Global Ocean Power Market – Trends, Drivers, and Challenges | Technavio

LONDON–(BUSINESS WIRE)–#Energy–The global
ocean power market is expected to grow at a CAGR of over 10%
during the period 2018-2022, according to a new market research study 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.

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Market driver: growing need for reducing the dependency on fossil fuel

The burning of coal causes carbon dioxide emission, which has a major
impact on the environment. However, it is one of the most commonly used
sources for baseload power due to its low cost and easy availability.
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 for power
research, “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. When compared to other
renewable energy sources, ocean power is predictable in nature as
coastlines experience two low tides and two high tides daily. This
allows the operator to transform the wave motion into electricity that
becomes a substitute for base load.”

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Market trend: increasing focus on clean energy development

The energy mix is being redefined globally, where the year on year power
edition has been on the rise from renewable sources than fossil fuel
sources, thus progressing towards a clean energy future. Harnessing the
entire ocean energy could generate up to 20,000 TWh of electricity,
approximately. Many countries have started supporting the development of
ocean power to enhance energy diversity. Many organizations are working
towards collaborating countries to enhance the research, development,
and demonstration (RD&D) activities of ocean power technologies for
electricity generation.

Market challenge: high project cost

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 project, and the limited commercial experience. A wide
range of devices that are available is still in their demonstration
stage. This creates a lot of uncertainty involved in the projects
increasing the lifecycle cost.

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