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

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    Report

  • 202 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1227801

FEATURED COMPANIES

  • Aqua-Magnetics Inc.
  • Blue Energy Canada Inc.
  • Minesto AB
  • Nova Innovation Ltd.
  • Orbital Marine Power
  • SIMEC Atlantis Energy Ltd

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


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.

Amid the COVID-19 crisis, the global market for Ocean Energy (Tidal Stream and Wave) estimated at 86.2 Thousand Kilowatts in the year 2022, 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. While the current scenario in the ocean energy technologies remains challenging, the mid and long-term prospects promise a return to growth owing to factors such as the focus on renewable energy as part of climate change commitments from governments, especially in Europe. In the US, the impending changes in tax credits for renewable energy are expected to spur the industry to complete existing projects. Energy prices are forecast to spiral further in the upcoming years, as demand for energy worldwide skyrockets by over 50% over the next two decades, outstripping supply of fossil fuels. On par with developed countries, the increasing focus shed by developing countries on the environment and climate change is expected bring in vast demand potential from the developing Asian countries.

The U.S. Market is Estimated at 6 Thousand Kilowatts in 2022, 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 6 Thousand Kilowatts in the year 2022. 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.

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.

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year

FEATURED COMPANIES

  • Aqua-Magnetics Inc.
  • Blue Energy Canada Inc.
  • Minesto AB
  • Nova Innovation Ltd.
  • Orbital Marine Power
  • SIMEC Atlantis Energy Ltd

I. METHODOLOGYII. 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
  • 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 (Tidal Stream and Wave) - Global Key Competitors Percentage Market Share in 2022 (E)
  • Ocean Energy: Prelude
  • Wave Energy
  • Global Wave Energy Devices Breakdown (%) by Application: 2017
  • 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
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • 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
  • Global Energy Mix: 1990 Vs 2020
  • 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
  • World Brands
  • Competition
  • Ocean Energy: A Highly Fragmented Market
  • Total Number of Patents Filed for Marine Energy Technology Worldwide for the Years 2000, 2005, 2010, 2015 & 2016
  • Recent Industry Activity
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
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
  • 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
  • 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 Recent Past, 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 Annual Capacity Additions in Kilowatts for Years 2020 through 2027 and % CAGR
  • 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 Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
  • 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, 2021 & 2027
III. MARKET ANALYSIS
UNITED STATES
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • 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
  • TABLE 4: USA Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 5: USA Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
CANADA
  • 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
  • TABLE 6: Canada Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 7: Canada Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
JAPAN
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Japan Offers Significant Opportunities in Marine Energy Generation
  • Development of Ocean Energy Gains Traction in Japan Following the Natural Disaster
  • TABLE 8: Japan Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 9: Japan Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
CHINA
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • 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
  • TABLE 10: China Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 11: China Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
EUROPE
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • 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
  • TABLE 12: Europe Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Geographic Region - France, UK, Portugal and Rest of Europe Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2020 through 2027 and % CAGR
  • 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 Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
  • 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, 2021 & 2027
FRANCE
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
  • French Open Sea Test Sites
  • TABLE 15: France Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 16: France Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
UNITED KINGDOM
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
  • 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
  • TABLE 17: UK Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 18: UK Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
  • PORTUGAL
  • TABLE 19: Portugal Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 20: Portugal Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
REST OF EUROPE
  • Portugal
  • Open Sea Sites
  • 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
  • TABLE 21: Rest of Europe Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 22: Rest of Europe Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
REST OF WORLD
  • Asia-Pacific
  • Australia
  • India
  • South Korea
  • TABLE 23: Rest of World Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027 and % CAGR
  • TABLE 24: Rest of World Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019 and % CAGR
IV. COMPETITION
  • Total Companies Profiled: 49

A selection of companies mentioned in this report includes:

  • 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.