About Marine Energy
Marine Energy, often known as ocean wave energy, is a type of renewable energy derived from the up-and-down action of sea or ocean waves. Renewable energy is a more widespread term nowadays all around the world. To lessen the environmental impact of carbon emissions and fulfill rising energy demand, the globe is rapidly transitioning toward renewable energy sources to create power. In comparison to other renewable energy sources such as solar and wind, wave energy is rising in popularity because it is a steady source and can provide a huge amount of energy. Furthermore, wave energy is generated on a big scale in North American locations such as Washington, Oregon, California, and other western states. Marine technologies are systems that are submerged in the ocean and capture energy from waves, tides, and heat trapped in the water. They have a lot of potential because the resource is mostly unexplored. This is a newer branch of renewable energy. Unlike the wind sector, there has yet to be a dominating design.
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 product 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. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Marine Energy market throughout the forecasted period. 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.
Blue Energy Canada Inc. (Canada), Carnegie Clean Energy Limited (Australia), Minesto AB (Sweden), Nova Innovation Ltd. (United Kingdom), Ocean Power Technologies Inc. (United States), Able Technologies, LLC. (United States), Albatern Ltd. (United Kingdom), Applied Technologies Company, Ltd. (Russia), AquaGen Technologies (Australia), Aqua-Magnetics Inc. (United States) and Atargis Energy Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Atlantis Resources Ltd. (United Kingdom), BioPower Systems Pty. Ltd. (Australia) and Ocean Renewable Power Company LLC (United States).
Segmentation Overview
AMA Research has segmented the market of Global Marine Energy market by Type (Wave Energy, Tidal Energy, Ocean Thermal Energy and Other), Application (Desalination, Power Generation and Environmental Protection) and Region.
On the basis of geography, the market of Marine 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). If we see Market by End User, the sub-segment i.e. Commercial will boost the Marine Energy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Government Initiatives and Technological Development
Market Growth Drivers:
Power generation by Renewable energy Sources and Rapid Development in Renewable Energy Sector
Challenges:
Problems associated due to the changing environmental conditions
Restraints:
Lack of technical development
Opportunities:
Increasing Venture Funding and Investments in the Ocean Energy and The Growth in the Adoption of Renewable Energy Generation
Market Leaders and their expansionary development strategies
In September 2022, Caverion acquired CS electric, a technology company in Denmark. The acquisition supports Caverion's sustainable growth strategy and expands its footprint especially in the Marine, Energy and Industrial customer segments. The transaction was signed and closed simultaneously.he acquisition expands Caverion's existing design & engineering capabilities as well as service and installation capacity. CS electric is located in Esbjerg, which is the main growth hub in Denmark for both renewable energy and offshore oil & gas.
In May 2023, Hanwha has launched of its latest affiliate, Hanwha Ocean, as it looks to expand its footprint in global marine energy solutions and shipbuilding. This follows its successful acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) and further strengthens its position as a comprehensive energy solutions provider.
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
New Entrants/Investors, Analysts and Strategic Business Planners, Wave Energy Converters Manufacturers, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-Users 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.