Ocean Power Market, By Type (Tidal Barrages, Tidal Stream, Wave Energy, and Others), By Application (Power Generation, Desalination, Water Pumping, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Description

The Ocean Power Market is estimated to be valued at USD 1,144.2 Mn in 2024 and is expected to reach USD 3,981.8 Mn by 2031, exhibitinga compound annual growth rate (CAGR) of 19.5% from 2024 to 2031.

Report Coverage		Report Details
Base Year:	2023	Market Size in 2024:	US$ 1,144.2 Mn
Historical Data for:	2019 To 2023	Forecast Period:	2024 to 2031
Forecast Period 2024 to 2031 CAGR:	19.50%	2031 Value Projection:	US$ 3,981.8 Mn

Figure. Ocean Power Market Share (%), By Region 2024

The ocean power market has been witnessing significant growth in the past decade due to growing awareness about clean and renewable energy sources. Ocean power or marine power is the energy that is harnessed from ocean waves, tides, salinity, and ocean thermal energy conversion. Instead of using conventional sources like coal and oil which cause pollution, ocean power is an eco-friendlier option to generate electricity from the vast ocean waters. With rapid industrialization across the world, the demand for electricity is rising exponentially which is boosting the development of ocean power technologies. Countries with long coastal lines are especially focusing on harnessing the hydro power potential of oceans to meet their growing energy needs in an environmentally sustainable manner.

Market Dynamics:

The ocean power market is driven by factors such as rising energy demand globally, supportive government policies and regulations promoting renewable energy, and increasing concerns about climate change. Countries around the world are announcing ambitious targets to increase the share of renewable sources in their overall energy mix which is providing a big impetus to the ocean power industry. However, high initial installation and maintenance costs of ocean power plants pose a major challenge to the large-scale adoption of this technology. Geographical and weather constraints related to site selection and operation of offshore structures are other key restraints. On the positive side, continuous technology advancements are helping to reduce costs and improve efficiency. Also, growing investments in research and development of ocean energy devices present lucrative opportunities for market players.

Key Features of the Study:

This report provides in-depth analysis of the global ocean power market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global ocean power market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include AWS Ocean Energy, CalWave, Ocean Harvesting, CorPower Ocean, Applied Technologies Company Ltd., Aqua-Magnetics Inc., Atargis Energy Corporation, Able Technologies L.L.C., Alba tern Ltd, Aquagen Technologies, Aqua-Magnetics Inc, Biopower Systems Pty Ltd., Blue Energy Canada Inc., Carnegie Clean Energy Limited, Minesto AB, Nova Innovation Ltd., Mocean Energy, Andritz Hydro Hammerfest, Ocean Renewable Power Company LLC, Tenax Energy
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global ocean power market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global ocean power market.

Detailed Segmentation-

By Type:
- Tidal Barrages
- Tidal Stream
- Wave Energy
- Others
By Application:
- Power Generation
- Desalination
- Water Pumping
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Company Profiles:
- AWS Ocean Energy
- CalWave
- Ocean Harvesting
- CorPower Ocean
- Applied Technologies Company Ltd.
- Aqua-Magnetics Inc.
- Atargis Energy Corporation
- Able Technologies L.L.C.
- Alba tern Ltd
- Aquagen Technologies
- Aqua-Magnetics Inc
- Biopower Systems Pty Ltd.
- Blue Energy Canada Inc.
- Carnegie Clean Energy Limited
- Minesto AB
- Nova Innovation Ltd.
- Mocean Energy
- Andritz Hydro Hammerfest
- Ocean Renewable Power Company LLC
- Tenax Energy

Product Code: CMI7168

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER's Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Mergers and Acquisitions

4. Global Ocean Power Market - Impact of Coronavirus (COVID-19) Pandemic

Overview
Factors Affecting the Global Ocean Power Market
Impact Analysis

5. Global Ocean Power Market, By Type, 2019-2031, (US$ Mn)

Introduction
- Market Share Analysis, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Tidal Barrages
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends
Tidal Stream
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends
Wave Energy
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends

6. Global Ocean Power Market, By Application, 2019-2031, (US$ Mn)

Introduction
- Market Share Analysis, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Power Generation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends
Desalination
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends
Water Pumping
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Mn)
- Segment Trends

7. Global Ocean Power Market, By Region, 2019-2031, (US$ Mn)

Introduction
- Market Share Analysis, By Region, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020-2031
North America
- Introduction
- Market Size and Forecast, By Type, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Application, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Country, 2019 - 2031, (US$ Mn)
  - U.S.
  - Canada
Latin America
- Introduction
- Market Size and Forecast, By Type, 2019 - 2031, (US$ Mn))
- Market Size and Forecast, By Application, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Country, 2019 - 2031, (US$ Mn)
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Europe
- Introduction
- Market Size and Forecast, By Type, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Application, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Country, 2019 - 2031, (US$ Mn)
  - U.K.
  - Germany
  - Italy
  - France
  - Spain
  - Russia
  - Rest of Europe
Asia Pacific
- Introduction
- Market Size and Forecast, By Type, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Application, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Country, 2019 - 2031, (US$ Mn)
  - China
  - India
  - Japan
  - ASEAN
  - Australia
  - South Korea
  - Rest of Asia Pacific
Middle East & Africa
- Introduction
- Market Size and Forecast, By Type, 2019 - 2031, (US$ Mn)
- Market Size and Forecast, By Application, 2019 - 2031 (US$ Mn)
- Market Size and Forecast, By Country, 2019 - 2031, (US$ Mn)
  - GCC Countries
  - Israel
  - Rest of Middle East & Africa

8. Competitive Landscape

Market Share Analysis
Company Profiles
- AWS Ocean Energy
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- CalWave
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Ocean Harvesting
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- CorPower Ocean
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Applied Technologies Company Ltd.
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Aqua-Magnetics Inc.
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Atargis Energy Corporation
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Able Technologies L.L.C.
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Alba tern Ltd
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Aquagen Technologies
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Aqua-Magnetics Inc
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Biopower Systems Pty Ltd.
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Blue Energy Canada Inc.
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Carnegie Clean Energy Limited
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Minesto AB
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Nova Innovation Ltd.
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Mocean Energy
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Andritz Hydro Hammerfest
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Ocean Renewable Power Company LLC
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates
- Tenax Energy
  - Company Overview
  - Type Portfolio
  - Recent Developments/Updates

9. Analyst Recommendations

Wheel of Fortune
Analyst View
Coherent Opportunity Map

10. Section

References
Research Methodology
About Us and Sales Contact
- Browse 25 market data tables* and 20 figures* on "Global Ocean Power Market" - Global forecast to 2031.