Ocean Energy (Tidal Stream and Wave)

Global Market Trajectory & Analytics

MCP-6316

EXECUTIVE ENGAGEMENTS

OUTREACH

2792
Number of executives repeatedly engaged by snail & email outreach

INTERACTIONS

503
Interactions with Platform & by Email

PARTICIPANTS

84
Unique # Participated

VALIDATIONS

38
Responses Validated*

COMPETITORS

49
Responses Validated*

BRANDS

28
Responses Validated*
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DATE

JAN 2021

TABLES

24

PAGES

202

EDITION

16

PRICE

USD $5600


  

HIGHLIGHTS

The global market for Ocean Power is projected to reach 489.7 Thousand Kilowatts in Cumulative Capacity Addition by the year 2027, trailing a post COVID-19 CAGR of 35.4% over the analysis period 2020 through 2027. Ocean, one of nature's biggest renewable energy sources, has potential to corner a major share of global electricity mix. New interests and technological advancements are giving rise to new industry activity. Ocean energy, one of the most abundant and predictable sources of energy, is capable of supplying about 10% of the global electricity needs. While wave and tidal energy constitute the established ocean energy technologies, there also exist other technologies such as salinity gradient and ocean thermal energy conversion Tidal energy is broadly classified into tidal range and tidal stream energy. A mature technology, tidal range energy involves creation of large tidal barrages for generating electricity. Both tidal stream and wave energy are relatively new and evolving concepts and as such do not produce sufficient energy to attain grid parity level. Presently, only tidal barrages have the potential of having economies of scale through generation and sale of electricity. With average annual per capita fossil fuel carbon dioxide emissions inching to 4.9 tones, It's time to look beyond fossil fuels for supporting humanity's energy needs. While the year 2020 is an anomaly, power consumption on an average has and will continue to spiral across both developed and developing economies in the coming years.


While electricity consumption and supply network across developed countries is strong and mature, a significant proportion of the population in several developing countries lacks access to electricity. About 16% of the global population still has no access to electricity. In sub-Saharan Africa and developing Asian countries, over 95% of the population has no access to electricity. This reflects a huge gap between demand and supply of electricity. With global population expected to massively by 2050, expansion and overhaul of existing electricity production facilities will become inevitable in order to address rapid acceleration in power consumption. Low and medium income countries outside the OECD group are expected to garner a lion's share of this population growth, owing to high GDP growth rates and disposable income levels, and rapid pace of industrialization and urbanization. The significant rise in electricity demand globally coupled with the depleting sources of fossil fuels is driving governments across the world to look towards alternate energy sources, specifically renewable technologies. It is in this scenario that renewable energy sources such as solar, wind, and ocean are gaining popularity to address the surging electricity demand, and to meet the future energy needs of the world.


Wave energy is making progress with many demonstration and pilot projects globally, such as in China, Republic of Korea, the US, Sweden, and Spain. As of 2019, Europe has total wave energy capacity of 12 MW, of which about 2 MW is currently in the water and 10 MW has been decommissioned following the completion of testing programs. Cumulative installed capacity of wave energy increased steadily in Europe since 2013, reflecting the trends in R&D funding and technological advancements that encouraged bigger and better devices. In 2019, Europe installed 600 kW of wave energy in 2019, about 25% higher capacity additions than 2018. Sub-scale devices stood for about 50% of the total installations in 2019, with AMOG, Waves4Energy, and NEMOS, all installing devices of half-scale or below. The European Commission's Ocean Energy Forum achieved its main agenda in 2016, with the Ocean Energy Strategic Roadmap publication, which aims to create a path for the development of ocean energy market in Europe. Cross border, smaller-scale co-ordination is also present in Europe. Introduced in Europe in 2016, the FORESEAi project offers competitive funding opportunities to companies engaged in ocean energy technology, to install their systems at test centers in France, the Netherlands, Ireland, and the UK. With an overall US$11.3 million budget (more than 50% provided by the EU), the first phase of awards was performed in 2016, while another in 2017. Tidal energy is also gaining momentum with several implementations in Canada, France, and Scotland. Nova Innovation in Scotland, along with ELSA, its Belgium-based partner, were operating the first tidal array (grid-connected) in the world that is equipped with two 100 kW M 100 direct-drive turbines installed in Bluemull Sound of Shetland. In 2017, a third turbine was deployed. At the European Marine Energy Centre (EMEC) in Scotland, Scotrenewables Tidal Power deployed a 2MW SR2000 turbine, which is considered to be the largest tidal turbine in the world. It is an integrated tidal energy generator which has two horizontal-axis turbines placed on a floating hull platform.

