Ocean energy sector to grow at CAGR of 10.5% by 2022, report says

Global ocean energy sector is expected to grow at a compound annual growth rate (CAGR) of 10.5% during the period between 2018 and 2022, according to Technavio’s report Global Ocean Power Market 2018-2022.

Wave energy is expected to gain some of the market share from tidal energy over the forecast period. However, tidal energy, which is the most mature of the two, is expected to still account for the highest market share.

While Europe is the largest market for ocean energy technologies, the rest of the world is also joining the sector. The ocean energy market in the Americas region during the forecast period will be dominated almost entirely by Canada, while the rest of the region is expected to witness slow growth, according to the market report.

South Korea, France and Canada are listed as the leading countries in the global ocean power market, with South Korea and France holding the major share of the market.

As one of the main market drivers, the report recognizes the growing need for reducing the dependency on fossil fuel across the globe.

Share this article

Follow Marine Energy

Events>

<< Apr 2018 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

ICOE 2018

ICOE 2018 will gather the world of Marine Renewable Energies in Cherbourg, Normandy…

read more >

Waterpower Week 2018

This 3-day jam packed event provides you the opportunity to network, learn about legislative and regulatory initiatives, and discuss…

read more >

All-Energy Exhibition & Conference 2018

All-Energy is the UK’s leading renewable energy and low carbon innovation event, showcasing the latest technologies and services…

read more >

NSRI Mastermining: Wave and Tidal Workshop

The event shall present the market challenges and highlight technical and cost reduction opportunities…

read more >