New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Ocean Energy (Tidal Stream and Wave) Industry" - https://www.reportlinker.com/p06032361/?utm_source=GNW
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Global Ocean Energy (Tidal Stream and Wave) Market to Reach 348.1 Thousand Kilowatts by 2026
Ocean energy, also called marine energy, marine power and marine renewable energy, relates to energy that is harnessed from ocean waves, tidal streams, tidal range, ocean currents, salinity gradients, and temperature gradients without the emission of harmful greenhouse gases. The growing global focus on energy efficiency against a backdrop of rising energy costs and environmental pollution is poised to benefit the market for ocean energy. With the energy industry of the future moving towards a decentralized supply model as mirrored by the evolution of smart grids, power grid configurations are forecast to change over time. As smaller power plants mushroom under the decentralized structure, tapping into solar, wind, ocean, and biomass becomes a necessity. Ocean energy, in this regard, helps reduce the inefficiencies, which incidentally represents a critical need especially against the backdrop of growing contribution of renewable energy to the overall energy mix. The market is also expected to gain from the technologies` efficient monitoring and smart architecture. The technology`s high reliability and predictability index is likely to result in it gaining more preference as compared to its traditional counterparts.
Amid the COVID-19 crisis, the global market for Ocean Energy (Tidal Stream and Wave) estimated at 58.7 Thousand Kilowatts in the year 2020, is projected to reach a revised size of 348.1 Thousand Kilowatts by 2026, growing at a CAGR of 35.4% over the analysis period.
The U.S. Market is Estimated at 4.5 Thousand Kilowatts in 2021, While China is Forecast to Reach 32.8 Thousand Kilowatts by 2026
The Ocean Energy (Tidal Stream and Wave) market in the U.S. is estimated at 4.5 Thousand Kilowatts in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 32.8 Thousand Kilowatts by the year 2026 trailing a CAGR of 37.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 34.6% and 33.5% respectively over the analysis period. Various policy systems and initiatives are being implemented in the EU to enable ocean energy technologies to become cost effective, for obtaining the advantages offered by these technologies. The region remains the leader in tidal and wave technologies, and has investments to the tune of over EUR 100 million in ocean energy systems. In Asia-Pacific region, a major contributor of this growth is commissioning of Sihwa Lake Tidal Power Station having 254 MW capacity in 2011 in South Korea, becoming world`s largest tidal power plant, replacing France`s Rance Tidal Power Station. On the other hand, North American tidal and wave energy market is still struggling to find its feet on account of demonstration projects being stuck on account of governmental sanctions and want of funds.
Select Competitors (Total 49 Featured) -
- Applied Technologies Company, Ltd.
- Aqua-Magnetics Inc.
- Atargis Energy Corporation
- BioPower Systems Pty. Ltd.
- Blue Energy Canada Inc.
- Carnegie Clean Energy Limited
- Minesto AB
- Nova Innovation Ltd.
- Ocean Power Technologies Inc.
- Ocean Renewable Power Company, LLC
- Orbital Marine Power
- SIMEC Atlantis Energy Ltd
- Tocardo International BV
- Verdant Power, Inc.