SELECT PLAYERS

Applied Technologies Company, Ltd.; Aqua-Magnetics Inc.; Atargis Energy Corporation; BioPower Systems Pty. Ltd.; Blue Energy Canada Inc.; Carnegie Clean Energy Limited; Minesto AB; Nova Innovation Ltd.; Ocean Power Technologies Inc.; Ocean Renewable Power Company, LLC; Orbital Marine Power; SIMEC Atlantis Energy Ltd; Tocardo International BV; Verdant Power, Inc.

SEGMENTS

» Ocean Energy (Tidal Stream and Wave)

GEOGRAPHIES

» World » USA » Canada » Japan » China » Europe » France » UK » Portugal » Rest of Europe » Rest of World

TABLE OF CONTENTS

1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
Covid-19 Crisis Underlines the Need for Sustainable Development
Investment Scenario on Renewable Energy Remains Impacted
Global Investments in Clean Energy & Efficiency Technologies (In US$ Billion) for the Years 2018, 2019 & 2020
Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy
Ocean Energy: Prelude
Wave Energy
EXHIBIT: Global Wave Energy Devices Breakdown (%) by Application: 2017
Major Resources
Tidal Energy
Tidal Streams
Floating Offshore Wind Turbine (FOWT)
Ocean Thermal Energy
Salt Power
Ocean: One of the Largest Renewable Energy Sources
EXHIBIT: Worldwide Major Locations with Mean Tidal Range >5 Meters
Sustained Rise in Electric Power Consumption Drives the Need for Alternative Energy Sources
EXHIBIT: Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
EXHIBIT: Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
EXHIBIT: Estimated Global Power Generation Infrastructure Requirement (in US$ Billion) for China, India, Latin America, and North America over the Period 2010-2030
Shift to Renewable Sources of Energy: An Inevitable Reality
EXHIBIT: Global Energy Mix: 1990 Vs 2020
EXHIBIT: Global Renewable Energy Breakdown by Type: 2010 Vs 2030
EXHIBIT: Global Energy Production by Energy Source (2030 & 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
Huge Untapped Kinetic Energy Potential of Oceans: A Fundamental Growth Driver
Fast Facts
Growth Drivers in a Nutshell
Key Market Inhibitors
Government Intervention Critical for Commercial Success of Ocean Energy
EXHIBIT 8: Targets for Electricity Production from Renewable Energy Sources in Select Countries
Global Market Outlook
Europe Leads the Global Ocean Energy Market
Asia-Pacific: Frontrunner in Tidal Barrage Power Plants
2. FOCUS ON SELECT PLAYERS
World Brands
Competition
Ocean Energy: A Highly Fragmented Market
EXHIBIT: Total Number of Patents Filed for Marine Energy Technology Worldwide for the Years 2000, 2005, 2010, 2015 & 2016
Recent Industry Activity
3. MARKET TRENDS AND DRIVERS
Growing Number of Wave Energy Projects Worldwide Drives Strong Market Growth
EXHIBIT: Select Wave Power Stations Worldwide
Tidal Energy Gains Momentum
MeyGen: A Multi-Turbine Tidal Stream Project in Scotland
Tidal Energy Projects Worldwide
Select Tidal Projects (Existing & Proposed) Worldwide
Tidal Stream Projects Lends Traction to Market Growth
Ocean Thermal Energy Conversion (OTEC) – A Niche Segment
OTEC Project on the South Pacific Ocean
Select FOWT Projects Worldwide: Project Proponent, Technology, Location, Capacity (MW) and Scheduled Completion
Select FOWT Projects Worldwide: Project Proponent, Technology, Location, Capacity (MW) and Scheduled Completion
Rising Investments in Renewable Energy Sources Benefit Market Expansion
Superior Attributes of Tidal Energy Attract New Developers, Benefits Market Adoption
Horizontal Axis Turbines Grab Lion’s Share of Tidal Energy Devices
Tidal Energy: Abundant Resources despite Technology Barriers
Despite Dominance of Tidal Energy, Wave Energy Garner Growing Attention and Investments
Small Islands Provide Big Push for Ocean Thermal Energy Conversion Plants
Wave Energy Sector Sees a Wave of Innovations
Technology Developments to Harness Salt Power
Burgeoning Global Population Propels Demand for Electric Power
EXHIBIT 22: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
EXHIBIT 23: Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
Key Challenges Hampering Ocean Energy Development
Financial Support and Markets
Administrative and Environmental Issues
Environmental Challenges
Administrative Issues
Social Acceptance Impediments
Availability of Grid Close to Projects
Grid Integration
