Ocean Power Market By Type, By Application : Global Opportunity Analysis and Industry Forecast, 2021-2031

Ocean Power Market By Type (Tidal Barrages, Tidal Stream, Wave Energy, Others), By Application (Power Generation, Desalination, Water Pumping): Global Opportunity Analysis and Industry Forecast, 2021-2031

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.

KEY BENEFITS FOR STAKEHOLDERS
?The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2031.
?A comprehensive analysis of the factors that drive and restrict the growth of the global ocean power market is provided.
?Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
?Estimations and forecast are based on factors impacting the global ocean power market growth, in terms of value.
?Key market players are profiled to gain an understanding of the strategies adopted by them.
?This report provides a detailed analysis of the current global ocean power market trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.

Key Market Segments

By Type
? Tidal Barrages
? Tidal Stream
? Wave Energy
? Others

By Application
? Power Generation
? Desalination
? Water Pumping

By Region
? North America
? U.S.
? Canada
? Mexico
? Europe
? Germany
? France
? U.K.
? Italy
? Spain
? Russia
? Rest of Europe
? Asia-Pacific
? China
? Japan
? India
? South Korea
? Australia
? Rest Of Asia Pacific
? LAMEA
? Brazil
? Saudi Arabia
? South Africa
? Rest of LAMEA
? Key Market Players
? 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