Ocean Energy Market Scope
The increasing demand of clean energy development and reducing the dependency on fossil fuels are identified as a key market trend that will gain traction in upcoming years. The European Union creates a strong environment mission for the development of ocean energy, improves access to funding and enhance business opportunities for their state members.
According to AMA, the Global Ocean Energy market is expected to see growth rate of 37.8% Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Ocean Energy market throughout the predicted period.
Able Technologies, LLC. (United States), Albatern Ltd. (United Kingdom), Applied Technologies Company, Ltd. (Russia), AquaGen Technologies (Australia), Aqua-Magnetics Inc. (United States), Atargis Energy Corporation (United States), Atlantis Resources Ltd. (United Kingdom), BioPower Systems Pty. Ltd. (Australia), Blue Energy Canada Inc. (Canada), Carnegie Clean Energy Limited (Australia), Minesto AB (Sweden), Nova Innovation Ltd. (United Kingdom), Ocean Power Technologies Inc. (United States) and Ocean Renewable Power Company LLC (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are OpenHydro Group Limited (Ireland), Scotrenewables Tidal Power Ltd. (Scotland), Tocardo International BV (Netherlands) and Verdant Power, Inc. (United States).
Segmentation Overview
The study have segmented the market of Global Ocean Energy market by Type (Tidal Stream, Wave and Ocean Thermal Energy Conversion (OTEC)), by Application (Industrial, Residental and Commerical) and Region with country level break-up.
On the basis of geography, the market of Ocean Energy 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:
Stringent Environmental Regulations Regarding Carbon Emissions Associated with Non-Renewable Energy Generation Across the Globe
Market Growth Drivers:
Increasing Popularity of the Blockchain Technology in the Energy Sector and Rising Concerns Regarding Energy Security and Faltering Crude Oil Prices
Challenges:
High Initial Investment Costs, Lack of Market Oriented Electricity Pricing Various Developed Countries and Lack of Awareness and Technology in Developing Countries
Restraints:
Lack of A Common Set of Regulatory Standards and Uncertain Regulatory Landscape and Concerns Related to the Authenticity of Users
Opportunities:
Increasing Venture Funding and Investments in the Ocean Energy and The Growth in the Adoption of Renewable Energy Generation
In the European Region, the Renewable Energy Directive (Directive 2009/28/EC) (amending and subsequently repealing Directives 2001/77/EC and 2003/30) on the promotion of the use of energy from renewable sources. The directive aims at reaching 20% share of energy from renewable sources by 2020 in the EU, and provide a target for a minimum share of final energy consumption per each Member State. and Environmental reviews are carried out by the Australian Government under the Environment Protection and Biodiversity Conservation Act 1999 and require an environmental assessment. Marine energy projects can obtain consent under the Coastal Management Act 1995. Consent is then administered at the state level.
Key Target Audience
Ocean Energy Producers, Machine and Equipment Suppliers, Government Organizations, Technology Providers and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.