Oscillating Water Column (OWC) Turbine Market

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.
• 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

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