Pune, India, May, 2018 /MRFR Press Release/- The Wave & Tidal Energy market is expected to grow at the CAGR of around 17.84% during the period 2018 to 2023.
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%.
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.
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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Scope of the Report
This study provides an overview of the global Wave & Tidal Energy market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. 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
Market Research Analysis
Increasing concerns about carbon emissions and volatility in energy markets have combined to heighten interest in renewable sources. China alone is responsible for over 40% of global renewable capacity growth, which is largely driven by concerns about air pollution and capacity targets that were outlined in the country’s 13th five-year plan to 2020.
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.
Asia Pacific is one of the largest markets for renewables in the world. There is an increasing demand for energy because of the growing population and rising electricity demand in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Solar, wind and other renewable resources are identified as the best replacement to other conventional fossil fuel energy sources and are used to reduce carbon emission by effectively meeting the electricity needs.
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