Marine Power Market Anticipated to Grow at Much Faster Rate in Upcoming Years 2023 – 2029: EDF Renewables, Seabased, Principle Power
Updated · Jun 16, 2023
Marine Power Industry Background: Marine power is hydrokinetic energy, which is conveyed by waves, tides, salinity, and variations in water temperature. This energy can be transformed into electricity and applied to domestic, commercial, and transportation needs. The market dynamics of marine power in the GCC region are being driven by the crucial aspects of a growing emphasis on renewable energy and government initiatives and policies, despite challenges posed by the limiting factors of high installation costs and a lack of infrastructure. However, it is anticipated that the industry will continue to grow, propelled by the numerous growth opportunities provided by the powerful forces of expanding offshore infrastructure and rising investor interest.
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Major Companies Profiled in This Report
- Atlantis Resources Ltd. (United Kingdom)
- EDF Renewables (France)
- General Electric Company (United States)
- Hyundai Heavy Industries Co. Ltd. (South Korea)
- Lockheed Martin Corporation (United States)
- MAN Energy Solutions (Germany)
- Mott MacDonald (United Kingdom)
- Ocean Power Technologies Inc. (United States)
- Principle Power Inc. (United States)
- Seabased AB (Sweden)
- SIMEC Atlantis Energy Ltd. (United Kingdom)
Marine Power Market Key Business Segments
Ocean Thermal Energy
Salt Gradient Energy
Market Growth Drivers:
The GCC region’s marine power market is expanding as a result of a growing emphasis on renewable energy sources as well as government efforts and laws. Renewable energy sources are gaining popularity as awareness of climate change and the need to cut carbon emissions rises. Renewable energy sources like wind, solar, and ocean power are abundant in the GCC region. Tidal turbines and wave energy converters are two marine power systems that are gaining popularity as potential sources of renewable energy. In order to encourage the expansion of the marine power industry, the governments of the GCC region have put out a number of initiatives and regulations. For instance, the Dubai Clean Energy Strategy 2050 was introduced by the UAE with the goal of supplying 75% of the city’s energy needs with clean sources by the year 2050.
Marine power sector expansion is being hampered by expensive installation costs and a lack of infrastructure. In comparison to conventional energy sources, marine power solutions are still very pricey. Some businesses and governments may find it difficult to implement these solutions because of the large upfront expenses. To operate efficiently, marine power solutions need specialized infrastructure like offshore platforms and transmission lines. The Marine Power market’s expansion may be hampered by some locations’ lack of such infrastructure.
There is a chance to use the existing offshore infrastructure to promote the development of Marine Power solutions because the GCC region has a sizable offshore oil and gas industry. For instance, offshore platforms can be utilized to assist in the installation of tidal and wave energy generators. There is an increasing amount of interest from investors in the area as Marine Power technologies become more well-established and developed. As the price of Marine Power solutions continues to drop, making them more affordable than conventional energy sources, this interest is anticipated to rise.
|Current Value (2022)||USD 812 Million|
|Unit||Value (USD Million)|
|Key Companies Profiled||Atlantis Resources Ltd. (United Kingdom), EDF Renewables (France), General Electric Company (United States), Hyundai Heavy Industries Co. Ltd. (South Korea), Lockheed Martin Corporation (United States), MAN Energy Solutions (Germany), Mott MacDonald (United Kingdom) , Ocean Power Technologies Inc. (United States) , Principle Power Inc. (United States) , Seabased AB (Sweden) , SIMEC Atlantis Energy Ltd. (United Kingdom)|
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Frequently Asked Question
Q1: What is the Marine Power Industry’s existing structure, and what will be its growth rate until 2028?
A: The Marine Power market is expected to grow at a CAGR of 11.2% from 2022 to 2028, surpassing USD 812 million in 2022.
Q2: What are the key segments of the Marine Power Market?
A: The Marine Power Market can be segmented by Application (Power Generation, Desalination, Others) by Type (Tidal Energy, Wave Energy, Ocean Thermal Energy, Salt Gradient Energy) by Distribution Channel (OEM, Aftermarket) by Component (Generators, Control Systems, Energy Storage) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
Q3: Who are the key players in the Marine Power Market?
A: Some of the key players in the Marine Power Market include Atlantis Resources Ltd. (United Kingdom), EDF Renewables (France), General Electric Company (United States), Hyundai Heavy Industries Co. Ltd. (South Korea), Lockheed Martin Corporation (United States), MAN Energy Solutions (Germany), Mott MacDonald (United Kingdom), Ocean Power Technologies Inc. (United States), Principle Power Inc. (United States), Seabased AB (Sweden), SIMEC Atlantis Energy Ltd. (United Kingdom) Other Key Players.
Against this Challenging Backdrop, Marine Power Study Sheds Light on
— The state of the Marine Power Market and its essential elements. To put an end to this, analysts at HTF Market Intelligence organized and conducted surveys of the companies in the Marine Power sector. The resulting snapshot provides a platform for comprehending the reasons behind and potential directions of the industry’s evolution.
— Future direction and pattern of growth for the marine power industry. Financial analysis, polls, and industry consultants are used to draw conclusions.
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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