Ocean Power Market Scope
The global ocean power market is expanding due to increased demand for energy generated by ocean power sources. Furthermore, the implementation of stringent government regulations aimed at reducing environmental pollution caused by carbon-emitting fossil fuels in the power generation industry drives market growth. Ocean power is the energy generated by sea-based sources such as tidal streams, wave energy, and tidal barrages. Ocean power is a promising renewable energy source for meeting global climate change targets as well as broader environmental, socioeconomic, and sustainable goals. Ocean power is used in a variety of applications such as power generation, water pumping, and tidal streams. Ocean power has several key advantages, including reduced carbon emissions, increased energy reliability and security, and cost savings.
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|Key Companies Profiled||Ocean Power Technologies (United States), Eco wave Power (Israel), AW-Energy (Finland), Checkmate SeaEnergy (United Kingdom), SSE Renewables Limited (United Kingdom), Atmocean Inc. (United States), AWS Ocean Energy (United Kingdom), Atargis Energy Corporation (United States), Off shore Energy (United Kingdom), Neptune Equipment Corp. (United States), Seatricity Ltd. (United States), Ocean Wave Energy Ltd (United States), The European Marine Energy Centre Ltd. (United Kingdom), 40South Energy (Italy) and Seapower Ltd. (Ireland)|
The global ocean power market is fragmented because ocean power technology is in its early stages of development and the market is looking for funding and investment. Existing companies in the market are launching new products and engaging in merger and acquisition activities to increase their global brand presence. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Ocean Power market throughout the predicted period.
Ocean Power Technologies (United States), Eco wave Power (Israel), AW-Energy (Finland), Checkmate SeaEnergy (United Kingdom), SSE Renewables Limited (United Kingdom), Atmocean Inc. (United States), AWS Ocean Energy (United Kingdom), Atargis Energy Corporation (United States), Off shore Energy (United Kingdom), Neptune Equipment Corp. (United States), Seatricity Ltd. (United States), Ocean Wave Energy Ltd (United States), The European Marine Energy Centre Ltd. (United Kingdom), 40South Energy (Italy) and Seapower Ltd. (Ireland) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are SINN Power (Germany), Carnegie Clean Energy (Australia), Mocean Energy (United Kingdom), Ocean Energy (Ireland) and Wave Swell Energy (Australia).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Ocean Power market by Type , by Application (Power Generation, Desalination and Water Pumping) and Region with country level break-up.
On the basis of geography, the market of Ocean Power has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesOn November 16, 2021, Ocean Power Technologies, Inc. a pioneer in innovative and cost-effective low-carbon marine power, data, and service solutions, has completed the acquisition of Marine Advanced Robotics, Inc., a Richmond (San Francisco Bay Area)-based developer and manufacturer of autonomous surface vehicles (ASVs). This acquisition provides OPT with an established, innovative offshore product line with roaming capability that immediately complements the OPT business strategy., and On February 2021, Ocean Power Technologies, Inc. a pioneer in innovative and cost-effective ocean energy solutions acquired 3Dent Technology, LLC.
In 2021, DesignPro Renewables, an Irish company, completed the deployment and successful testing of its 60-kW (DPR60) turbine in Kirkwall, Scotland, The addition of a fourth turbine to the Shetland Tidal Array as part of the EnFAIT project by Scottish tidal technology developer NOVA Innovation is also noteworthy., and In 2021, The European Commission launched Horizon Europe which, like its predecessor, Horizon 2020, supports ocean energy research, development, and innovation. Furthermore, the new EU Innovation Fund issued its first call for demonstrations in real sea environments and innovative components to improve the overall lifetime, reliability, install ability, operability, and maintainability of ocean energy devices, with deadlines in 2021.
The global ocean power market is governed by a number of federal and state agencies, the role of which is to lease/permit/site offshore land. Provide an environmental review as well as ongoing inspection. Ensure the installation's safety and Handle legal dispute. Agencies such as The Federal Energy Regulatory Commission (FERC) has jurisdiction under the Federal Power Act to issue licences for non-federal hydrokinetic and ocean technologies for up to 50 years. Pilot project developers may be granted limited exemptions from licencing. Oversees generation, interconnection of state grids, and interstate electric transmission. and Under the Department of the Interior Energy Policy Act of 2004, the Minerals Management Service (MMS) has the authority to distribute ocean floor space through least or rent payments to the federal government. The federal government splits the revenue with the neighbouring state.
Influencing Trend:Rising government initiative and funding for the technological development
Market Growth Drivers:Increased demand for energy generated by ocean power sources, and Stringent government regulations aimed at reducing environmental pollution caused by carbon-emitting fossil fuels in the power generation industry will fuel growth.
Challenges:The market's growth is hampered by a lack of technological advancement and environmental challenges., and High maintenance cost and difficulty in maintenance
Restraints:High Initial Upfront and Construction cost restrict the market growth, and The ocean power market is still in its early stages, which limits market growth
Opportunities:Transformation from coal and other conventional power generation to renewable energy sources creates tremendous opportunities, and Rising concerns about energy security, as well as lower crude oil prices creates growth opportunities for the market
Key Target AudienceNew Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others