+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

Ocean Energy (Tidal Stream and Wave) - Global Market Trajectory & Analytics

  • ID: 1227801
  • Report
  • January 2021
  • Region: Global
  • 104 Pages
  • Global Industry Analysts, Inc
The Tide Is Turning for Ocean Power. This Coming of Age Will Mean 489.7 Thousand Kilowatts in Cumulative Capacity Additions for Ocean Energy by 2027.

The global market for Ocean Power is projected to reach 489.7 Thousand Kilowatts in Cumulative Capacity Addition by the year 2027, trailing a post COVID-19 CAGR of 35.4% over the analysis period 2020 through 2027. Ocean, one of nature's biggest renewable energy sources, has potential to corner a major share of global electricity mix. New interests and technological advancements are giving rise to new industry activity. Ocean energy, one of the most abundant and predictable sources of energy, is capable of supplying about 10% of the global electricity needs. While wave and tidal energy constitute the established ocean energy technologies, there also exist other technologies such as salinity gradient and ocean thermal energy conversion Tidal energy is broadly classified into tidal range and tidal stream energy. A mature technology, tidal range energy involves creation of large tidal barrages for generating electricity. Both tidal stream and wave energy are relatively new and evolving concepts and as such do not produce sufficient energy to attain grid parity level. Presently, only tidal barrages have the potential of having economies of scale through generation and sale of electricity. With average annual per capita fossil fuel carbon dioxide emissions inching to 4.9 tones, It's time to look beyond fossil fuels for supporting humanity's energy needs. While the year 2020 is an anomaly, power consumption on an average has and will continue to spiral across both developed and developing economies in the coming years.

While electricity consumption and supply network across developed countries is strong and mature, a significant proportion of the population in several developing countries lacks access to electricity. About 16% of the global population still has no access to electricity. In sub-Saharan Africa and developing Asian countries, over 95% of the population has no access to electricity. This reflects a huge gap between demand and supply of electricity. With global population expected to massively by 2050, expansion and overhaul of existing electricity production facilities will become inevitable in order to address rapid acceleration in power consumption. Low and medium income countries outside the OECD group are expected to garner a lion's share of this population growth, owing to high GDP growth rates and disposable income levels, and rapid pace of industrialization and urbanization. The significant rise in electricity demand globally coupled with the depleting sources of fossil fuels is driving governments across the world to look towards alternate energy sources, specifically renewable technologies. It is in this scenario that renewable energy sources such as solar, wind, and ocean are gaining popularity to address the surging electricity demand, and to meet the future energy needs of the world.

Wave energy is making progress with many demonstration and pilot projects globally, such as in China, Republic of Korea, the US, Sweden, and Spain. As of 2019, Europe has total wave energy capacity of 12 MW, of which about 2 MW is currently in the water and 10 MW has been decommissioned following the completion of testing programs. Cumulative installed capacity of wave energy increased steadily in Europe since 2013, reflecting the trends in R&D funding and technological advancements that encouraged bigger and better devices. In 2019, Europe installed 600 kW of wave energy in 2019, about 25% higher capacity additions than 2018. Sub-scale devices stood for about 50% of the total installations in 2019, with AMOG, Waves4Energy, and NEMOS, all installing devices of half-scale or below. The European Commission's Ocean Energy Forum achieved its main agenda in 2016, with the Ocean Energy Strategic Roadmap publication, which aims to create a path for the development of ocean energy market in Europe. Cross border, smaller-scale co-ordination is also present in Europe. Introduced in Europe in 2016, the FORESEAi project offers competitive funding opportunities to companies engaged in ocean energy technology, to install their systems at test centers in France, the Netherlands, Ireland, and the UK. With an overall US$ 11.3 million budget (more than 50% provided by the EU), the first phase of awards was performed in 2016, while another in 2017. Tidal energy is also gaining momentum with several implementations in Canada, France, and Scotland. Nova Innovation in Scotland, along with ELSA, its Belgium-based partner, were operating the first tidal array (grid-connected) in the world that is equipped with two 100 kW M 100 direct-drive turbines installed in Bluemull Sound of Shetland. In 2017, a third turbine was deployed. At the European Marine Energy Centre (EMEC) in Scotland, Scotrenewables Tidal Power deployed a 2MW SR2000 turbine, which is considered to be the largest tidal turbine in the world. It is an integrated tidal energy generator which has two horizontal-axis turbines placed on a floating hull platform.