Read the full report: https://www.reportlinker.com/p06032361/?utm_source=GNW
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET COVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
Covid-19 Crisis Underlines the Need for Sustainable Development
Investment Scenario on Renewable Energy Remains Impacted
Global Investments in Clean Energy & Efficiency Technologies:
(In US$ Billion) for the Years 2018, 2019 & 2020
Inevitable Rise in Energy Demand Post COVID-19 to Throw
Spotlight on Renewable Energy
Ocean Energy (Tidal Stream and Wave) - Global Key Competitors
Percentage Market Share in 2022 (E)
Ocean Energy: Prelude
Wave Energy
Global Wave Energy Devices Breakdown (%) by Application: 2017
Major Resources
Tidal Energy
Tidal Streams
Floating Offshore Wind Turbine (FOWT)
Ocean Thermal Energy
Salt Power
Ocean: One of the Largest Renewable Energy Sources
Worldwide Major Locations with Mean Tidal Range >5 Meters
Sustained Rise in Electric Power Consumption Drives the Need
for Alternative Energy Sources
Projected Global Demand for Electricity (MWh): 2015, 2020,
2025, 2030 & 2035
Global Primary Energy Consumption (Billion toe): Growth
Trajectory for the Period 1990-2040
Estimated Global Power Generation Infrastructure Requirement:
(in US$ Billion) for China, India, Latin America, and North
America over the Period 2010-2030
Shift to Renewable Sources of Energy: An Inevitable Reality
Global Energy Mix: 1990 Vs 2020
Global Renewable Energy Breakdown by Type: 2010 Vs 2030
Global Energy Production by Energy Source (2030 & 2040):
Breakdown of Electricity (Billion Kilowatt Hours) and
Percentage Share for Petroleum, Nuclear, Natural Gas, Coal
and Renewables
Huge Untapped Kinetic Energy Potential of Oceans: A Fundamental
Growth Driver
Fast Facts
Growth Drivers in a Nutshell
Key Market Inhibitors
Government Intervention Critical for Commercial Success of
Ocean Energy
Targets for Electricity Production from Renewable Energy
Sources in Select Countries
Global Market Outlook
Europe Leads the Global Ocean Energy Market
Asia-Pacific: Frontrunner in Tidal Barrage Power Plants
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS AND DRIVERS
World Brands
Competition
Ocean Energy: A Highly Fragmented Market
Total Number of Patents Filed for Marine Energy Technology
Worldwide for the Years 2000, 2005, 2010, 2015 & 2016
Recent Industry Activity
Competitive Market Presence - Strong/Active/Niche/Trivial for
Players Worldwide in 2022 (E)
Growing Number of Wave Energy Projects Worldwide Drives Strong
Market Growth
Select Wave Power Stations Worldwide
Tidal Energy Gains Momentum
MeyGen: A Multi-Turbine Tidal Stream Project in Scotland
Tidal Energy Projects Worldwide
Select Tidal Projects (Existing & Proposed) Worldwide
Tidal Stream Projects Lends Traction to Market Growth
Ocean Thermal Energy Conversion (OTEC) - A Niche Segment
OTEC Project on the South Pacific Ocean
Select FOWT Projects Worldwide: Project Proponent, Technology,
Location, Capacity (MW) and Scheduled Completion
Select FOWT Projects Worldwide: Project Proponent, Technology,
Location, Capacity (MW) and Scheduled Completion
Rising Investments in Renewable Energy Sources Benefit Market
Expansion
Superior Attributes of Tidal Energy Attract New Developers,
Benefits Market Adoption
Horizontal Axis Turbines Grab Lion?s Share of Tidal Energy Devices
Tidal Energy: Abundant Resources despite Technology Barriers
Despite Dominance of Tidal Energy, Wave Energy Garner Growing
Attention and Investments
Small Islands Provide Big Push for Ocean Thermal Energy
Conversion Plants
Wave Energy Sector Sees a Wave of Innovations
Technology Developments to Harness Salt Power
Burgeoning Global Population Propels Demand for Electric Power
World Population (in Thousands) by Geographic Region for the
Years 2019, 2030, 2050, 2100
Degree of Urbanization Worldwide: Urban Population as a % of
Total Population by Geographic Region for the Years 1950,
1970, 1990, 2018, 2030 and 2050
Key Challenges Hampering Ocean Energy Development
Financial Support and Markets
Administrative and Environmental Issues
Environmental Challenges
