Today, Market Research Future (MRFR) announced it is witnessing a continual rise in the marine power plant market. Accordingly, this growth could be attributed to government initiatives to reduce carbon footprints and accelerate green energy production capacities.
Besides, the market’s growth gets reflected in the rising numbers of verified tidal power plants worldwide. Furthermore, these plants aim to operate cost-efficiently in areas with low-flow tidal streams and ocean currents.
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Marine Power Plant Market to continue its growth – Market Research Future forecasts
This Tuesday, Market Research Future announced through a report the energy industry is witnessing a continual rise in the marine power plant market. Therefore, this growth could be attributed to government initiatives to reduce carbon footprints and accelerate green energy production capacities.
Moreover, this market’s growth is visible through the rising numbers of verified marine power plants worldwide. Besides, these plants aim to operate cost-efficiently in areas with low-flow tidal streams and ocean currents.
Similarly, other trends in the market are substantial investments by governments and leading marine energy producers & technology providers. In fact, these actors have the mission to minimize the global carbon footprint of the energy industry. In fact, by enabling commercial power production from the ocean. Moreover, the rising global demand for power and improvements in the power generation segment drives the growth of the market.
Accordingly, the move towards a carbon-neutral future is boosting the market. For instance, by the collaborative efforts between government. Also, by introducing green floating fuel stations. Additionally, increasing demand for onshore wind power generation and wave & tidal power generation escalates market growth.
Key companies in the sector
Thus, Market Research Future forecasts the global marine power plant market to grow at a 4% CAGR during the anticipated period (2020 – 2027). Indeed, governments worldwide have made significant progress related to electricity generation to grid as a part of the continued operations program in their tidal energy projects.
Finally, key companies in the market include Caterpillar Inc (US), Cummins (US), Hyundai Heavy Industries Co, Ltd (South Korea), MAN Energy Solution (Germany), Mitsubishi Heavy Industries (Japan).
Also, Rolls-Royce plc (UK), Wärtsilä Oyj Abp (Finland), DAIHATSU DIESEL MFG CO, LTD (Japan), Doosan Infracore (South Korea), Fairbanks Morse (US), Hydraulic Marine Systems Inc (US).
Finally, Masson Marine (France), Samsung Heavy Industries (US), Siemens AG (Germany), and Mercury Marine (US), among others.