEC Project on the South Pacific Ocean
- Select FOWT Projects Worldwide: Project Proponent, Technology, Location, Capacity (MW) and Scheduled Completion
- Rising Investments in Renewable Energy Sources Benefit Market Expansion
- Superior Attributes of Tidal Energy Attract New Developers, Benefits Market Adoption
- Horizontal Axis Turbines Grab Lion’s Share of Tidal Energy Devices
- Tidal Energy: Abundant Resources despite Technology Barriers
- Despite Dominance of Tidal Energy, Wave Energy Garner Growing Attention and Investments
- Small Islands Provide Big Push for Ocean Thermal Energy Conversion Plants
- Wave Energy Sector Sees a Wave of Innovations
- Technology Developments to Harness Salt Power
- Burgeoning Global Population Propels Demand for Electric Power
- World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- Key Challenges Hampering Ocean Energy Development
- Financial Support and Markets
- Administrative and Environmental Issues
- Environmental Challenges
- Administrative Issues
- Social Acceptance Impediments
- Availability of Grid Close to Projects
- Grid Integration
- Technology Advancements
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/rijraj
Research and Markets
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