Increasing energy demand coupled with growing importance for renewable energy sources is expected to drive the global ocean energy market. Strategic initiatives by developed countries of EU such as Germany, Italy and Sweden to accelerate their shift towards renewable energy are expected to complement the market growth over the next six years.
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Volatile crude oil prices coupled with energy security concerns of energy dependent nations such as China and India is project to further drive the global ocean energy market. Inadequate capital from private financial institutions coupled with lack of market oriented electricity pricing in countries such as Canada is expected slower the pace of ocean energy market growth. High capital costs, technical difficulties and reliability in aspired output are the major challenges for ocean energy market growth. Eased legal procedures such as licensing and permitting, consensus on storage & distribution issues such as grid access and experience in deploying and operating ocean technologies is expected to yield much more information on assessing the cost of ocean energy technologies. This factor is expected to attract investments in the ocean energy market.
Major ocean energy potential countries such as Canada, Australia, Ireland, France and South Korea have employed pilot plants, some of them have gone a step further to commercialize power generation at small scale. Europe has been leading the ocean energy market over the past few years. Countries in this region such as UK, Italy, Sweden and Germany have witnessed higher growth rates owing to government support in the form of tax incentives and favorable industry regulations & policies. France is expected to witness higher growth rate over the forecast period owing to its technical expertise in tidal range energy power plants. Oceania region, particularly Australia has commenced several ocean energy projects in the past few years. South Korea in Asia Pacific is expected to include greater share of ocean energy in its energy mix over the next six years. This trend is expected to have a positive impact on the global market.
Key industry participants in global ocean energy market include Able Technologies LLC, 40South Energy, Abengoa Seapower and Acubens. Other major industry participants include AlbaTERN, Applied Technologies Company, Ltd (ATC), AeroVironment Inc, Aquagen Technologies, Aquamarine Power, Aqua-Magnetics Inc. and Atargis Energy Corporation
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