Globally, the focus on developing new renewable energy resources has increased so as to reduce carbon emissions and to provide constant power to the ever growing power demand. When harnessed effectively, oceans could prove to be the largest reserves of clean and sustainable energy as well as they could meet the part of global energy demand. Wave and Tidal energy are the two major forms of ocean energy and have huge market dynamics.
Wave and tidal energy contribute a lot in generating power in distant remote sites where grid connections can be neither cost-effective nor feasible. Wave and tidal energies are obtained by harnessing the power of tides and waves and they are a constant source of energy due to the gravitational forces of Earth, Sun and Moon.
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The ocean is an enormous source of renewable energy which currently remains largely untapped. Wave & tidal energy is one of the important contributor of ocean energy. This marine energy maintains unique advantages when compared to alternative clean energy sources in terms of predictability and more consistent activity cycles. Wave & tidal energy has great potential for future as wave and tides can be much more accurately predicted than wind or sun and due to massive size of oceans. Though it available in plenty, it suffers from huge investment and limits availability of sites where it can be captured.
Tidal energy, which is a mature form of energy, is broadly classified into tidal stream and tidal range energy that are entailed by construction of barrages. On the other hand, wave energy is a relatively new concept and the sector is expected to witness significant market growth during the forecast period in terms of installed capacity and capital investment. Wave and tidal stream technologies have significant potential of reaping benefits of economies of scale. Large-scale commercial array deployments of wave and tidal power plants are projected to be followed by massive cost reductions. Global wave & tidal market is expected to reach market size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.
Wave and tidal energy harvesting has been around for a few decades. But only in recent years it has started to become more realistic due to advance in research and technology. Worldwide potential for wave and tidal power is enormous, additionally local geography greatly influences the electricity generation potential. Higher lifespan will drive the global wave and tidal energy market. Tidal energy technology is more mature, does not have visible impact on the surrounding and immune to noise pollution due to underwater installation of turbines. Wave energy technology is relatively new but increasing investment in R & D will improve the technology. Moreover, it is area efficient and can be installed onshore which will positively influence the industry outlook. The global population growth, thriving industries in emerging economies, and a rise in infrastructure development activities are all leading to a massive rise in demand for electricity. This factor, together with the rise in stringent environment protection regulations across the globe, is compelling the power generation industry to switch to cleaner and environment-friendly energy resources. This is expected to emerge as the key driver of the global wave and tidal energy market in future.
Global Wave & Tidal Energy Market
A number of new wave and tidal energy projects are being established, across the globe, and will start contributing in the global energy mix on a consistent basis in the next few years. Some national and regional governments are supporting ocean energy development through a range of initiatives. Those initiatives include R&D and capital grants to device developers, performance incentives for produced electricity and marine infrastructure development. Furthermore, the growing use of tidal energy for power generations, and the increasing research and development (R&D) activities are driving the market growth.
Geographically, the global wave and tidal energy market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is presently the leading contributor of revenue to the global market and is expected to witness significant developments in the next few years. Europe is the global leader in the development of ocean energy technologies, hosting most of global developers (52% of tidal stream and 60% of wave energy developers). However, the installation of ocean energy devices is taking place at a slower pace than expected. This is because there is only 14MW of ocean energy installed capacity at the end of 2016, instead of 641MW declared by the EU Member States in their national renewable energy action plans. Meanwhile, the tidal barrage operations in South Korea are expected to put Asia Pacific on the global map in the coming years. Furthermore, Australia is also expected to make a significant contribution to the rising revenue of the Asia Pacific wave and tidal energy market.
Key Players –
The key players of global wave & 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 report for Global Wave & Tidal Energy Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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