STOCKHOLM, Sweden, June 29, 2022 (GLOBE NEWSWIRE) — The Global Ocean Energy Market Size was valued at USD 720 Million in 2021 and is predicted to be worth USD 4,759 Million by 2030, with a CAGR of 23.8% from 2022 to 2030.
COVID-19-related international health emergencies have had a substantial influence on the renewable energy industry due to reduced transportation and economic growth around the world. However, while the epidemic impacted the global economy, the rise of renewable energy sources continued. The growing use of alternative energy sources has demonstrated their durability, which will drive demand for these technologies in the coming years.
Renewable energy is the energy obtained from resources that are constantly renewed, such as bio-energy, ocean, geothermal sources, sunlight, and wind. These are natural resources that can be transformed into this type of sustainable energy that may be used in commercial and residential applications. Renewable energy sources can be used to produce electricity, heat, and cool structures, and continue to move. Ocean energy is one of the most widely used renewable energy sources on the globe. Ocean energy includes all renewable energy sources derived from water. Tidal, wave and ocean thermal technology are the three basic categories of ocean technology.
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|Market||Ocean Energy Market|
|Market Size 2021||USD 720 Million|
|Market Forecast 2030||USD 4,759 Million|
|CAGR During 2022 – 2030||23.8%|
|Analysis period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Technology, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Aquagen Technologies, Verdant Power, Inc., Corpower Ocean AB, SIMEC Atlantis Energy, Ocean Power Technologies, Inc, Pelamis Wave Power, Ocean Renewable Power Company, TENAX ENERGY, Eco Wave Power, and Carnegie Wave Energy Ltd.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Ocean Energy Market Overview
The usage of the ocean and tidal energies could greatly help each other as well as global sustainability. Since all renewable energy sources are inexhaustible, humanity will never run out of alternative energy sources to produce electricity. Fuel is a widely used source of energy. As a result, it contributes to the greenhouse effect or waste products. However, ocean energy is advantageous in this sense because it is renewable and does not require any resources to create the energy. Tidal energy power stations have a long lifespan, even longer than conventional energy sources and traditional energy sources. Once the system is designed, it requires no further expenditure or funding in the future. As a result, ocean energy is less expensive than other forms of energy and thus is advantageous to emergent.
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Global Ocean Energy Market Growth Aspects
Rapidly increasing investment in the renewable energy industry, an increase in the proportion of nutritional support provided by government agencies to promote the use of ocean energy, rising preferences for green electricity consumption, and unlimited access to sources are all fueling the ocean energy market growth over the forecast period. The rapid growth of population, increased commercial exploitation of energy inverters devices, increased energy demand, and increased environmental pollution as a result of the use of conventional energy resources are some of the major and important factors that will likely augment the growth of the ocean energy market size in the upcoming decades. In addition, an increasing number of research and development programs, an increasing supply of green energy sources, as well as an increasing number of technical breakthroughs would also contribute to the rise of the ocean energy market trend throughout the projection period.
Moreover, continuous government and non-government support for the use of renewable energy sources such as wave and tidal energy is predicted to propel the ocean energy industry forward in the next decades. Further to that, rising levels of pollution and exhaust emission have had a detrimental impact on human health, living beings, and the ecosystem, driving growing interest in renewable energy. With increased awareness, demand for such renewable resources has increased significantly, driving industrial development. Besides this, the high implementation costs of these systems, as well as restricting the increase in energy use, will constitute an ocean energy market restraint.
Global Ocean Energy Market Segmentation
The global ocean energy market has been segmented by Acumen Research and Consulting based on technology, and application. Based on the technology, the market is divided into wave energy, tidal energy, and others. Based on the application, the market is separated into power generation, desalination, and others.
Global Ocean Energy Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global ocean energy market. The Asia-Pacific region is predicted to develop at the fastest rate in the ocean energy industry due to the prevalence of government regulations, the rising number of environmental standards, and the presence of industry participants in the region. Due to population awareness, considerable economic growth, resource availability, and advancements in open testing facilities, the market is expected to develop over the projected period. Environmental rules, as well as public financing programs, are getting increasingly strict. Furthermore, rising population and energy consumption in Asia-Pacific such as Japan, India, and China add to the region’s significant market requirement. Furthermore, the widespread adoption of these efforts is expected to boost market development during the projected timeframe.
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Ocean Energy Market Players
Some of the prominent ocean energy market companies are Aquagen Technologies, Verdant Power, Inc., Corpower Ocean AB, SIMEC Atlantis Energy, Ocean Power Technologies, Inc, Pelamis Wave Power, Ocean Renewable Power Company, TENAX ENERGY, Eco Wave Power, and Carnegie Wave Energy Ltd.
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