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.
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.
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.
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.
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.
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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