Ocean Power Market size was valued at $0.6 billion in 2021, and is projected to reach $7.8 billion by 2030, growing at a CAGR of 21.4% from 2022 to 2030.
The COVID-19 pandemic-related lockdown led to a temporary prohibition on manufacturing, processing, and import/export across a range of businesses, which reduced the demand for ocean power components from companies developing ocean power infrastructure. The development of the ocean power market is further hampered by the suspension of constructing and construction of renewable ocean power plants due to a lack of laborers and an expansion of the demand-supply imbalance during the pandemic period. Due to this, market growth in 2020’s second, third, and fourth quarters fell. However, the global economy rebounded and COVID-19 immunization started in many economies throughout the world in the second quarter of 2020, which led to a recovery in the ocean power industry.
Ocean power is the term used to describe energy produced by marine sources such tidal streams, wave energy, and tidal barrages. In order to meet broader environmental, social, and sustainable goals as well as global climate change targets, ocean power is a promising source of renewable energy. Applications for ocean power generating include tidal streams, water pumping, and power generation. Ocean power has a number of significant benefits, including a decrease in carbon emissions, reliable and secure energy supply, and cost savings. However, because this industry is still in the early stages of development, more R&D funding will likely be required in the years to come.
The increase in demand for energy produced utilizing ocean power sources is what is fueling the expansion of the global ocean power industry. In addition, from 2022 to 2030, the market for ocean power is expected to rise due to the implementation of strict government rules aimed at reducing environmental pollution from fossil fuels that generate carbon.
Get free sample copy of this market report: https://crediblemarkets.com/sample-request/ocean-power-market-554258
Major Players in Ocean Power market are:
Scotrenewables Tidal Power Ltd.
Tocardo International BV
Verdant Power, Inc.
AquaGen Technologies
OpenHydro Group Limited
Applied Technologies Company, Ltd.
Ocean Renewable Power Company, LLC
Aqua-Magnetics Inc.
Minesto AB
Nova Innovation Ltd.
Carnegie Clean Energy Limited
BioPower Systems Pty. Ltd.
Blue Energy Canada Inc.
Atargis Energy Corporation
Atlantis Resources Ltd.
Able Technologies L.L.C.
Albatern Ltd.
Ocean Power Technologies Inc.
Most important types of Ocean Power products covered in this report are:
Wave Power
Tidal Power
Ocean Thermal Energy
Others
Most widely used downstream fields of Ocean Power market covered in this report are:
Industrial
Commercial
Others
Top countries data covered in this report:
United States
Canada
Germany
UK
France
Italy
Spain
Russia
China
Japan
South Korea
Australia
Thailand
Brazil
Argentina
Chile
South Africa
Egypt
UAE
Saudi Arabia
Click here to purchase this market report: https://crediblemarkets.com/reports/purchase/ocean-power-market-554258?utf8=%E2%9C%93&license_type=single_user
FREQUENTLY ASKED QUESTIONS?
Q1. Which are the top companies to hold the market share in Ocean Power Industry?
Q2. Which is the largest regional market for Ocean Power?
Q3. What are the upcoming trends of Ocean Power Market?
Q4. What is the leading application of Ocean Power Market?
Q5. What is the estimated industry size of Ocean Power?
About Credible Markets:
Credible Markets has emerged as a dependable source for the market research needs of businesses within a quick time span. We have collaborated with leading publishers of market intelligence and the coverage of our reports reserve spans all the key industry verticals and thousands of micro markets. The massive repository allows our clients to pick from recently published reports from a range of publishers that also provide extensive regional and country-wise analysis. Moreover, pre-booked research reports are among our top offerings.
The collection of market intelligence reports is regularly updated to offer visitors ready access to the most recent market insights. We provide round-the-clock support to help you repurpose search parameters and thereby avail a complete range of reserved reports. After all, it is all about helping you reach an informed strategic decision about purchasing the right report that caters to all your market research demands.
Reports in the repository of Credible Markets leverage predictive analytical models to study the performance of critical market segments. We believe in the fact that demands of businesses depend on an array of parameters and thus adhere to delivering industry-specific research solutions. Our client base traversing from thriving start-ups to some of the Fortune 500 companies speaks for our expertise in providing deep-dive insights on any desired industry sectors.
Contact Us
Credible Markets Analytics
99 Wall Street 2124 New York, NY 10005
Email: sales@crediblemarkets.com
