Focus on renewable sources of energy to curb pollution is giving rise to the market for wave and tidal energy. Market Research Future (MRFR) has published a research report about the global wave and tidal energy market that observes growth for this market at 17.84% CAGR during the forecast period that would end in 2023. By value, the market has been figured to be worth the US $ 15,291.2 mn by the end of the forecast period.
The crucial factors for the global wave and tidal energy market growth include cost-effectiveness, eco-friendly nature, and endless supply. However, the initial cost of installing the plant can be high which can hamper the market growth. And powerplants harnessing the energy from waves or tide can be set only at those places that are near seas or oceans.
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Latest Industry News
- A leader in offshore wind innovation, Scotland is hosting the Offshore Renewable Energy Catapult innovation center and the world’s first floating offshore wind farm. It has signed a wind pact with New Jersey to save the environment. New Jersey has established a goal of 3,500MW of offshore wind energy by 2030. 7 FEB 2019
- Texas-based offshore renewable energy company Excipio Energy has developed a new Articulated Spar Leg (ASL) platform type known as the Excibuoy. Excipio’s floating offshore renewable energy system uses four spar-type legs, each attached by an articulated joint to a common deck. The deck can support the wind turbine. 6 FEB 2019
Wave And Tidal Energy Market Segments Analysis:
The global wave and tidal energy market have been segmented on the basis of type and region. By type, this market has been segmented into wave energy and tidal energy. The tidal energy market has been segmented into tidal range energy and tidal stream that can be contained by barrage construction. The wave energy is expected to observe important market growth throughout the forecast period in terms of capital investment and installed capacity.
The key players in the global wave and tidal energy market include Atlantis Resources Ltd (London), Aquamarine Power Ltd (UK), AW-Energy Oy Ltd (Finland), Carnegie Wave Energy Limited (Australia), IHI Corporation (Japan), Ocean Power Technologies Inc.( USA), Ocean Renewable Power CO LLC (USA), Pelamis Wave Power (Scotland), Tenax Energy (Australia), and YAM PRO Energy (Israel).
Wave And Tidal Energy Regional Market Analysis:
The regional segmentation of the global wave and tidal energy market segments the market into the regional markets known as Asia Pacific, Europe, North America, and rest of the world (RoW). Europe is presently the leading regional market, generating maximum revenue to the global market. During the forecast period, the Europe market is expected to grow further. Europe is the global leader with regards to the development of ocean energy technologies. However, the installation of ocean energy devices is taking place slowly which is reducing the speed of market growth. Many key market players are based in Europe. Prominent country-specific markets in this region are France, Russia, Netherlands, and the United Kingdom (UK).
During the forecast period, the market in the Asia Pacific region is expected to rise due to the tidal barrage operations in South Korea. Furthermore, Australia is also expected to contribute to the rising revenue significantly to the market in this region. Another important country-specific market in this region is China.
In North America, the market can be expected to rise during the forecast period due to advanced technology needed to set up the necessary infrastructure. The headlining country-specific markets in this region are the United States of America (USA) and Canada. Some of the key market players are based in North America too.
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