What is Ocean Current Energy Electric Generator Market?
Ocean currents are generated from the combination of temperature, wind, rotation of the earth, salinity, and bathymetry. Ocean current energy can be produced through tidal channels or waves by coupling a generator to the turbine. Tides are caused by the gravitational pull of the sun and moon on earth while waves are caused by wind. In today’s time, energy generation from ocean currents is becoming much more popular in the coastal areas of many countries as it is a reliable source and generates a large amount of energy as compared to solar or wind. Prominent growth of wave energy in North American Regions and increasing initiative by the Indian government toward tidal wave energy generation will create significant opportunities for the market. Huge production of tidal energy in the Asia Pacific region will boost the ocean current energy electric generator market.
Highlights from Ocean Current Energy Electric Generator Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Marine Current Turbines (United Kingdom), Pelamis Wave Power (United Kingdom), Carnegie Wave Energy (Australia), Aquamarine Power (United Kingdom), Aquagen Technologies (Australia), Ocean Power Technologies (United States), Ocean Renewable Power Company (United States), S.D.E. Energy (Israel), Tenax Energy (United States) and Atlantis Resources (United Kingdom) |
The key manufacturers are increasingly focusing on innovation of product with better quality and characteristics. Further, the rising number of vendors is expected to enter in the market and enhance competition and overall market growth during the forecast period.
Marine Current Turbines (United Kingdom), Pelamis Wave Power (United Kingdom), Carnegie Wave Energy (Australia), Aquamarine Power (United Kingdom), Aquagen Technologies (Australia), Ocean Power Technologies (United States), Ocean Renewable Power Company (United States), S.D.E. Energy (Israel), Tenax Energy (United States) and Atlantis Resources (United Kingdom) are some of the key players profiled in the study. Ocean Current Energy Electric Generator Market Segmentation:
Scope | Sub-Segments |
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Type | Horizontal Shaft Generator and Vertical Shaft Generator |
End Users | Commercial-sized Power Plants,Industrial-sized Power Plants |
Energy Type | Wave Current Energy,Tide Current Energy |
On the basis of geography, the market of Ocean Current Energy Electric Generator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Ocean Current Energy Electric Generator Market Dynamics:
Attributes | Details |
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Growth Drivers | - Growing Popularity of Ocean Current Energy Over Wind and Solar Due to Its Consistency and Reliability Huge Amount of Clean Energy Generation
- Continuously Increasing Energy Demand Across the Globe Will Boost the Market
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Influencing Trends | - Increased Focus on the Improvement of Ocean Current Energy Generators to Increase Energy Production and Reduce Environmental Impact
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Restraints | - Ocean Current is Suitable Source Only for Coastal Areas or Towns Where Sea or Ocean is Near
- Concern Towards the Aquaculture or Creatures and Disturbance to the Vessels May Hinder the Ocean Current Energy Growth
- High Production Cost Associated With Tidal Energy
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Road Blocks / Challenges | - Immature Technology and Less Power Generation Capacity of Some Generators Can Create Hurdles
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Gaps & Opportunities | - Large Scale Tidal Energy Production in South Korea, Canada, and Some of the European Countries
- Focus on Renewable Energy Sources for Power Generation and Experimentation on Tidal and Wave Ocean Energy in India
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Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Ocean Current Energy Electric Generator Manufacturers, Venture Capitalists and Private Equity Firms, Regulatory Bodies, Research Organizations, End-Users and Others