Ocean energy is a much more predictable source of energy as compared to hydroelectric and wind energy, which are subject to uncertainties associated with fluctuating environmental conditions. Moreover, environmental hazards associated with the harnessing of ocean energy are much lesser than that of wind and hydroelectric energy.
Europe, Oceania, and North America lead the global ocean energy market, as stated by the new market research report on ocean energy market. Ocean energy, one of the most abundant and predictable energy sources is capable of supplying about 10% of the global electricity needs.
New interests and technological advancements are giving rise to new industry activity. Though the market was hit by declining oil prices during the 1970’s, the sector is reviving, owing to increased concerns over global warming, rising oil prices, and the need for energy security.
The significant rise in the number of commercial projects being undertaken across the world is an indication of the growing importance of ocean energy. Industry growth depends on breaking the barriers of defining policies to support development, expanding cooperation between private and public sectors, setting industry standards, and ensuring sustained development of new technologies.
Ocean energy, characterized by abundance, faces competition from other renewable sources of energy such as wind power and solar energy. Also, the dependence of the renewable energy industry on government funding limits growth prospects for the marine energy sector. Apart from financial constraints, the sector is also facing technological hurdles.
Though marine energy market lags behind other sources of renewable energy, the steep learning curve, private funding and increasing government support are expected to boost prospects in the future.
About 35 companies are active in ocean power projects worldwide. However, few market participants register revenue growth owing to the nascent characteristic of the market. Major players profiled in the report include Atlantis Resources Corporation Pte Limited, Marine Current Turbines, Oceanlinx Limited, Ocean Power Technologies Inc., OpenHydro Group, Pelamis Wave Power Ltd., and Verdant Power Inc.
The report titled "Ocean Energy: A Global Market Report" announced by Global Industry Analysts, Inc., provides a review of market trends, competitive scenario, and recent industry activity. The study analyzes market data and analytics in terms of installed capacity and value sales.