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Offshore Hydropower Market (Type - Large Power Plants (30 MW), Small Power Plants (100 KW-30 MW), and Micro Power Plants (100 KW); Offshore Type - Ocean, and River): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

Offshore Hydropower Market (Type - Large Power Plants (30 MW), Small Power Plants (100 KW-30 MW), and Micro Power Plants (100 KW); Offshore Type - Ocean, and River): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

Report Code: EIM0280 Category: Energy, Mining and Infrastructure Published: July, 2022

A recent report published by Infinium Global Research on the offshore hydropower market provides in-depth analysis of segments and sub-segments in the global as well as regional offshore hydropower market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional offshore hydropower market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global offshore hydropower market. According to the report, the global offshore hydropower market is projected to grow at a CAGR of nearly 5% over the forecast period of 2022-2028.

Market Insight

The revenue generated by the market was over USD 2 billion in 2022 and is expected to reach around 3.5 billion in 2028 and is expected to grow with a CAGR of nearly 5% over the forecast period 2022-2028. Devices produce energy from seawater using tidal currents or the force of waves in offshore hydropower. The electricity system can be decarbonized by using the massive renewable energy resources that the seas and oceans provide. The Offshore Hydroelectric Plant is one such installation, with a submerged powerhouse that discharges water from the turbines into a tail race pit (TRS). Power is produced by guiding the water out and allowing it to flow into enormous troughs that are positioned in a vertical elevator building when a sufficient head is formed between the TRS and the sea. The offshore hydropower plants are becoming more efficient with each passing day as the technology is maturing rapidly. Offshore hydropower is still an emerging technology.

Offshore Hydropower Market

COVID-19 had a negative impact on the offshore hydropower market. The abrupt implementation of physical restrictions and the stringent measures for containing the spread of the covid-19 pandemic dealt a disastrous blow to the ongoing activities of offshore hydropower plant installation. The planned projects had to be postponed due to supply chain disruptions. There was a limited workforce available as the social distancing norms were implemented. Furthermore, the production of critical components was also affected as their production faced delays due to supply chain disruptions. The demand for power increased tremendously during the pandemic but very less focus was put on power generation from offshore hydropower plants.

The growing awareness about renewable energy sources is paving the growth of the market. The power generation from fossil fuels has led to severe environmental problems that the world is facing today. Carbon dioxide, a greenhouse gas, is released into the atmosphere in massive quantities when fossil fuels are burned. Problems such as climate change are intensifying due to the burning of conventional fuels. Thus, this has led to the adoption of renewable fossil fuels. According to Hydrocoop, globally there is a tremendous amount of energy that might be captured through tidal motions. Oceans around the world are thought to contain about 1 terawatt of usable energy. This would be sufficient to simultaneously power 10 billion 100-watt light bulbs. The other factor driving the growth of the market is the favorable government regulations and policies. According to European Commission, the EU countries and private sector players invested over EUR 4 billion over the span of the last 10 years in research and pilot projects over ocean energy. . But the high cost of installation and maintenance is hampering the growth of the market for the medium term. However, the growing investments in R&D of offshore hydropower generations are expected to boost growth opportunities in the market.

The global offshore hydropower market is segmented into North America, Asia-Pacific, Europe, and the RoW region. Asia-Pacific dominated the offshore hydropower market in terms of revenue. Developing countries in Asia-Pacific such as India and China are investing heavily in renewable energy sources as these countries try to curtail their dependence on fossil fuels, carbon emissions and meet the growing demand for energy through sustainable ways. China is one of the countries in the world to have favorable conditions in its costal areas for harnessing tidal and wave energy for power generation. North America is expected to be the second largest market for offshore power generation as the investments in it are growing with many market players readily offering offshore hydropower generation solutions. Europe offers lucrative growth opportunities.

Segment Covered

The report on the global offshore hydropower market covers segments such as types, and offshore type. On the basis of types, the sub-markets include large power plants (30 MW), small power plants (100 KW - 30 MW), and micro power plants (100 KW). On the basis of offshore type, the sub-markets include ocean, and river.

Companies Profiled:

The report provides profiles of the companies in the market such as Siemens AG, Calpine Corp, Iberdrola, Hydrochina International Engineering, First Solar, China Yangtze Power, NextEra Energy, Alstom, LDK Solar, and E.ON UK.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the offshore hydropower market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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