Select Competitors (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.
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • 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
  • EXHIBIT 1: Global Investments in Clean Energy & Efficiency Technologies (In US$ Billion) for the Years 2018, 2019 & 2020
  • Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy
  • Ocean Energy: A Prelude
  • Wave Energy
  • EXHIBIT 2: Global Wave Energy Devices Breakdown (%) by Application: 2020
  • Major Resources
  • Tidal Energy
  • Tidal Streams
  • Floating Offshore Wind Turbine (FOWT)
  • Ocean Thermal Energy
  • Salt Power
  • Ocean: One of the Largest Renewable Energy Sources
  • EXHIBIT 3: Worldwide Major Locations with Mean Tidal Range >5 Meters
  • Sustained Rise in Electric Power Consumption Drives the Need for Alternative Energy Sources
  • EXHIBIT 4: Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • EXHIBIT 5: Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • EXHIBIT 6: Estimated Global Power Generation Infrastructure Requirement (in US$ Billion) for China, India, Latin America, and North America over the Period 2010-2030
  • Shift to Renewable Sources of Energy: An Inevitable Reality
  • EXHIBIT 7: Global Energy Mix: 1990 Vs 2020
  • EXHIBIT 8: Global Renewable Energy Breakdown by Type: 2010 Vs 2030
  • EXHIBIT 9: 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
  • EXHIBIT 10: 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
  • Competition
  • Ocean Energy: A Highly Fragmented Market
  • EXHIBIT 11: Total Number of Patents Filed for Marine Energy Technology Worldwide for the Years 2000, 2005, 2010, 2015 & 2016
  • Recent Industry Activity
2. FOCUS ON SELECT PLAYERS
  • World Brands
3. MARKET TRENDS AND DRIVERS
  • Growing Number of Wave Energy Projects Worldwide Drives Strong Market Growth
  • EXHIBIT 12: 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
  • EXHIBIT 13: Select FOWT Projects Worldwide: Project Proponent, Technology, Location, Capacity (MW) and Scheduled Completion
  • EXHIBIT 14: 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
  • EXHIBIT 15: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • EXHIBIT 16: Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • 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
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Geographic Region - USA, Canada, Japan, China, Europe and Rest of World Markets - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2020 through 2027
  • TABLE 2: World Historic Review for Ocean Energy (Tidal Stream and Wave) by Geographic Region - USA, Canada, Japan, China, Europe and Rest of World Markets - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • TABLE 3: World 10-Year Perspective for Ocean Energy (Tidal Stream and Wave) by Geographic Region - Percentage Breakdown of Volume Capacity Additions for USA, Canada, Japan, China, Europe and Rest of World Markets for Years 2017, 2020 & 2027
III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • Vast Shoreline and Favorable Regulations Drive Strong Market Growth
  • Wave Power Projects in the US
  • Federal Government Funding in Ocean Energy
  • Early Stage Device Design Research Projects
  • Open Sea Test Sites in the US
  • Hawaii Powering the US Ocean Energy Market
  • Wave Energy
  • Ocean Thermal Energy
  • Market Analytics
  • TABLE 4: USA Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 5: USA Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • CANADA
  • Market Overview
  • Major Tidal Stream and Wave Energy Projects in Canada: Project Proponent, Technology, Location, Capacity (MW) and Launch Year
  • Investments in Tidal Power Increase in Canada
  • Challenges Faced
  • Canadian Open Sea Test Sites
  • Market Analytics
  • TABLE 6: Canada Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 7: Canada Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • JAPAN
  • Japan Offers Significant Opportunities in Marine Energy Generation
  • Development of Ocean Energy Gains Traction in Japan Following the Natural Disaster
  • Market Analytics
  • TABLE 8: Japan Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 9: Japan Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • CHINA
  • A New Wave Energy Turbine Commissioned on the Coast Close to Wuhan City in China
  • Ocean Energy Projects in China
  • Chinese Open Sea Test Sites
  • Technology Advancements in Tidal Power Harnessing
  • Market Analytics
  • TABLE 10: China Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 11: China Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • EUROPE
  • Myriad Benefits of Ocean Energy Promote Sustainable Energy Development
  • Europe Moves Ahead to Tap Tidal and Wave Energy
  • Mitigates Carbon Emissions and Climate Change
  • Supports Grid Stability and Lowers Systems Cost
  • Benefits Associated Sectors
  • Reduces Dependence on Diesel Generation
  • Market Analytics
  • TABLE 12: Europe Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Geographic Region - France, UK, Portugal and Rest of Europe Markets - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2020 through 2027
  • TABLE 13: Europe Historic Review for Ocean Energy (Tidal Stream and Wave) by Geographic Region - France, UK, Portugal and Rest of Europe Markets - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • TABLE 14: Europe 10-Year Perspective for Ocean Energy (Tidal Stream and Wave) by Geographic Region - Percentage Breakdown of Volume Capacity Additions for France, UK, Portugal and Rest of Europe Markets for Years 2017, 2020 & 2027
  • FRANCE
  • Market Overview
  • French Open Sea Test Sites
  • Market Analytics
  • TABLE 15: France Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 16: France Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • UNITED KINGDOM
  • Market Overview
  • UK Open Sea Test Sites
  • Major Challenges to Surmount for the UK Ocean Energy Market
  • Commercialization
  • Reduced Production Costs
  • Stability and Continuity in Policies
  • Contracts for Difference
  • Select Projects
  • Market Analytics
  • TABLE 17: UK Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 18: UK Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • PORTUGAL
  • Market Overview
  • Open Sea Sites
  • Market Analytics
  • TABLE 19: Portugal Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 20: Portugal Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • REST OF EUROPE
  • Market Overview
  • Spain Open Sea Test Sites
  • Ireland Open Sea Test Sites
  • Sweden Open Sea Test Sites
  • Denmark Open Sea Test Sites
  • Belgium Open Sea Test Sites
  • Market Analytics
  • TABLE 21: Rest of Europe Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 22: Rest of Europe Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
  • REST OF WORLD
  • Asia-Pacific
  • Australia
  • India
  • South Korea
  • Market Analytics
  • TABLE 23: Rest of World Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for the Years 2020 through 2027
  • TABLE 24: Rest of World Historic Review for Ocean Energy (Tidal Stream and Wave) - Independent Analysis of Cumulative Capacity Additions in Kilowatts for Years 2017 through 2019
IV. COMPETITION
  • Total Companies Profiled: 92
Note: Product cover images may vary from those shown
Adroll
adroll