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Oscillating Water Column (OWC) Turbine

  • Renewable energy is one of the increasing alternative sources of energy that is widely employed in commercial applications throughout the world
  • Investments in solar energy, wind energy, biomass, wind to hydropower, etc. is high due to the decrease in non-renewable sources of energy
  •  Ocean wave is one of the high potential hydro power resources, which is emission free and can be utilized for medium and long term. High energy density is an important characteristic of ocean waves. It is the highest among renewable sources of power. Oscillating water column (OWC) turbine is a common type of wave energy converter (WEC) that has been under development since several years.

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  • The OWC turbine consists of a chamber, which induces the incoming surface waves in an oscillating flow of air. The wave flows forward and backward through an air turbine installed in a duct connecting the chamber to the atmosphere. The turbine converts this reciprocal air movement into electrical energy.
  • The OWC turbine can be installed on the shoreline, offshore, or near shore

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Key Drivers of Global Oscillating Water Column (OWC) Turbine Market

  • OWC turbine offers vast potential across multiple countries and regions around the globe, owing to its gentle environmental impact vis-à-vis other renewable energy technologies, and limited visual impact on the shoreline. Rise in investments to promote the technology for fast commercialization of energy converter devices by government bodies is anticipated to boost the market during the forecast period.

Key Development

  • On July 09, 2018, A Spain-based research group developed OWC turbine for bidirectional flow. The turbine is suitable for recovering wave energy and comprises two crowns of blades integrated in the same rotor, so that one of them produces power, while the other performs an aerodynamic blockage of the flow. The bidirectional flow turbine is expected to provide better and more stable performance.

North America to Hold Major Share of Global Oscillating Water Column (OWC) Turbine Market

  • Based on region, the global OWC turbine market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America is anticipated to dominate the global OWC turbine market during the forecast period, as the region is rich in coastal waters and rivers and also has vast marine and hydro power potential. According to the U.S. Department of Energy, water and wave power resources across the U.S. are likely to generate 13% to 15% of the nation’s electricity by 2030.
  • Asia Pacific is anticipated to account for vital share of the global OWC turbine market during the forecast period. Countries in the region have high potential for tidal currents. China also has high capability with large coastline and islands. The country is investing significantly in renewable sources of energy. It is working on a project called Blue Energy, a 120-kilometer tidal energy generating bridge.
  • In South Korea, the south and western coasts are known for strong tidal currents and high tides. This is likely to boost the OWC turbine market in the country in the near future.
  • The market in Europe is estimated to expand at healthy pace during the forecast period. U.K. is taking important steps to utilize tidal and wave power.
  • The market in Latin America and Middle East & Africa is projected to expand at sluggish pace during the forecast period

Key Players in Market

Leading companies operating in the OWC turbine market are Siemens and Aquanet Power

Global Oscillating Water Column (OWC) Turbine Market: Research Scope

Global Oscillating Water Column (OWC) Turbine Market, by System

  • Shore-mounted System
  • Sea-bed System
  • Floating System

Global Oscillating Water Column (OWC) Turbine Market, by Turbine

  • Air Turbine with Fixed Pitch Blade
  • Air Turbine with Variable Pitch Angle Blade
  • Others

Global Oscillating Water Column (OWC) Turbine Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Australia
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Venezuela
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Nigeria
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Oscillating Water Column Owc Turbine Market