The global wave and tidal energy market stood at US$ 3,244.44 Mn in 2018 and is projected to touch a valuation of US$ 17,535.30 million by the end of 2027. This represents the market rising at a spectacular CAGR of 23.5% during the forecast period of 2019–2027.
Tidal Power Plant Segment Lead the Global Wave and Tidal Energy Market
The various types of energy generated can be broadly classified as wave and tidal. Both the segments are poised to rise at equally promising pace over the assessment period. However, tidal energy is expected to lead the market through 2027. The assortment of technologies brought by companies to leverage the potential of this type of energy will account for the attractive growth.
Europe Dominated the Global Wave and Tidal Energy Market
Of the various regional segments, Europe is expected to lead the pack over the forecast period. The growth is fueled by substantial efforts being made by the governments in various economies to support transition to low-carbon economy and the vast strides being taken by the energy sector across the region.
Companies aim for unleashing Potential of Ocean in generating Clean Energy boost Market
World over, the massive interest in harvesting wave and tidal energy stems from the need for leveraging the limitless potential of ocean in meeting the rising demand for sustainable energy. The notable demand for next-generation technologies for harnessing renewable sources of energy at scale is a notable factor boosting the market. Advances in wave energy converter technologies has enabled market players to better realize the potential of wave and tidal energy sources.
Sizeable investment being made by governments and private players in finding alternative sources of clean energy is imparting a notable momentum for the rapid expansion of market. A growing number of companies are collaborating and working in concert to reduce the high initial cost of investment by aiming at bringing down tariff rates. To this end, industry players are embarking on strategies to set commercial deployment of projects for developing wave and tidal energies. The trend is expected to gather steam over the years and will help in propelling the growth of the wave and tidal energy market.
Lack of Grid Parity key Concern for Energy Producers
The growing efforts to set more tidal stream power plants in developing and developed regions is also catalyzing the market growth. However, the growth of the wave and tidal energy market is constrained by several factors. Tidal stream and wave power plants have still not been able to achieve grid parity. This is essential for the wider commercialization of wave and tidal energies and is also necessary to sustain a sizeable return on investment. World over, companies seek long-term power purchase agreements (PPAs). The shift to private equity and debt financing models by players will also create new, exciting avenues in the market.
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Global Wave and Tidal Energy Market – Key Developments
- In December 2019, Nova Innovation a Scotland based tidal energy company announced that the company had won a contract to develop an innovative subsea electrical connector for Wave Energy Scotland. The company’s MECMate subsea connector is designed to meet the challenging requirements related to marine environment and tidal energy.
- In October 2019, SIMEC Atlantis Energy Limited announced that the company has acquired the Green Highland Renewables project development, asset management, operation and maintenance business (“GHR”) from SIMEC Energy. The project has includes more than 65 hydro schemes, and had built more than 45 hydro schemes. The project also provides operation and maintenance services for more than 45 hydro schemes in the UK.
- In September 2019, MAKO Energy Pte Ltd launched the MAKO Tidal Energy Site at the Sentosa Boardwalk in Singapore. The launch is the part of a collaboration agreement between Sentosa Development Corporation (SDC) and MAKO Energy Pte Ltd in December 2018.
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