Global Ocean Energy Market: Insights, Market Size, Share, Growth, Trends Analysis and Forecast to 2021
Ocean energy is a renewable form of energy that is harnessed from sea it includes wave energy, tidal energy and ocean thermal energy. Global demand for energy is increasing exponentially over the time wherein ocean energy can play a vital role in filling up the demand-supply gap. Ocean energy has potential to generate 20,000-80,000 TWh of electricity by movement in tides, currents, waves and by changes in ocean temperature. However there are certain geographical and environmental issues and in order to capitalize in ocean energy source international collaboration is necessary. Government should come up with policies to support ocean energy market. It should also include schemes and incentives to carry development of ocean energy market and its value chain. Global ocean energy market can be segmented on the basis of various energy converting technologies such as wave energy, current energy, tidal energy and ocean thermal energy conversion.
Global ocean energy market is primarily driven by increase in energy demand along with growing government mandates for renewable energy sources. Additionally some countries such as Sweden, Germany and Italy have taken initiatives to shift towards renewable energy which is expected to augment the market growth over the forecast period. Other driving factors such as volatile crude oil prices and energy security concerns will propel the ocean energy market demand. On the other hand, high initial cost and technical difficulties are major challenges retraining the global ocean energy market in coming future. However government regulations in some countries have eased licensing, deployment & operation and grid access to attract the investors towards the ocean energy which has enabled commercialization of ocean energy market.
Some of the potential countries in the global ocean energy market are Australia, Canada, Ireland, South Korea and France that have employed pilot projects and some of them have moved step further towards commercialization. Europe is one of the leading regional markets in global ocean energy market over past few years. Some of the countries in this region such as Sweden, Germany and UK have better government support in form of incentives, industrial policies and regulations. Followed by this are Oceania and Asia-Pacific regions to include larger share of ocean energy and it is expected to boost up on the global ocean energy market. Some of the key players in the global ocean energy market are 40South Energy, Able Technologies LLC, Abengoa Seapower, AlbaTERN, Acubens, Aqua-Magnetics Inc., AeroVironment Inc, Applied Technologies Company Ltd., Aquamarine Power Ltd., Aquagen Technologies, Atargis Energy Corporation, Ocean Power Technologies Inc., Atlantis Resources Ltd., Marine Current Turbines Ltd. and others.