About Marine Power
Marine power is also known as marine energy or hydrokinetic energy referred to as renewable energy which can be generated for oceans and seas the world. The waves and tides are used to produce electricity by the stored heat of the surface water. This tidal energy, wave energy, ocean current energy, etc have the huge capability of priding the consistent and affordable clean energy to the world. According to the government reports electricity generation form marine technologies has been increased by 3% in 2018, it is not fully on track yet. It requires a much higher annual growth rate of 24% through 2030, for these policies and research and development is in the process to reduce the cost and increase the large scale development.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ORPC, Inc. (Ocean Renewable Power Company) (United States), Aquamarine Power (United Kingdom), AWS Ocean Energy Ltd (United Kingdom), Carnegie Clean Energy (Australia), Ocean Power Technologies, Inc. (United States), Verdant Power (United States), Enel Green Power S.p.A (Italy), Voith GmbH & Co. KGaA (Germany), BioPower Systems Pty Ltd (BPS) (Australia) and Wello Oy (Finland) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Marine Power market by Type (Wave Energy ( Absorbers, Attenuators, Others), Tidal Energy (Tidal Streams, Barrages, Others), Ocean Current Energy, Ocean Thermal Energy and Osmotic Energy), Application (Industrial, Commercial and Others) and Region.
On the basis of geography, the market of Marine Power 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).
Influencing Trend:
Emerging Test Centers for Commercialisation of Marine Power Systems
Market Growth Drivers:
Increasing Demand for Power or Energy Globally and Growing Research and Development in the Power Generation Industry
Challenges:
Problems Associated with Installation, Maintenance, and Operation of Marine Technologies
Restraints:
Economic Cost Associated with the Marine Power Technologies, Stringent Regulatory Norms and Adverse Effects of Marine Power Generation on Environment Primarily Aquatic Animals
Opportunities:
Government Support and Investment in Marine Power will Increase the Market Growth and The Growing Tidal Energy Sector is Boosting the Market
Market Leaders and their expansionary development strategies
In August 2023, The UK-based Kohler distributor Atlantis Marine Power has been purchased by SAIM Group. The acquisition strengthens SAIM presence on international markets and give more opportunities to the distribution in the UK.
In November 2023, Northern Lights has announced its latest innovation in clean, efficient commercial marine power generation: the C4105 and C6105 series. Built for reliability, durability, simplicity and high performance, the Northern Lights C4105 and C6105 are robust commercial marine diesel generators that stand up to heavy-duty demands and offer long-term economic advantages.
"The U.S. Department of Energy partnered with the International Energy Agency’s Ocean Energy Systems initiative to create Tethys, a database and knowledge management system that provides access to information and research about the potential environmental effects of offshore wind and marine and hydrokinetic development. Tethys also hosts data from Annex IV, an international collaboration to gather information on MHK environmental research worldwide."
Key Target Audience
Marine Power Producer, Marine Power System and Device Manufacturers, Research and Development Institutes, Regulatory Bodies, Industry Association, Financial Institutes, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.