Newark, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the marine energy market will grow from USD 1.03 Billion in 2022 to USD 8.05 Billion by 2032. Throughout the projection period, the growing market for marine energy would be propelled by favourable government policies, increased demand for energy, and rising awareness of sustainability.
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Key Insight of the Marine Energy Market
The European region will account for the largest market size during the forecast period.
The European region will hold a significant market share due to the growth of the renewable energy industry. Increasing focus on energy efficiency has positively impacted the regional market. The regional authorities have actively engaged in various international partnerships, which have led to advancements in marine energy technology development.
The salinity gradient power segment is expected to augment the market during the forecast period.
The product type segment is divided into tidal energy, wave energy, salinity gradient power, ocean thermal energy and others. The salinity gradient power segment is expected to augment the market during the forecast period. When the salt concentration in two fluids differs, a renewable energy source called salinity gradient power is produced. When two streams of water are combined, SGP is produced. Pressure-retarded osmosis and reverse electrodialysis are two feasible techniques for producing SGP.
The power generation segment is expected to augment the market during the forecast period.
The application segment is divided into power generation, hydrogen production, desalination and others. The power generation segment is expected to augment the market during the forecast period. Clean energy is produced by surface water conversion using the thermal energy of deep cold water and the kinetic energy of currents, waves, and tides in marine energy technology. The production of power through marine energy will spread widely and offer significant benefits if innovation achieves the appropriate technological and commercial maturity stages.
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Market Dynamics
Driver: Increasing demand for marine energy in the power generation
The ocean's potential for energy production is enormous, offering an almost infinite supply of energy. The International Energy Agency estimates that in 2050, marine energy could produce 336 GW of installed capacity. Marine energy solutions are essential to decarbonizing the energy sector since they operate with zero greenhouse gas emissions. This aids in protecting the environment and reducing the effects of climate change. Using marine energy, coastal towns may generate electricity locally and become less reliant on distant power infrastructures. Increased resilience and energy independence are benefits of this decentralization. The expansion of marine energy projects opens up new job opportunities in engineering, manufacturing, maintenance, and operation, among other industries.
Restraint: Production cost
Marine energy is produced through the high cost of generation. Marine energy production necessitates a large and expensive setup. Furthermore, it is questionable how long the technology will last in these situations, given how erratic the waves are. The waves can occasionally be so powerful that they could seriously and permanently harm the equipment, and both purchasing and maintaining such equipment come at a huge cost.
Opportunity: Increasing investments in the clean energy sector
Clean energy is the fastest-growing energy source in the world, with a 42 per cent increase between 2010 and 2020. Clean energy has been fully developed to address the non-renewable fuel. Clean energy is produced by generating systems that don't release any pollutants, especially the greenhouse gases that cause climate change, such as CO2. The demand for energy sources is rising along with the population. The amount of energy required varies from nation to nation worldwide. Over the past 20 years, industries' main concerns have been clean energy sources and sustainable growth. A variety of elements have a role in achieving sustainable development. Hence, most regions are increasingly adapting to renewable energy sources like marine energy.
Challenges: Negative effects on marine ecosystem
Wave energy presents hazards to some species that come into contact with it. Huge apparatuses must be positioned close to or even in the ocean to capture wave energy. These devices' loudness and vibrations disturb the marine ecosystem and change the habitat of creatures close to the coast, such as starfish and crabs. Hazardous chemicals used on wave energy platforms may also seep out and poison the nearby water.
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Some of the major players operating in the Marine Energy market are:
• Ocean Power Technologies
• Atlantis Resources
• Minesto AB
• Carnegie Clean Energy
• CorPower Ocean
• Wello
• Ocean Renewable Power Company
• Seabased
• Aquamarine Power
• BioPower Systems
• Magallanes Renovables
• AW-Energy
• Orbital Marine Power
• Oscilla Power, Inc.
• SIMEC Atlantis Energy
Key Segments Cover in the Market:
By Type:
• Tidal Energy
• Wave Energy
• Salinity Gradient Power
• Ocean Thermal Energy
• Others
By Application:
• Power Generation
• Hydrogen Production
• Desalination
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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