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Ocean Power Market to Reach $7.8 Bn, Globally, by 2031 at 21.4% CAGR: Allied Market Research
Increase in demand for energy generated by using ocean power sources and implementation of stringent government regulations toward environmental pollution from carbon-emitting fossil fuels in the power generation industry drive the growth of the global ocean power market. Moreover, rapid transition from coal & other conventional power generation to renewable source-based energy generation has paved the way for lucrative opportunities for the key players in the industry.
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By type, the wave energy segment accounted for the highest market share in 2021, generating nearly half of the global ocean power market. The same segment is also anticipated to cite the fastest CAGR of 21.8% from 2022 to 2031. This is attributed to the rapid development in the renewable energy sector and rise in demand for electricity from the marine industry.
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By application, the power segment generated the highest share in 2021, holding more than three-fifths of the global ocean power market. The same segment is also expected to cite the fastest CAGR of 21.5% from 2022 to 2031. Rise in demand for power from the marine industry fuels the segment growth.
By region, Europe contributed to the major in terms of revenue 2021, holding nearly three-fifths of the global ocean power market. The same region is also projected to cite the fastest CAGR of 21.7% from 2022 to 2031. Increase in investments and R&D toward commercialization of ocean energy to achieve future renewable energy targets by European Union member states is projected to fuel the market growth.
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