About Marine Power Systems
Global carbon emissions will be reduced with the help of marine energy. The environmental effects of the large-scale development of maritime energy projects are unpredictable, and the majority of them have not been sufficiently assessed. Changes in habitat and community are the main effects of marine energy's ecological effects, which include wave, tidal, ocean current, and thermal gradient. In order to accomplish the twin goals of clean renewable energy and a healthy marine ecosystem, it is necessary for renewable energy developers, regulators, scientists, engineers, and ocean stakeholders to collaborate. The best way to minimize the environmental effects of wave power plants is often through careful site selection. Planners of wave energy systems can pick locations that protect beautiful shorelines. Additionally, they can stay away from regions where wave energy systems may drastically affect sediment flow patterns on the ocean floor. Wave power systems struggle to be competitive with conventional power sources economically. However, the price of making wave energy is going down. Wave power devices will find lucrative niche markets, according to certain European specialists. Because the fuel they require (seawater) is free, once constructed, they will have low operation and maintenance costs. Site build-ups behind such facilities can have an impact on regional ecosystems, and tidal power stations that dam estuaries can obstruct the movement of marine life. Tidal walls may potentially impede the migration of marine species. Because they do not restrict the flow of water, newly created tidal turbines may ultimately prove to be the least harmful tidal power solutions.
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The market has seen a good amount of technological advancement in controlling carbon emission to make this a better option as a renewable and sustainable energy source to contribute to sustainability which makes it convenient for new entrances to achieve a better position in the market whereas the market is growing at a steady rate with the help of government policies and subsidies thus rising adoption of strategies by key players. The existing players are trying to establish a better technology to withhold a sufficient market share to drive the market well and thus are also exploring mergers and acquisitions and investments also are launching new and better services. Analyst at AMA Research estimates that United Kingdom Manufacturers will contribute the maximum growth to Global Marine Power Systems market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB (Switzerland), Ocean Renewable Power Company LLC (United States), OVO Energy (SSE) (Aquamarine Power Ltd.) (United Kingdom), Nova Innovations Ltd. (United Kingdom), Siemens (Germany), Pelamis Wave Power (United Kingdom), Openhydro (Ireland), Atlantis Resources Ltd. (Singapore), Ocean Power Technologies (United States) and Tidal Lagoon Plc (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are AWS Ocean Energy Ltd. (United Kingdom), Tenax Energy (United States), Andritz Hydro- Hammerfest (United States) and Carnegie Wave Energy (Australia).
AMA Research has segmented the market of Global Marine Power Systems market by Type (Hybrid Systems, Electric Power Propulsion Systems, Steam Turbines Propulsion Systems and Diesel Propulsion Systems), Application (Small Recreational Boats, On-Water Commercial Boats, Autonomous Underwater Vehicle (AUV), Military Vessels and Others) and Region.
On the basis of geography, the market of Marine Power Systems 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). If we see Market by Energy, the sub-segment i.e. Thermal will boost the Marine Power Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Product, the sub-segment i.e. Internal Lighting will boost the Marine Power Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Wave will boost the Marine Power Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
US Company ORPC is partnering with non-profit organization Our Katahdin to create a testing center at One North, the former Great Northern Paper Mill site, to support the next-generation design and development of the formerís river hydro-kinetic power system. ORPC will assemble, test, and showcase at Millinocket in the US state of Maine a smaller version of its commercialized RivGen device (pictured) called Modular RivGen. Modular RivGen is designed for use in grid-connected markets, with applications for large rivers, electrical vehicle (EV) charging networks, hydroelectric facilities, irrigation canals and bridges, piers, breakwaters, and flood controls systems.
Global tidal energy pioneers Nova Innovation (Nova) plan to develop their largest tidal energy array to date at Yell Sound in Shetland and boost the decarbonization of the local energy supply. Nova has been awarded an Option Agreement from Crown Estate Scotland to develop a 15MW tidal array at Yell Sound, between the islands of Yell and Bigga that is predicted to meet over a third of household electricity demand in Shetland. This new tidal energy site will build on the success of the world's first offshore tidal array that Nova created in neighboring Bluemull Sound.
In the United States (U.S.), regulatory responsibility for marine renewable energy (MRE) projects will fall to an assortment of federal, state, and local agencies dependent on where an MRE project is located. Requirements in U.S. state waters vary by state; therefore, the guidance document focuses on the relevant agencies and regulatory requirements for projects in federal waters. The Federal Energy Regulatory Commission (FERC) asserts regulatory jurisdiction over marine and hydrokinetic projects in the United States as an extension of its authority under the Federal Power Act to regulate and license hydroelectric projects on navigable waters (approximately within 3 nautical miles of shore), and on any projects with an onshore grid connection.
- The rise in Demand for Products Related to Electricity Due to Rapid Growth in Urbanization and Industrialization Has Been Driving Marine Power Systems Market.
- Rapid Technological Development is contributing to a Steady Growth in This Market.
- Government Policies and Subsidies to Develop Marine Power Systems and R&D for Technology.
- Site Selection is a Long Process as the Construction May Cause Adverse Effects to Marine Ecosystem.
- High Initial Cost for Plant Construction.
Key Target Audience
Power Generating Companies, Power Distributors, New Entrants and Investors, Legalized Cannabis Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.