Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global ocean thermal energy conversion plant market is likely to gain momentum from an increasing demand for energy from around the world. According to an upcoming report by Fortune Business Insights, titled, “Ocean Thermal Energy Conversion Plant Market Size, Share and Global Trend by Engine Type (Closed Cycle, Open Cycle, Hybrid Cycle), by Location (Land Based, Floating) and by Geography Forecast till 2026,” a rapid shift towards renewable energy sources is one of the main factors that is likely to contribute to the growth of the global ocean thermal energy conversion plant market in the forthcoming years. Moreover, an increasing number of OTEC plants have begun providing production opportunities for hydrogen as well as supporting desalination process of water.
The major market driver for global ocean thermal energy conversion plant market is the growing demand for energy all over the world. The more emphasis put on renewable sources of energy is also supporting the growth of global ocean thermal energy conversion plant market. Also, OTEC plants provide the advantage of desalination of water and hydrogen production which also act as market drivers for the global ocean thermal energy conversion plant market.
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COVID-19 Impact
Amid the COVID-19 pandemic, the power generation and supply for a particular day are planned on the basis of the demand. The lockdown has taken a huge toll on the demand for electricity from the commercial and industrial sectors. But, the availability of fuel and plant operations was not affected as these are classified as essential services by regulatory bodies. Our research reports will help you pave the way toward success by providing in-depth analysis of the overall industry.
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Regional Insights
Increasing Number of Planned OTEC Projects to Favor Growth in Asia Pacific
The global ocean thermal energy conversion plant market is geographically divided into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. Amongst these, the Asia Pacific is expected to lead the global market. This will occur because of the solo OTEC working plant located in Japan. There are several OTEC projects that have been planned to take place in the radius of islands. This will further result in zero carbon emissions. The OTEC projects are planned in Hainan in China, the Maldives, and Japan.
North America, on the other hand, also has planned to build three OTEC plants which will start operating in the coming years. Out of the three plants, one is located in the Bahamas while the other two are situated in the U.S. Virgin Islands and Hawaii, respectively. Europe has planned to build only one OTEC plant at Martinique, situated in France, in the near future. Overall, these planned OTEC projects will aid in the global ocean thermal energy conversion plant market growth during the forecast period.
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Segmentation of Report:
| SEGMENTATION | DETAILS |
| By Engine Type | · Closed Cycle · Open Cycle · Hybrid Cycle |
| By Location | · Land Based · Floating |
| By Geography | · North America (The USA and Canada) · Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe) · Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa) |
Competitive landscape:
National Institute of Ocean Technology, Global OTEC Resources and Other Market Players Focus on the Development New Projects to Gain Competitive Edge
National Institute of Ocean Technology, (NIOT), headquartered in Chennai, announced in October 2018 that it has planned to build an OTEC plant in Kavaratti Island in Lakshadweep. The plant is considered to be India’s first ocean power generation project. The power plant is anticipated to be generated under 200 Kw. The entire project is currently under its design phase and the construction work is likely to begin in 2019.
Global OTEC Resources, a prominent developer of OTEC technologies, based in the U.K., announced in September 2018 that it has bagged a fund of £140,000 from Marine-I, a provider of innovative marine technology. The grant has allowed Global OTEC Resources to open a new research and development facility in Newguay. It will house an efficient team of four that would work to create the company’s innovative concepts in order to use OTEC. This will mainly be done for ‘offgrid’ resorts in Caribbean and Maldives.
Industry Development
- In September 2018, Global OTEC Resources received £140,000 funds from Marine-I which helped them to establish its operation in Cornwell (UK). The project is aimed at powering the resorts at Cornwall.
- In April 2019, Global OTEC Resources announced the completion of its initial design and feasibility studies for using OTEC technology to provide energy across the Maldives. It also announced the grant of £80,000 from Maine-I for further work to be completed by the spring of 2020.
Fortune Business Insights lists out some of the reputable organizations operating in the Ocean Thermal Energy Conversion Plant Market. They are as follows:
- Makai Ocean Engineering
- OTEC International LLC
- Bluerise, NELHA
- Bardot Group
- DCNS
- UTM OTEC
- Akuo Energy
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers 2030
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter Five Forces Analysis 2030
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Ocean Thermal Energy Conversion Plant Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Competitive Analysis
- Company Market Share Analysis, 2030
- Company Profile
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- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
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