Ocean Power Market to Reach $7.8 Bn, Globally, by 2031 at 21.4% CAGR: Allied Market Research

Increase in demand for energy generated by using ocean power sources and implementation of stringent government regulations toward environmental pollution from carbon-emitting fossil fuels in the power generation industry drive the growth of the global ocean power market.

PORTLAND, Ore. , June 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the global ocean power industry was estimated at $0.6 billion in 2021, and is anticipated to hit $7.8 billion by 2031, registering a CAGR of 21.4% from 2022 to 2031.

Prime determinants for growth-

Increase in demand for energy generated by using ocean power sources and implementation of stringent government regulations toward environmental pollution from carbon-emitting fossil fuels in the power generation industry drive the growth of the global ocean power market. Moreover, rapid transition from coal & other conventional power generation to renewable source-based energy generation has paved the way for lucrative opportunities for the key players in the industry.

Download Sample PDF (200 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/7250   

Covid-19 scenario- 

• Restricted operations, disrupted supply chain, shutdown of plants, and halted construction of new projects across the globe impacted the global ocean power market negatively.
• However, as the global situation has gotten back to normalcy, the global market for ocean power has also started recovering at a swift pace.

The wave energy segment to maintain the lion's share-

By type, the wave energy segment accounted for the highest market share in 2021, generating nearly half of the global ocean power market. The same segment is also anticipated to cite the fastest CAGR of 21.8% from 2022 to 2031. This is attributed to the rapid development in the renewable energy sector and rise in demand for electricity from the marine industry.

Get detailed COVID-19 impact analysis on the Ocean Power Market: https://www.alliedmarketresearch.com/request-for-customization/7250?reqfor=covid

The power generation segment to lead the trail-

By application, the power segment generated the highest share in 2021, holding more than three-fifths of the global ocean power market. The same segment is also expected to cite the fastest CAGR of 21.5% from 2022 to 2031. Rise in demand for power from the marine industry fuels the segment growth.

Europe to dominate by 2031-

By region, Europe contributed to the major market share in terms of revenue 2021, holding nearly three-fifths of the global ocean power market. The same region is also projected to cite the fastest CAGR of 21.7% from 2022 to 2031. Increase in investments and R&D toward commercialization of ocean energy to achieve future renewable energy targets by European Union member states is projected to fuel the market growth.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/7250

Prominent market players-

• Aqua-Magnetics, Inc.
• Atargis Energy Corporation
• Biopower Systems Pty Ltd.
• Carnegie Clean Energy Limited
• Minesto AB
• Applied Technologies Company, Ltd.
• Nova Innovation Ltd.
• Ocean Renewable Power Company LLC.
• Ocean Power Technologies, Inc.
• Blue Energy Canada, Inc.

Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/ocean-power-market/purchase-options

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenueTrial

Similar Reports We Have:   

Concentrated Solar Power Market is projected to reach $ 8,046.7 million by 2026, growing at a CAGR of 10.3% from 2019 to 2026

Green Hydrogen Market is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.

Solar Farm Market is projected to reach $261.0 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027.

Space-Based Solar Power Market is expected to reach $902.2 million by 2030, registering a CAGR of 7.8% from 2021 to 2030.

Bioenergy Market is expected to reach $217.8 billion by 2030, registering a CAGR of 7.6% from 2021 to 2030.

Wave and Tidal Energy Market is projected to reach $1.3 billion by 2030, growing at a CAGR of 9.4% from 2021 to 2030.

Wave Energy Market is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.

Advanced Energy Market is projected to reach $3,258.7 billion by 2030, growing at a CAGR of 6.8% from 2021 to 2030.

Wind Turbine Market is projected to reach $98.4 billion by 2030, growing at a CAGR of 6.3% from 2020 to 2030

Green Power Market is anticipated to generate $103.5 billion by 2027, growing at a CAGR of 12.3% from 2020 to 2027.

Renewable Energy Market is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

Wind Energy Market is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027

Pre-Book Now with 10% Discount:

Biomass Briquette Market - Opportunity Analysis and Industry Forecast, 2022-2029 

Hydropower Market: Global Opportunity Analysis and Industry Forecast, 2022-2029 

Advanced Biofuel Market: Global Opportunities Analysis and Industry Forecast, 2022-2029 

Wood Pellets Market: Global Opportunity Analysis and Industry Forecast, 2022-2029 

Wind Electric Power Generation Market: Global Analysis and Industry Forecast, 2022-2029 

Photo Initiator Market: Global Opportunity Analysis and Industry Forecast, 2019-2026 

Subsea Pumps Market - Global Opportunity Analysis and Industry Forecast, 2022-2029

Subsea Systems Market – Global Opportunity Analysis and Forecasts, 2022 - 2029

Wind Tower Market - Global Opportunity Analysis and Industry Forecast, 2021-2030

Shore Power Market: Global Opportunity Analysis and Industry Forecast 2022-2029

Power Generation Technologies Market: Global Analysis and Industry Forecast 2022-2029

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow us on: LinkedIn Twitter

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research