Global Ocean Energy (Tidal Stream and Wave) Markets, 2022-2026: Despite Dominance of Tidal Energy, Wave Energy Garner Growing Attention and Investments

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May 11, 2022, 12:30 ET

DUBLIN, May 11, 2022 /PRNewswire/ -- The "Ocean Energy (Tidal Stream and Wave) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

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

The global market for Ocean Energy (Tidal Stream and Wave) estimated at 58.7 Thousand Kilowatts in the year 2020, 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.

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.

The U.S. Market is Estimated at 4.5 Thousand Kilowatts in 2021, 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 4.5 Thousand Kilowatts in the year 2021. 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.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET COVERVIEW

Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
Covid-19 Crisis Underlines the Need for Sustainable Development
Investment Scenario on Renewable Energy Remains Impacted
Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy
Ocean Energy: Prelude
Wave Energy
Major Resources
Tidal Energy
Tidal Streams
Floating Offshore Wind Turbine (FOWT)
Ocean Thermal Energy
Salt Power
Ocean: One of the Largest Renewable Energy Sources
Worldwide Major Locations with Mean Tidal Range >5 Meters
Sustained Rise in Electric Power Consumption Drives the Need for Alternative Energy Sources
Shift to Renewable Sources of Energy: An Inevitable Reality
Global Renewable Energy Breakdown by Type: 2010 Vs 2030
Global Energy Production by Energy Source (2030 & 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
Huge Untapped Kinetic Energy Potential of Oceans: A Fundamental Growth Driver
Fast Facts
Growth Drivers in a Nutshell
Key Market Inhibitors
Government Intervention Critical for Commercial Success of Ocean Energy
Targets for Electricity Production from Renewable Energy Sources in Select Countries
Global Market Outlook
Europe Leads the Global Ocean Energy Market
Asia-Pacific: Frontrunner in Tidal Barrage Power Plants

2. FOCUS ON SELECT PLAYERS (Total 49 Featured)

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.

3. MARKET TRENDS AND DRIVERS

Growing Number of Wave Energy Projects Worldwide Drives Strong Market Growth
Select Wave Power Stations Worldwide
Tidal Energy Gains Momentum
MeyGen: A Multi-Turbine Tidal Stream Project in Scotland
Tidal Energy Projects Worldwide
Select Tidal Projects (Existing & Proposed) Worldwide
Tidal Stream Projects Lends Traction to Market Growth
Ocean Thermal Energy Conversion (OTEC) - A Niche Segment
OTEC Project on the South Pacific Ocean
Select FOWT Projects Worldwide: Project Proponent, Technology, Location, Capacity (MW) and Scheduled Completion
Rising Investments in Renewable Energy Sources Benefit Market Expansion
Superior Attributes of Tidal Energy Attract New Developers, Benefits Market Adoption
Horizontal Axis Turbines Grab Lion's Share of Tidal Energy Devices
Tidal Energy: Abundant Resources despite Technology Barriers
Despite Dominance of Tidal Energy, Wave Energy Garner Growing Attention and Investments
Small Islands Provide Big Push for Ocean Thermal Energy Conversion Plants
Wave Energy Sector Sees a Wave of Innovations
Technology Developments to Harness Salt Power
Burgeoning Global Population Propels Demand for Electric Power
World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
Key Challenges Hampering Ocean Energy Development
Financial Support and Markets
Administrative and Environmental Issues
Environmental Challenges
Administrative Issues
Social Acceptance Impediments
Availability of Grid Close to Projects
Grid Integration
Technology Advancements