Pune, India, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global ocean thermal energy conversion plant market size is likely to gain momentum from an increasing demand for energy from around the world. According to an upcoming report by Fortune Business Insights, titled, “Ocean Thermal Energy Conversion Plant Market Size, Share and Global Trend by Engine Type (Closed Cycle, Open Cycle, Hybrid Cycle), by Location (Land Based, Floating) and by Geography Forecast till 2026,” a rapid shift towards renewable energy sources is one of the main factors that is likely to contribute to the growth of the global ocean thermal energy conversion plant market in the forthcoming years. Moreover, an increasing number of OTEC plants have begun providing production opportunities for hydrogen as well as supporting desalination process of water.
The closed cycle OTEC system is expected to dominate the market due to its higher efficiency and ability to produce potable water. The hybrid cycle OTEC system is also gaining popularity due to its higher efficiency than the open cycle and lower cost than the closed cycle.
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Ocean Thermal Energy Conversion Plant Market Global Highlights:
Ocean Thermal Energy Conversion Plant Market Size, Share and Global Trend By Engine Type (Closed Cycle, Open Cycle, Hybrid Cycle), By Location (Land Based, Floating) and By Geography Forecast till 2023-2030
The Ocean Thermal Energy Conversion Plant Market has immense potential for growth due to the increasing demand for clean and renewable energy. The closed cycle and hybrid cycle OTEC systems are expected to dominate the market due to their higher efficiency and ability to produce potable water. The floating facility segment is expected to grow at a higher rate due to its mobility and ability to operate in deep waters. As the world moves towards a sustainable future, OTEC has the potential to play a significant role in providing clean and reliable energy.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions."
Drivers & Restraints:
National Institute of Ocean Technology, Global OTEC Resources and Other Market Players Focus on the Development New Projects to Gain Competitive Edge
National Institute of Ocean Technology, (NIOT), headquartered in Chennai, announced in October 2018 that it has planned to build an OTEC plant in Kavaratti Island in Lakshadweep. The plant is considered to be India’s first ocean power generation project. The power plant is anticipated to be generated under 200 Kw. The entire project is currently under its design phase and the construction work is likely to begin in 2019.
The Ocean Thermal Energy Conversion Plant Market is expected to grow due to increasing demand for clean energy and government initiatives promoting renewable energy sources. The market is expected to be driven by the increasing focus on reducing carbon emissions and the need for energy security.
Global OTEC Resources, a prominent developer of OTEC technologies, based in the U.K., announced in September 2018 that it has bagged a fund of £140,000 from Marine-I, a provider of innovative marine technology. The grant has allowed Global OTEC Resources to open a new research and development facility in Newguay. It will house an efficient team of four that would work to create the company’s innovative concepts in order to use OTEC. This will mainly be done for ‘offgrid’ resorts in Caribbean and Maldives.
COVID-19 Impact
Entering a post-COVID economy: how the power and energy industry will play an essential role in its recovery.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/ocean-thermal-energy-conversion-plant-market-100402
Regional Insights
Increasing Number of Planned OTEC Projects to Favor Growth in Asia Pacific
The global ocean thermal energy conversion plant market is geographically divided into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. Amongst these, the Asia Pacific is expected to lead the global market. This will occur because of the solo OTEC working plant located in Japan. There are several OTEC projects that have been planned to take place in the radius of islands. This will further result in zero carbon emissions. The OTEC projects are planned in Hainan in China, the Maldives, and Japan.
North America, on the other hand, also has planned to build three OTEC plants which will start operating in the coming years. Out of the three plants, one is located in the Bahamas while the other two are situated in the U.S. Virgin Islands and Hawaii, respectively. Europe has planned to build only one OTEC plant at Martinique, situated in France, in the near future. Overall, these planned OTEC projects will aid in the global ocean thermal energy conversion plant market growth during the forecast period.
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Market Segmentation :
Ocean Thermal Energy Conversion (OTEC) is a renewable energy source that uses the temperature difference between warm surface water and cold deep water to generate electricity. OTEC has great potential as it is a clean and sustainable energy source that can provide power continuously without producing harmful emissions.
Engine Type:
The OTEC plant market is segmented by engine type into closed cycle, open cycle, and hybrid cycle. Closed cycle OTEC uses a working fluid that boils at a low temperature and is vaporized by the warm surface water. The vapor drives a turbine, which generates electricity. The vapor is then condensed by the cold deep water, which is pumped up from the ocean floor. Closed cycle OTEC has the highest efficiency and can also produce potable water, making it a desirable option.
Open cycle OTEC, on the other hand, uses the warm surface water to create steam, which drives a turbine. The steam is then condensed using cold deep water, and the condensed water is discharged back into the ocean. Although open cycle OTEC has a lower efficiency, it is less expensive to build and maintain.
Hybrid cycle OTEC is a combination of both closed and open cycle OTEC. It uses warm surface water to vaporize a working fluid, which then drives a turbine. The vapor is then condensed by the cold deep water, which is also used to produce steam for the open cycle. This hybrid method results in a higher efficiency than the open cycle, but not as high as the closed cycle.
Location:
The OTEC plant market is also segmented by location into land-based and floating facilities. Land-based facilities are located on the coast and use pipes to bring warm surface water and cold deep water to the power plant. Land-based facilities are more accessible and can be built closer to the grid, reducing transmission costs.
Floating facilities, however, are located offshore and use a floating platform to bring warm surface water and cold deep water to the power plant. Floating facilities have the advantage of mobility, making them ideal for use in remote locations or for disaster relief operations. Floating facilities can also be built in deep waters, where the temperature gradient is greater, resulting in higher efficiency.
Industry Development
- In October 2018, National Institute of Ocean Technology (NIOT) based in Chennai announced about its plan to set up the first self-operating desalination plant using the OTEC technology at Kavaratti island in Lakshadweep Islands.
- In September 2018, Global OTEC Resources received £140,000 funds from Marine-I which helped them to establish its operation in Cornwell (UK). The project is aimed at powering the resorts at Cornwall.
- In April 2019, Global OTEC Resources announced the completion of its initial design and feasibility studies for using OTEC technology to provide energy across the Maldives. It also announced the grant of £80,000 from Maine-I for further work to be completed by the spring of 2020.
List of Key Players Covered in the Report
- Makai Ocean Engineering
- OTEC International LLC
- Bluerise, NELHA
- Bardot Group
- DCNS
- UTM OTEC
- Akuo Energy
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers 2030
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter Five Forces Analysis 2030
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Ocean Thermal Energy Conversion Plant Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Competitive Analysis
- Company Market Share Analysis, 2030
- Company Profile
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- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
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