Global Ocean Power Market - Trends, Drivers, and Challenges | Technavio

Technavio has published a new market research report on the global ocean power market from 2018-2022. (Graphic: Business Wire)

LONDON--()--The global ocean power market is expected to grow at a CAGR of over 10% during the period 2018-2022, according to a new market research study by Technavio.

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.

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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.”

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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.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global ocean power market is expected to grow at a CAGR of over 10% during 2018-2022, according to a new market research study by Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com