The Global Market for Ocean Energy is Forecast to Reach 8.6 Gigawatts by 2022 in Terms of Installed Capacity

Focus on Green Power and the Huge Untapped Kinetic Energy Potential of the Oceans Drive the Ocean Energy Market, According to a New Report by Global Industry Analysts, Inc.

           

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Ocean Energy market. The global market for Ocean Energy is forecast to reach 8.6 Gigawatts by 2022 in terms of installed capacity, driven by the increasing global focus on emission-free, renewable, clean, and green power, and the sheer potential of oceans and seas for meeting future energy needs.

Ocean energy is characterized by abundance, inexhaustibility and non-pollution. As the world transitions towards clean and green energy against the backdrop of high-energy costs, depleting natural resources and environmental pollution, ocean energy is garnering considerable attention supported by the huge untapped kinetic, chemical and thermal energy potential of seawater. Ocean energy is produced without the emission of harmful greenhouse gases and through multiple phenomena occurring in the oceans including but not limited to waves, tidal range, thermal (OTEC), tidal stream, and salinity gradients. As energy efficiency tops the priority list, ocean energy technologies are poised to gain. Also, with the energy industry of the future moving towards a decentralized supply model as mirrored by the evolution of smart grids, ocean energy will be an indispensable part of the global clean energy mix in the long term, ensuring supply of renewable energy at the point of local use. Myriad benefits of ocean energy that is driving increasing investments in the technology include its ability to aid economic growth, offer security in terms of supply, and result in lower carbon dioxide emissions.

Ocean energy is slated for exponential growth in the coming years driven by growing number of ocean energy projects worldwide, increasing energy requirements along with growing focus on renewable energy sources; highly volatile crude oil prices; substantial savings in cost through capacity upgrades and technological innovations; extensive research on creation of newer technologies for harnessing ocean energy; and favorable government policies. Ability of ocean energy to generate and supply electricity to remote areas where creation of grid infrastructure is difficult represents another important growth driver. Growing sensitivity towards the environment among individual and governments alike along with rising concern for the rapidly depleting fossil fuel reserves and the consequent search for green alternatives are additionally expected to offer lucrative market opportunities in the long term. Despite the huge untapped potential, high energy costs represent a major challenge for the penetration of ocean energy in the global energy mix. Other key challenges hampering market prospects include technical difficulties, unreliability in generation of desired output; lack of funding by private financial institutions; cheaper power generation utilizing non-renewable sources in developing countries; lack of market-oriented power tariffs; lack of awareness; and relatively cheaper capital costs of other renewable energy sources such as biomass, solar and wind.

As stated by the new market research report on Ocean Energy, Europe represents the largest market worldwide accounting for 50% of global tidal energy activity, and housing more than 500 active companies and several sophisticated testing facilities such as the Danish Wave Energy Centre (Dan WEC) in Denmark, the Biscay Marine Energy Platform (BiMEP) in Spain, the Wave Hub in the UK, and the European Marine Energy Centre (EMEC) in Scotland. The United States represents the fastest growing market with an impressive CAGR of more than 300% over the analysis period led by factors such as a shoreline of about 88,633 miles, favorable government regulations and funding, and over 50% of the population residing within 50 miles of its coastlines.

Key players in the ocean energy ecosystem include Able Technologies, L.L.C., Albatern Ltd., Applied Technologies Company, Ltd., AquaGen Technologies, Aqua-Magnetics Inc., Atargis Energy Corporation, Atlantis Resources Ltd., BioPower Systems Pty. Ltd., Blue Energy Canada Inc., Carnegie Wave Energy Limited, Flumill AS, GE Renewable Energy, Minesto AB, Nova Innovation Ltd., Ocean Power Technologies Inc., Ocean Renewable Power Company, LLC, Oceanlinx, OpenHydro Group Limited, Scotrenewables Tidal Power Ltd., Tocardo International BV, and Verdant Power, Inc., among others.

The research report titled “Ocean Energy: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies worldwide. Market estimates and projections are provided in terms of annual capacity installations in Kilowatts for major geographic markets including the United States, Canada, Japan, Europe (France, UK, Spain, Portugal and Rest of Europe), and Rest of World. Technology segments analyzed in the report include Wave Energy and Others.

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