Growing energy demand coupled with shift in trends towards developing renewable energy is expected to drive the global ocean energy market growth over the forecast period. Rising concerns regarding energy security and faltering crude oil prices are expected to further complement the global market growth. High initial investment costs and lack of market oriented electricity pricing in countries such as Canada is expected to pose challenges to market participants. Lack of awareness and technology in developing countries is expected to further hinder the global market growth. Energy generation through non-renewable sources is much cost effective in these markets compared to renewable energy generation, which is further expected to have an adverse impact on the global market. Cost effectiveness of other forms of renewable energy such as wind, solar and biomass is expected to further affect the competitiveness of ocean energy. Widespread R&D to develop cheaper technologies is expected to provide opportunities to market participants. Favorable regulatory policies to develop renewable energy are expected to support the global market growth over the forecast period. Stringent environmental regulations regarding carbon emissions associated with non-renewable energy generation that include coal and thermal is expected to act in favor of ocean energy market.
Major markets such as France and Ireland have extensively ehanced their capabilities to develop ocean energy. High maritime energy production in UK is expected to further complement the European market growth. Asia Pacific is expected to register robust growth rates over the forecast period on account of increasing ocean energy production in Australia and South Korea. Increasing awareness regarding coupled with Canadian government initiatives to develop ocean energy is expected to drive North America ocean market over the next six years.
Global ocean energy market is still in nascent stages with major companies vying for market leadership through technological development. Some of the major companies operating in the global ocean energy market include Abengoa Seapower, Able Technologies LLC, Acubens, AeroVironment Inc, AlbaTERN, Applied Technologies Company, Ltd (ATC), Aquagen Technologies, Aqua-Magnetics Inc, Aquamarine Power and Atargis Energy Corporation. Increasing operational efficiency of ocean energy technologies is a key factor determining the competitiveness of market participants.
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