Administrative Issues
Social Acceptance Impediments
Availability of Grid Close to Projects
Grid Integration
Technology Advancements
4. GLOBAL MARKET PERSPECTIVE
Table 1: World Recent Past, Current & Future Analysis for Ocean
Energy (Tidal Stream and Wave) by Geographic Region - USA,
Canada, Japan, China, Europe and Rest of World Markets -
Independent Analysis of Annual Capacity Additions in Kilowatts
for Years 2020 through 2027 and % CAGR
Table 2: World Historic Review for Ocean Energy (Tidal Stream
and Wave) by Geographic Region - USA, Canada, Japan, China,
Europe and Rest of World Markets - Independent Analysis of
Annual Capacity Additions in Kilowatts for Years 2017 through
2019 and % CAGR
Table 3: World 10-Year Perspective for Ocean Energy (Tidal
Stream and Wave) by Geographic Region - Percentage Breakdown of
Volume Capacity Additions for USA, Canada, Japan, China, Europe
and Rest of World Markets for Years 2017, 2021 & 2027
III. MARKET ANALYSIS
UNITED STATES
Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/
Active/Niche/Trivial - Key Competitors in the United States
for 2022 (E)
Vast Shoreline and Favorable Regulations Drive Strong Market
Growth
Wave Power Projects in the US
Federal Government Funding in Ocean Energy
Early Stage Device Design Research Projects
Open Sea Test Sites in the US
Hawaii Powering the US Ocean Energy Market
Wave Energy
Ocean Thermal Energy
Table 4: USA Recent Past, Current & Future Analysis for Ocean
Energy (Tidal Stream and Wave) by Segment - Ocean Energy -
Independent Analysis of Annual Capacity Additions in Kilowatts
for the Years 2020 through 2027 and % CAGR
Table 5: USA Historic Review for Ocean Energy (Tidal Stream and
Wave) by Segment - Ocean Energy Markets - Independent Analysis
of Annual Capacity Additions in Kilowatts for Years 2017
through 2019 and % CAGR
CANADA
Major Tidal Stream and Wave Energy Projects in Canada: Project
Proponent, Technology, Location, Capacity (MW) and Launch Year
Investments in Tidal Power Increase in Canada
Challenges Faced
Canadian Open Sea Test Sites
Table 6: Canada Recent Past, Current & Future Analysis for
Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy -
Independent Analysis of Annual Capacity Additions in
Kilowatts for the Years 2020 through 2027 and % CAGR
Table 7: Canada Historic Review for Ocean Energy (Tidal Stream
and Wave) by Segment - Ocean Energy Markets - Independent
Analysis of Annual Capacity Additions in Kilowatts for Years
2017 through 2019 and % CAGR
JAPAN
Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/
Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
Japan Offers Significant Opportunities in Marine Energy Generation
Development of Ocean Energy Gains Traction in Japan Following
the Natural Disaster
Table 8: Japan Recent Past, Current & Future Analysis for Ocean
Energy (Tidal Stream and Wave) by Segment - Ocean Energy -
Independent Analysis of Annual Capacity Additions in Kilowatts
for the Years 2020 through 2027 and % CAGR
Table 9: Japan Historic Review for Ocean Energy (Tidal Stream
and Wave) by Segment - Ocean Energy Markets - Independent
Analysis of Annual Capacity Additions in Kilowatts for Years
2017 through 2019 and % CAGR
CHINA
Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/
Active/Niche/Trivial - Key Competitors in China for 2022 (E)
A New Wave Energy Turbine Commissioned on the Coast Close to
Wuhan City in China
Ocean Energy Projects in China
Chinese Open Sea Test Sites
Technology Advancements in Tidal Power Harnessing
Table 10: China Recent Past, Current & Future Analysis for
Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy -
Independent Analysis of Annual Capacity Additions in
Kilowatts for the Years 2020 through 2027 and % CAGR
Table 11: China Historic Review for Ocean Energy (Tidal Stream
and Wave) by Segment - Ocean Energy Markets - Independent
Analysis of Annual Capacity Additions in Kilowatts for Years
2017 through 2019 and % CAGR
EUROPE
Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/
Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
Myriad Benefits of Ocean Energy Promote Sustainable Energy
