by The ocean power market is seeing increased traction due to the advantages associated with harnessing wave energy from oceans. Wave power devices work by converting the kinetic energy from ocean waves into electricity. This renewable resource provides a clean and consistent source of energy that can be utilized near coastal areas.
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 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. These companies are investing in research and development of innovative wave energy devices to harness renewable energy from ocean waves in a sustainable manner.
The demand for renewable sources of energy and focus on reducing dependence on fossil fuels is expected to drive of the Ocean Power Market Growth. Several regions across the globe are supporting the development of ocean power projects through incentives and policies. This is encouraging private players to make investments in commercializing ocean power solutions. Improving technologies in areas such as resource assessment, energy conversion, and connectivity are also supporting increased large-scale implementation of ocean power.
Global expansion of the ocean power market is evident from increasing investments in wave energy projects worldwide. Countries in Europe and Americas have emerged as early adopters with several commercial and demonstration wave energy projects. Now several countries in Asia Pacific are also exploring opportunities to leverage their oceanic resources. Nations like China, Japan, South Korea and India are supporting the development of indigenous wave energy technologies and associated infrastructure.
One of the major trends in the Ocean Power Market Regional Analysis investments in hybrid projects that combine wave and offshore wind energy generation. Since waves and winds are intermittent resources, hybrid projects help balance the output from these renewable sources providing more stable renewable power generation. Ongoi ng pilots are exploring optimization of infrastructure to minimize costs of hybrid projects including shared mooring structures, transmission cables and offshore substations. This is expected to accelerate adoption of hybrid ocean renewable energy projects worldwide.
Porter’s Analysis
Threat of new entrants: Low investment costs to deploy ocean power technologies means threat of new entrants is high. However, resource availability, infrastructure requirements and lengthy permit processes act as entry barriers.
Bargaining power of buyers: Large utilities and grid operators have significant bargaining power as buyers due to bulk purchase volumes. Small distributed buyers have low bargaining power.
Bargaining power of suppliers: Technology developers and project developers have moderate bargaining power as suppliers due to technology expertise requirements and development risks involved. Component suppliers have low bargaining power.
Threat of new substitutes: Threat from other renewable energy sources such as solar and wind power poses a challenge. Hybrid and multi-technology projects integrating ocean power can reduce substitute threat.
Competitive rivalry: Intense competition exists among technology developers to establish product dominance. Location resource availability and environmental concerns also drive rivalry.
Geographical Regions
Europe accounts for over 50% of the global ocean power market value currently led by the UK, Portugal, France and Norway. Abundance of ocean energy resources along long coastlines and supportive policy push drives higher adoption.
Asia Pacific region is expected to be the fastest growing market during forecast period led by China, Japan, South Korea and Philippines. Improving infrastructure, technology transfer initiatives and economic growth promote larger investments and installations in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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
