Infinium Global Research’s recent report on “Offshore Hydropower Market ((By Types (Large Power Plants(30MW), Small Power Plants(100KW-30MW), Micro Power Plants (100KW)), By Offshore Type (Ocean and River)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2028” the provides a comprehensive outline of the factors responsible for the growth of the market. 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.
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Rising Investments in R&D of Offshore Hydropower Generation
Devices that use offshore hydropower use the power of waves or tidal currents to generate energy from seawater. The vast renewable energy resources that the seas and oceans offer can be used to decarbonize the electrical grid. One such facility is the Offshore Hydroelectric Plant, which has a submerged powerhouse that releases water from the turbines into a tail race pit (TRS). When a sufficient head is built between the TRS and the sea, power is generated by directing the water out and allowing it to flow into massive troughs that are positioned in a vertical elevator building. The efficiency of the offshore hydropower plants is increasing daily as a result of the quick technological development. The technology of offshore hydropower is still in its infancy. Growing awareness about renewable energy sources and favorable government regulations and policies are driving the market. Rising investments in R&D of offshore hydropower generation is further expected to provide new opportunities in the market.
The offshore hydropower market was negatively impacted by COVID-19. Offshore hydropower plant installation was severely hampered by the sudden adoption of physical limits and the strong measures for preventing the spread of the COVID-19 pandemic. Disruptions in the supply chain necessitated the postponement of the planned initiatives. As the social distance rules were put into place, there was a small pool of available workers. Additionally, because to supply chain interruptions, the production of essential components was also hampered. Despite a significant increase in electricity demand during the pandemic, offshore hydropower installations received virtually little attention.
Ocean to Dominate the Offshore Type Segment of Market
Ocean to dominate the Offshore Type of market. The oceans have huge potential for energy generation. The companies are stepping up to set up offshore hydropower facilities. The suitable locations for such offshore hydropower plants include coastal areas of China, US, Canada, and others. These countries are shifting towards renewable energy and investing heavily in it, as a result there have been increased efforts for setting up offshore hydropower plants for harnessing tidal and wave energy of oceans for power generation. Furthermore, the growing success of offshore wind power in oceans has laid a foundation for the success of offshore hydropower plants.
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Asia-Pacific to be the Dominant Region in Offshore Hydropower Market
Geographically, Asia-Pacific is projected to be the largest revenue generating region in the market. India and China, two developing nations in the Asia-Pacific region, are investing extensively in renewable energy sources as part of their efforts to reduce their reliance on fossil fuels, carbon emissions, and to find sustainable solutions to fulfil the region's expanding energy needs. One of the nations in the world with ideal coastal conditions for capturing tidal and wave energy for power production is China. As investments in it increase and more market players conveniently provide solutions for offshore hydropower generation, North America is anticipated to be the second-largest market for offshore power generation. Europe presents abundant prospects for expansion.
Companies in Offshore Hydropower Market to Focus on Research and Development
The market for Offshore Hydropower is still its infancy stage and is expected to grow at a rapid pace in the near future. The market players are focusing on research and development in order to make their technologies more commercially viable and bringing down the cost of power generation from tidal and wave energy. Also, the governments around the world are providing subsides and incentives for promoting offshore hydropower projects which is in turn helping market players. Major players of the market include Siemens AG, Calpine Corp, Iberdrola, Hydrochina International Engineering, First Solar and others. Infinium Global Research’s recent report on the Global Offshore Hydropower Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments the global market.
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=> Comprehensive analysis of global as well as regional markets of the offshore hydropower.
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=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.
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