Ocean Thermal Energy Conversion Plant Market Size, Share and Global Trend By Engine Type (Closed Cycle, Open Cycle, Hybrid Cycle), By Location (Land Based, Floating) and By Regional Forecast, 2024-2032

Ocean thermal energy conversion plant is a combination of marine waters and power generation. The temperature difference between the surface water which gets heated by the direct sun rays and the water at the sea bed is utilized to run a heat engine and produce useful work. Ocean thermal energy conversion plants provide energy with zero carbon emission and without the usage of any convention fuel. OTEC plants also offer applications such as the production of desalinated water, hydrogen production, air conditioning by cool water used for condensation in the heat exchanger, etc. The power produced from OTEC is continuous, low boiling fluid specifically ammonia (BP= -33°C) and refrigerant R134a are used for power generation in these plants. Looking at the concerns over resource depletion and environment, OTEC plants are the best solution for both of these factors.

On the basis of engine type, global ocean thermal energy conversion plant market can be segmented into an open cycle engine, closed cycle engine and a hybrid engine. The closed cycle engine offer advantage over open cycle which makes it more efficient to use. Closed cycle engine uses heat exchangers and low boiling point fluid namely ammonia or R-134a to increase the efficiency of operation. On the basis of location, global ocean thermal energy conversion plant market can be segmented into land-based and floating. The difficulties faced in floating sites are more in number as compared to land-based for e.g. erosion resistant environment, breakdown repair and transmitting plant output to shore. However, depending on the requirement and conditions the OTEC plant can be constructed at any of the given locations.

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The major market driver for global ocean thermal energy conversion plant market is the growing demand for energy all over the world. The more emphasis put on renewable sources of energy is also supporting the growth of global ocean thermal energy conversion plant market. Also, OTEC plants provide the advantage of desalination of water and hydrogen production which also act as market drivers for the global ocean thermal energy conversion plant market.

Key market restraint for the global ocean thermal energy conversion plant market is the high initial cost involved in the construction and maintenance of the OTEC power plant. The harmful effects to marine life caused due to discharging of water in the sea also act as key market restraints for the OTEC plant market. 

KEY PLAYERS COVERED

Some of the notable players in the global ocean thermal energy conversion plant market include Makai Ocean Engineering, OTEC International LLC, Bluerise, NELHA, Bardot Group, DCNS, UTM OTEC, Akuo Energy, and others.

SEGMENTATION

REGIONAL ANALYSIS

The global ocean thermal energy conversion plant market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The currently planned OTEC projects are in the radius of islands which makes island use this energy and have zero carbon emissions.  With the solo OTEC working plant in Japan, Asia Pacific region is set to dominate the global ocean thermal energy conversion market owing to the lined up OTEC plant projects. The OTEC projects in the Asia Pacific are planned in Japan, Hainan (China), and the Maldives. North America has three OTEC plants planned which would be in operation soon. Out of these, the first plant is located in the Bahamas, second is in Hawaii and third at the US Virgin Islands. In Europe, only one OTEC plant is been planned in the future at Martinique (France). All these planned OTEC projects will help the global ocean thermal energy conversion plant market to grow in their particular regions.

KEY INDUSTRY DEVELOPMENTS

• In October 2018, National Institute of Ocean Technology (NIOT) based in Chennai announced about its plan to set up the first self-operating desalination plant using the OTEC technology at Kavaratti island in Lakshadweep Islands.


• In September 2018, Global OTEC Resources received £140,000 funds from Marine-I which helped them to establish its operation in Cornwell (UK). The project is aimed at powering the resorts at Cornwall.


• In April 2019, Global OTEC Resources announced the completion of its initial design and feasibility studies for using OTEC technology to provide energy across the Maldives. It also announced the grant of £80,000 from Maine-I for further work to be completed by the spring of 2020.