Technology Advancements
4. GLOBAL MARKET PERSPECTIVE
World Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Geographic Region - USA, Canada, Japan, China, Europe and Rest of World Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2020 through 2027
World Historic Review for Ocean Energy (Tidal Stream and Wave) by Geographic Region - USA, Canada, Japan, China, Europe and Rest of World Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
World 10-Year Perspective for Ocean Energy (Tidal Stream and Wave) by Geographic Region - Percentage Breakdown of Volume Capacity Additions for USA, Canada, Japan, China, Europe and Rest of World Markets for Years 2017, 2020 & 2027
UNITED STATES
Vast Shoreline and Favorable Regulations Drive Strong Market Growth
Wave Power Projects in the US
Federal Government Funding in Ocean Energy
Early Stage Device Design Research Projects
Open Sea Test Sites in the US
Hawaii Powering the US Ocean Energy Market
Wave Energy
Ocean Thermal Energy
USA Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
USA Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
CANADA
Major Tidal Stream and Wave Energy Projects in Canada: Project Proponent, Technology, Location, Capacity (MW) and Launch Year
Investments in Tidal Power Increase in Canada
Challenges Faced
Canadian Open Sea Test Sites
Canada Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
Canada Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
JAPAN
Japan Offers Significant Opportunities in Marine Energy Generation
Development of Ocean Energy Gains Traction in Japan Following the Natural Disaster
Japan Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
Japan Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
CHINA
A New Wave Energy Turbine Commissioned on the Coast Close to Wuhan City in China
Ocean Energy Projects in China
Chinese Open Sea Test Sites
Technology Advancements in Tidal Power Harnessing
China Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
China Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
EUROPE
Market Facts & Figures
European Ocean Energy (Tidal Stream and Wave) Market: Competitor Market Share Scenario (in %) for 2020 & 2027
Myriad Benefits of Ocean Energy Promote Sustainable Energy Development
Europe Moves Ahead to Tap Tidal and Wave Energy
Mitigates Carbon Emissions and Climate Change
Supports Grid Stability and Lowers Systems Cost
Benefits Associated Sectors
Reduces Dependence on Diesel Generation
Europe Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Geographic Region - France, UK, Portugal and Rest of Europe Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2020 through 2027
Europe Historic Review for Ocean Energy (Tidal Stream and Wave) by Geographic Region - France, UK, Portugal and Rest of Europe Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
Europe 10-Year Perspective for Ocean Energy (Tidal Stream and Wave) by Geographic Region - Percentage Breakdown of Volume Capacity Additions for France, UK, Portugal and Rest of Europe Markets for Years 2017, 2020 & 2027
FRANCE
French Open Sea Test Sites
France Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
France Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
UNITED KINGDOM
UK Open Sea Test Sites
Major Challenges to Surmount for the UK Ocean Energy Market
Commercialization
Reduced Production Costs
Stability and Continuity in Policies
Contracts for Difference
Select Projects
UK Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
UK Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
PORTUGAL
Portugal Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
Portugal Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
REST OF EUROPE
Portugal
Open Sea Sites
Spain Open Sea Test Sites
Ireland Open Sea Test Sites
Sweden Open Sea Test Sites
Denmark Open Sea Test Sites
Belgium Open Sea Test Sites
Rest of Europe Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
Rest of Europe Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
REST OF WORLD
Rest of World Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2020 through 2027
Rest of World Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2019
Asia-Pacific
Australia
India
South Korea
Total Companies Profiled: 49

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