According to a report published by Grand View Research, Inc.; the wave and tide energy market is likely to reach a valuation of around USD 3.9 billion by 2025.
Increasing need to replace current energy sources like fossil fuels including gas, coal, and oil can drive the market during the forecast period (2014 to 2025). Growing investments and promising government rules can create positive outlook for the market.
Increasing backing from public and private sectors for enabling energy security, economic positioning, taking control over energy security, employment generation, economic positioning, addressing changing climatic conditions. and employment generation can support the market growth in the coming years. Investments in electricity generation with new renewable sources on a rise. The renewable energy sector has observed noteworthy growth in 2016. The capacities in marine, wind, solar, small geothermal, biomass, hydro sources, and waste-to-energy are together estimated up to 138.5 GW in 2016. It was noted as 127.5 GW in 2015. Moreover, use of advanced materials, software, control systems, and environmental monitoring are likely to support the cost-cutting efforts.
Full Research Report On Wave and Tidal Energy Market Analysis: https://www.grandviewresearch.com/industry-analysis/wave-energy-market
However, high installation cost as well as environmental and socio-economic barriers may restrict the market growth during the forecast period.
Worldwide wave and tidal energy market can be segmented on the basis of type and region. Based on type, the market can be classified into wave and tidal.
In 2016, the tidal segment dominated the market and estimated for revenue share of 97.1%. The most important step to the commercialization of tidal technology is carried by the MeyGen project, that has been operational since 2016. The tidal stream converts kinetic energy into electricity. It has estimated high R&D investments as compared to wave technology. Easy deployment and technological know-how associated to horizontal axis turbines, which installed in the wind industry has increased its adoption. The tidal range technology has gain greater traction. But, barrage tidal range technology has perceived larger R&D developments and is likely to remain dominant in the coming years.
Geographically, the market can be divided into North America, Europe, and Asia Pacific.
Asia Pacific is considered as the most attractive markets and likely to exhibit lucrative gains during the forecast period due to increasing investments in countries including, Thailand, Japan, India, and Philippines. In 2016, this region estimated for a revenue share of 39.0%. Factors such as improving economic conditions, rising awareness among individuals, availability of sources, and developments in open test sites are likely to drive the market over the projected period. Factors such as supportive government policies and public funding programs are expected to support the development of marine energy technology in this region.
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In 2016, North America has shown remarkable developments. In the U.S., the renewable sources estimated for around 15.0% of the total electricity generation in the country. Canada is the key market for ocean technology and Nova Scotia reported as the chief market in the region. More than 90.0% of the overall ocean technology operational capacity was held by two tidal barrage facilities, such as and Fance’s La Rance power station with a capacity of 240 MW and Sihwa plant in the Republic of Korea with a capacity of 254 MW.
Ocean energy is perceiving important development in terms of new projects in several markets such as Sweden, Portugal, U.K., Ireland, India, Thailand, China, Japan, the U.S. and Canada which is expected to drive the market growth in the coming years.
Key players operating in the market include ScottishPower Renewables Limited, Openhydro, Tidal Energy Limited, Atlantis Resources Corp., and AWS Ocean Energy.
The market is observing several new entries. Manufacturers are increasingly taking efforts for the developing new manufacturing processes and designs to serve the demand for clean energy. Component manufacturers are concentrating more on reducing overall capital costs by using alternative materials. New project developments, R&D, acquisitions, and partnerships are the key strategies being employed by the plyers in the market. Players are also developing offices at new locations to bind energy from locations.
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