Global Ocean Energy (Tidal Stream and Wave) Market to Reach 348.1 Thousand Kilowatts by 2026

SAN FRANCISCO , March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Ocean Energy (Tidal Stream and Wave) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 17; Released: February 2022

Executive Engagements: 2792
Companies: 49 - Players covered include 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. and Others.
Coverage: All major geographies and key segments
Segments: Ocean Energy (Tidal Stream and Wave)
Geographies: World; USA; Canada; Japan; China; Europe; France; UK; Portugal; Rest of Europe; Rest of World.

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ABSTRACT-

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 86.2 Thousand Kilowatts in the year 2022, 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. While the current scenario in the ocean energy technologies remains challenging, the mid and long-term prospects promise a return to growth owing to factors such as the focus on renewable energy as part of climate change commitments from governments, especially in Europe. In the US, the impending changes in tax credits for renewable energy are expected to spur the industry to complete existing projects. Energy prices are forecast to spiral further in the upcoming years, as demand for energy worldwide skyrockets by over 50% over the next two decades, outstripping supply of fossil fuels. On par with developed countries, the increasing focus shed by developing countries on the environment and climate change is expected bring in vast demand potential from the developing Asian countries.

The U.S. Market is Estimated at 6 Thousand Kilowatts in 2022, 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 6 Thousand Kilowatts in the year 2022. 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. More

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