Hydrokinetic Converter Market, by Product Type (Small Scale, Utility Scale), Application (Offshore, Onshore), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

Global Hydrokinetic Converter Market Overview 2026:

Hydrokinetic technologies allow the use of water flow to produce electricity, thereby providing renewable electric power with zero environmental impact and emissions. Hydrokinetic converter generates energy through moving water and this technology is different from that used in conventional hydropower devices. These can be placed directly in oceans or rivers and they can be found to produce electric energy only from the tidal current (through Kinetic energy). Produced electric energy is a function of water density and tidal current speed. 

Market Drivers: Growing usage of natural resources to produce electricity is a major driving factor for the growth of the global hydrokinetic converter market 

The growing trend for renewable energy production coupled with rise in the use of natural resources for the generation of electric energy are the significant hydrokinetic converters market drivers. Hydrokinetic converter does not result any harmful environmental emissions and the use of these converters will decrease the utilization of non-renewable resources to produce electricity. This factor will enhance the growth of the market in the estimated period. Moreover, increasing environmental problems due to usage of non-renewable sources is fueling the demand for hydrokinetic converters These converters use natural resources to produce electricity and this is directly impacting the usage of non-renewable sources by reducing the exhaustion of the non-renewable sources. These factors will drive the market growth in the projected time. However, the development of the hydrokinetic converters is still in the early stage, which may limit the market growth. 

Growing awareness about the natural resources and depletion of the non-renewable resources are anticipated to create major investment opportunities in the global hydrokinetic converter market

Increasing importance of the natural resources for the production of the electric energy production along with reduction of the non-renewable sources are generating significant opportunities for the hydrokinetic converters market growth. Also, most of the researchers are increasing the studies towards experimental examination of the hydrokinetic converters to improve the design, reliability and testing, this will propel the hydrokinetic converter market growth in the coming years.   

Utility Scale product type is anticipated to be most lucrative till the end of 2026

Small scale product type held the highest market size in 2018 and is projected to continue its growth in the forecast time. This growth is majorly because small-scale hydrokinetic converters are currently commercialized. 
Utility scale product type will experience a noteworthy growth and is projected to generate substantial revenue opportunities during the forecast period. This is because depletion of non-renewable energy sources is impacting the demand for utility scale hydrokinetic converters to generate electric energy. In addition, researchers focusing on the development and commercialization of the utility scale converters is projected to drive the market growth in the estimated period. 

Offshore hydrokinetic converter is predicted to be most lucrative in the projected time

Hydrokinetic and marine research and development activities are focusing on advancing technologies in the onshore hydrokinetic converter that capture the electric power from the rivers & ocean currents, waves and tides by placing the hydrokinetic converters in the river and oceans. These factors are projected to drive the growth of the market in the forecast period. However, the speed of water in rivers and oceans is unpredictable, which creates negative impact on the onshore application market size. Along with onshore, the offshore segment has same benefits that onshore devices do, like producing clean and renewable energy. The offshore hydrokinetic converters produce renewable energy with faster rate, steadier water flow. Due to the advantages of offshore, the offshore market is projected to dominate the highest market size and is anticipated to experience a significant growth during the forecast period.      

Asia-Pacific region will have enormous opportunities for the market investors to grow over the coming years

Asia-Pacific region is projected to experience noteworthy growth during the forecast period. This expected growth is majorly because of huge electricity consumer base indirectly impacting the requirement of the hydroelectricity because of reduction of non-renewable sources in the Asia-Pacific region. North America has dominated the global hydrokinetic converter market share in 2018; it is projected to generate substantial revenue and is anticipated to continue its dominance during the projected time. This dominance is majorly due to the increase in the research and development activities and investments across the North America region. Also, the presence of key marine renewable energy organizations like Hawaii National Marine Renewable Energy Center (HINMREC), Southeast National Marine Renewable Energy Center (SNMREC) are projected to drive the market growth in the North America region. Furthermore, researchers from Northwest National Marine Renewable Energy Center (NNMREC) are developing energy converters considering the environmental characteristics, research, and design of the hydrokinetic converters. These factors are projected to impel the growth of hydrokinetic converter market size in the North America region. 

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Product development and joint ventures are the significant approaches followed by the key participants

Source: Research Dive Analysis

Key global hydrokinetic converter market players are Cenergy, Sea Power International AB, Blue Energy Canada Inc., Minneapolis Oxygen Company, LucidEnergy, HydroCoil Power, Inc., SIMEC Atlantis Energy, GENERAL ELECTRIC, Hydrokinetics, Inc., Hydro-Québec, Hydrokinetic Energy Corp and many others. 

 

Source: Research Dive Analysis

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