Offshore Hydropower Market: Current Analysis and Forecast (2023-2030)
Emphasis on Capacity (Large Power Plants (Above 30MW), Small Power Plants(100KW-30MW), Micro Power Plants (Below 100KW)), Technology (Tidal Current, Wave Energy Convertors, Oscillating Water Column, and Point Absorbers) and Region/Country
The Offshore Hydropower Market was valued at 4.56 billion in 2022 and is expected to grow at a steady rate of around 7.5 % in the forecasted period (2023-2030).
Fossil fuels are the primary contributor to climate change, So Offshore hydropower offers a promising solution with minimal carbon footprint during operation. The global drivers for the offshore hydropower market are powerful and compelling. As technology matures, costs decrease, and environmental concerns are addressed, offshore hydropower has the potential to become a significant contributor to the global clean energy mix. By harnessing the vast power of the ocean, development of this technology can play a crucial role in a sustainable energy future. Furthermore, Suitable locations for conventional hydropower dams on rivers are in limited number which mostly are in densely populated areas. Offshore hydropower offers an alternative way to harness the power of water without geographical limitations. Additionally, it can become a new source of renewable energy for island nations or countries with limited freshwater resources.
Some of the major players operating in the market are RusHydro, ALSTOM SA, China Yangtze Power, E.on UK plc, DP Energy, Siemens, OceanEnergy, ENGIE, NextEra Energy, and Minesto. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst capacity, the small power plants(100KW-30MW) segment held significant growth in the 2022.”
Based on capacity the market is segmented into large power plants (Above 30MW), small power plants(100KW-30MW), and micro power plants (Below 100KW). Amongst these, the small power plants(100KW-30MW) segment has a significant share in the offshore hydropower market because these smaller power plants are more easily scalable to match the energy needs of various locations, especially in remote or off-grid areas. Smaller power plants typically have lower upfront costs and shorter construction timelines compared to larger hydroelectric projects, making them more financially viable for investors and developers. Advances in turbine technology and materials have made it more efficient and cost-effective to harness energy from smaller water bodies, further driving the growth of small-scale offshore hydropower.
“Amongst technology , the wave energy converters segment held a significant growth in the market. ’’ Based on technology, the market is segmented into tidal current, wave energy converters, oscillating water column, and point absorbers. Amongst these, the wave energy converters segment has a significant growth in the offshore hydropower market because wave energy converters can capture the energy as compared to other offshore hydropower methods like tidal or current turbines. A further addition is that waves carry large amounts of kinetic energy, especially in deep offshore locations. Additionally, Wave energy can be option across a broader range of coastlines when compared to tidal energy which depends upon the specific geographical features like strong tidal currents.
“The Asia Pacific region is experiencing significant growth in the offshore hydropower market.”
The Asia Pacific region is experiencing significant growth in the offshore hydropower market due to countries like China and India which are one of the rapidly growing economies and large populations is the reason for the constant surge in electricity demand. Offshore hydropower offers a clean and reliable way to meet this increasing need. The Asia Pacific region boasts extensive coastlines with strong currents and tidal movements which is an ideal location for harnessing the power of waves and tides for offshore hydropower generation. Many governments in the region are actively promoting renewable energy sources like offshore hydropower. They implement policies that incentivize investments in these technologies by providing subsidies, tax breaks, or feed-in tariffs (guaranteed prices for electricity produced from renewable sources). In summary, the Asia Pacific region’s high energy demand, abundant ocean resources, supportive government policies, technological advancements, and existing industrial capabilities are all fueling significant growth in the offshore hydropower market.
Offshore Hydropower Market Report Coverage
Offshore Hydropower Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global offshore hydropower market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Offshore Hydropower Market Analysis
(2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global offshore hydropower market were the three major steps undertaken to create and analyze the adoption of offshore hydropower in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global offshore hydropower market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the offshore hydropower market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the offshore hydropower market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report like capacity, and technology. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the offshore hydropower market. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for renewable energy. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the offshore hydropower market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global offshore hydropower market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the offshore hydropower market across the major markets domestically.
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global offshore hydropower market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global offshore hydropower market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of capacity and technology in the global offshore hydropower market.
The main objective of the Global Offshore Hydropower Market Study
The current & future market trends of the global offshore hydropower market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the offshore hydropower market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the as like capacity, and technology.
- Define and analyze the regulatory framework for the offshore hydropower
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the offshore hydropower market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the offshore hydropower market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry.
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global offshore hydropower market?
Q2: What are the driving factors for the growth of the global offshore hydropower market?
Q3: Which segment has the largest share of the global offshore hydropower market by technology?
Q4: Which region will have significant growth in the global offshore hydropower Market?
Q5: Who are the key players operating in the global offshore hydropower market?
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