PUBLISHER: Allied Market Research | PRODUCT CODE: 1108585
PUBLISHER: Allied Market Research | PRODUCT CODE: 1108585
The global ocean power market was valued at $0.6 billion in 2021, and is projected to reach $7.8 billion by 2031, growing at a CAGR of 21.4% from 2022 to 2031.
Ocean power is a type of renewable energy, which is derived from all form of resources from sea. Ocean power finds application in water desalination, power generation, heating, water pumping, and other applications. It is one of the largest renewable contributors for power generation applications in coastal communities. Sources of ocean power production includes tidal stream, wave energy, ocean thermal energy conversion, tidal barrages, and others. Ocean power technologies such as wave energy and tidal stream are developing at a significant rate, which further opens up more revenue generation from these technologies.
Rapid growth of the renewable energy industry, owing to rise in investments and awareness toward benefits of renewable energy in developing economies significantly contribute toward growth of the global ocean power market. However, high initial cost associated with installation of tidal power plants is expected to hamper growth of the ocean power market, globally from 2022 to 2031. Conversely, rise in investments toward R&D of ocean power technologies for commercialization at a significant pace is expected to create potential growth opportunities for key players operating in this market in the upcoming years. The global ocean power market is segmented on the basis of type, application, and region. Depending on type, the market is divided into tidal barrages, tidal stream, wave energy, and others. On the basis of application, it is categorized into power generation, water desalination, and water pumping. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Type
By Application
By Region