The global ocean power market is expected to grow at a compound annual growth rate of over 10 percent during the period 2018-2022, according to a new market research study, Global Ocean Power Market 2018-2022, by Technavio.
The report presents a comprehensive research of the global ocean power market by technology, including tidal power and wave power. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
Governments across the world are adopting renewable energy to regulate carbon dioxide emissions to decarbonize the power system. The growing environmental concerns have forced countries to adopt a diversified energy mix by increasing the share of low/no carbon sources, such as wind, solar, geothermal, and ocean power.
According to a senior analyst at Technavio,“Renewable energy sources such as ocean power are an attractive alternative source of power as they are easy to install and do not emit any direct greenhouse gases.”
Harnessing the entire ocean energy could generate approximately 20,000 TWh of electricity. Many countries have started supporting the development of ocean power to enhance energy diversity. Scores of organizations are working towards collaborating countries to enhance the research, development, and demonstration activities of ocean power technologies for electricity generation.
Ocean energy has attracted a lot of interest from the industry players due to its immense potential, however, it only contributes to only a small share of the final energy generation. As compared to other renewables such as solar and wind, the ocean energy technology has not taken off completely due to the high investment that is required in financing the projects, and the limited commercial experience. A wide range of devices are still in their demonstration stage. This creates a lot of uncertainty involved in the projects increasing the lifecycle cost.