Global Ocean Power Market 2018-2022
About Ocean Power
Ocean power or ocean energy involves the process of harnessing the movement of tides in the ocean to generate electricity. Special buoys, turbines, and other technologies are placed in the ocean to capture the power generated from the sea stream and tides that are connected to a generator. This generator converts the power of stream and tide into pollution-free, renewable electricity.
Technavio’s analysts forecast the Global Ocean Power Market to grow at a CAGR of 10.49% during the period 2018-2022.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ocean Power Market 2018-2022
Technavio recognizes the following companies as the key players in the Global Ocean Power Market: ANDRITZ HYDRO Hammerfest, Atlantis Resources, Ocean Power Technologies, OpenHydro, Seabased, and Wello Oy.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the increasing focus on clean energy development.”
According to the report, one driver influencing this market is the growing need for reducing the dependency on fossil fuel.
Further, the report states that one challenge affecting this market is the high project cost.
ANDRITZ HYDRO Hammerfest
Ocean Power Technologies