The report presents a comprehensive research of the global ocean power market by technology, including tidal power and wave power. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
Market driver: growing need for reducing the dependency on fossil fuel
The burning of coal causes carbon dioxide emission, which has a major impact on the environment. However, it is one of the most commonly used sources for baseload power due to its low cost and easy availability. Governments across the world are adopting renewable energy to regulate carbon dioxide emissions to decarbonize the power system. The growing environmental concerns have forced countries to adopt a diversified energy mix by increasing the share of low/no carbon sources, such as wind, solar, geothermal, and ocean power.
According to a senior analyst at Technavio for power research, “Renewable energy sources such as ocean power are an attractive alternative source of power as they are easy to install and do not emit any direct greenhouse gases. When compared to other renewable energy sources, ocean power is predictable in nature as coastlines experience two low tides and two high tides daily. This allows the operator to transform the wave motion into electricity that becomes a substitute for base load.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: increasing focus on clean energy development
The energy mix is being redefined globally, where the year on year power edition has been on the rise from renewable sources than fossil fuel sources, thus progressing towards a clean energy future. Harnessing the entire ocean energy could generate up to 20,000 TWh of electricity, approximately. Many countries have started supporting the development of ocean power to enhance energy diversity. Many organizations are working towards collaborating countries to enhance the research, development, and demonstration (RD&D) activities of ocean power technologies for electricity generation.
Market challenge: high project cost
Ocean energy has attracted a lot of interest from the industry players due to its immense potential, however, it only contributes to only a small share of the final energy generation. As compared to other renewables such as solar and wind, the ocean energy technology has not taken off completely due to the high investment that is required in financing the project, and the limited commercial experience. A wide range of devices that are available is still in their demonstration stage. This creates a lot of uncertainty involved in the projects increasing the lifecycle cost.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
|Technavio’s best deals of the month!|
Celebrate Earth Day and clean energy with Technavio. Get 30% discount on all Energy reports. Offer valid from 12th March - 18th March.
Get 20% off on all Media and Entertainment Services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.