Development
Europe Moves Ahead to Tap Tidal and Wave Energy
Mitigates Carbon Emissions and Climate Change
Supports Grid Stability and Lowers Systems Cost
Benefits Associated Sectors
Reduces Dependence on Diesel Generation
Table 12: Europe Recent Past, Current & Future Analysis for
Ocean Energy (Tidal Stream and Wave) by Geographic Region -
France, UK, Portugal and Rest of Europe Markets - Independent
Analysis of Annual Capacity Additions in Kilowatts for Years
2020 through 2027 and % CAGR
Table 13: Europe Historic Review for Ocean Energy (Tidal Stream
and Wave) by Geographic Region - France, UK, Portugal and Rest
of Europe Markets - Independent Analysis of Annual Capacity
Additions in Kilowatts for Years 2017 through 2019 and % CAGR
Table 14: Europe 10-Year Perspective for Ocean Energy (Tidal
Stream and Wave) by Geographic Region - Percentage Breakdown of
Volume Capacity Additions for France, UK, Portugal and Rest of
Europe Markets for Years 2017, 2021 & 2027
FRANCE
Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/
Active/Niche/Trivial - Key Competitors in France for 2022 (E)
French Open Sea Test Sites
Table 15: France Recent Past, Current & Future Analysis for
Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy -
Independent Analysis of Annual Capacity Additions in
Kilowatts for the Years 2020 through 2027 and % CAGR
Table 16: France Historic Review for Ocean Energy (Tidal Stream
and Wave) by Segment - Ocean Energy Markets - Independent
Analysis of Annual Capacity Additions in Kilowatts for Years
2017 through 2019 and % CAGR
UNITED KINGDOM
Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/
Active/Niche/Trivial - Key Competitors in the United Kingdom
for 2022 (E)
UK Open Sea Test Sites
Major Challenges to Surmount for the UK Ocean Energy Market
Commercialization
Reduced Production Costs
Stability and Continuity in Policies
Contracts for Difference
Select Projects
Table 17: UK Recent Past, Current & Future Analysis for Ocean
Energy (Tidal Stream and Wave) by Segment - Ocean Energy -
Independent Analysis of Annual Capacity Additions in Kilowatts
for the Years 2020 through 2027 and % CAGR
Table 18: UK Historic Review for Ocean Energy (Tidal Stream and
Wave) by Segment - Ocean Energy Markets - Independent Analysis
of Annual Capacity Additions in Kilowatts for Years 2017
through 2019 and % CAGR
PORTUGAL
Table 19: Portugal Recent Past, Current & Future Analysis for
Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy -
Independent Analysis of Annual Capacity Additions in
Kilowatts for the Years 2020 through 2027 and % CAGR
Table 20: Portugal Historic Review for Ocean Energy (Tidal
Stream and Wave) by Segment - Ocean Energy Markets -
Independent Analysis of Annual Capacity Additions in Kilowatts
for Years 2017 through 2019 and % CAGR
REST OF EUROPE
Portugal
Open Sea Sites
Spain Open Sea Test Sites
Ireland Open Sea Test Sites
Sweden Open Sea Test Sites
Denmark Open Sea Test Sites
Belgium Open Sea Test Sites
Table 21: Rest of Europe Recent Past, Current & Future Analysis
for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean
Energy - Independent Analysis of Annual Capacity Additions in
Kilowatts for the Years 2020 through 2027 and % CAGR
Table 22: Rest of Europe Historic Review for Ocean Energy
(Tidal Stream and Wave) by Segment - Ocean Energy Markets -
Independent Analysis of Annual Capacity Additions in Kilowatts
for Years 2017 through 2019 and % CAGR
REST OF WORLD
Asia-Pacific
Australia
India
South Korea
Table 23: Rest of World Recent Past, Current & Future Analysis
for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean
Energy - Independent Analysis of Annual Capacity Additions in
Kilowatts for the Years 2020 through 2027 and % CAGR
Table 24: Rest of World Historic Review for Ocean Energy (Tidal
Stream and Wave) by Segment - Ocean Energy Markets -
Independent Analysis of Annual Capacity Additions in Kilowatts
for Years 2017 through 2019 and % CAGR
IV. COMPETITION
Total Companies Profiled: 49
Read the full report: https://www.reportlinker.com/p06032361/?utm_source=GNW
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