The augmentation in demand for renewable energy sources to meet the upsurge in conventional energy consumption is acting as one of the major drivers of the global wave and tidal energy market. The rapid exhaustion of fossil fuels such as coal, oil, and gas is inclining the investors towards wave and tidal energy sources, which, in turn, is fueling the expansion of the global wave and tidal energy market. The increasing research and development expenditure on the tidal range technology is impacting positively on the growth of the global wave and tidal energy market.
The increasing awareness regarding the environmental hazards due to high carbon emission by the combustion of fossil fuels is one of the important factors that are inducing the demand for wave and tidal energy, leading to the proliferation of the global wave and tidal energy market. The rise in expenditure by the public and private sector for research and development in the field of renewable energy sources is thrusting the global market for wave and tidal energy towards brisk expansion. The governmental initiative for ocean energy development such as investment in marine infrastructural development, inclination towards advanced research and increasing capital grants for equipment developers are significantly fueling the expansion of the global wave and tidal energy market.
Industry Major Key Players:-
Some of the leading players in the global wave and tidal energy market are Atlantis Resources Ltd (London), Aquamarine Power Ltd (U.K.), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc.( U.S.), IHI Corporation (Japan), Pelamis Wave Power (Scotland), Ocean Renewable Power CO Llc (Portland), YAM PRO Energy (Israel), Tenax Energy (Australia) and AW Energy Oy Ltd (Vantaa).
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The major aim of players of the global wave and tidal energy market is to expand their business by investing in research and development in order to improve the product design and lower the capital cost by utilizing alternative materials. In April 2018, Simec Atlantis Energy announced the completion of the construction phase of the MeyGen Phase 1A project and its official entry n the 25 years operation phase. MeyGen is currently the world’s largest tidal stream array with 6MW capacity.
The global wave and tidal energy market have been segmented on the basis of type and region. On the basis of type, the global market is segmented into wave energy and tidal energy. Among these, the tidal energy segment is anticipated to be dominating the global wave and tidal energy market due to the increased investment for research and development on this segment and the widespread acknowledgment of tidal range technology. The wave technology is comparatively new than the tidal range technology and is anticipated to project rapid improvement during the forecast period.
On the basis of region, the global wave and tidal energy market are segmented into four major regions such as North America, Europe, Asia-Pacific and the rest of the world.
Scope of the Report:-
The scope of the study segments the global Wave & Tidal Energy market by its component type, by location and by region.
- By Type
- Wave Energy
- Tidal Energy
- North America
- Asia Pacific
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Detailed Regional Analysis:
The Europe region is showcasing fastest growth in the global wave and tidal energy market owing to its dominance in the development of ocean energy technology and the presence of a maximum number of prominent players of the global market in this region.
The factors such as environmental regulations, availability of resources, government policies, awareness among the population, economic progress and others are fueling the expansion of the wave and tidal energy market in the Asia-Pacific region.
Significant growth of the wave and tidal energy market is projected in the North America region due to the increased demand for renewable energy alternative in this region.
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