Market Highlights
The
global energy industry is rapidly transitioning to a low carbon future and wave
energy is expected to contribute 10% of world electricity need by 2050. It is
expected to grow further, owing to stable government policies, steady
investment and increased collaboration from energy industry, which will develop
the wave and tidal energy into more mature renewable energy technology. The
energy generated from wave is determined by several factors, including wave
height, wave speed, and wave length and water density.
The
wave and tidal technology is increasingly implemented in generating power for
remote regions that cannot be connected to the grid. Large scale deployment of
wave and tidal energy will result in increased cost reduction and wide
deployment. With the development of energy converter technology, wave and tidal
stream technologies have significant potential of reaping benefits of large-scale
deployment. There is a wide variety of wave and tidal energy technologies
resulting from the different ways, in which energy can be absorbed from the
waves and depending on the water depth and the location such as shoreline,
near-shore and offshore.
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Overview
The
ocean energy conversion to electricity could play an important role in meeting
the rising global energy demand, mitigating climate change, diversifying global
energy supply and boosting energy industry economic activity. Wave energy is
generated when the wind blows over the ocean’s surface, which itself is a
function of temperature and pressure differences across the globe caused by the
distribution of solar energy from the Sun. Wave energy carries both kinetic and
gravitational potential energy, the level of which is a function of both the
height and period of the wave. Harnessing this energy using a wave energy
convertor (WEC) can in turn generate electricity that can be supplied to remote
coastal regions that cannot be connected to the grid.
Industry Segmentation
The
market has been analyzed based on types, and by regions.
On
the basis of type, the global tidal and wave energy market has been segmented
as wave and tidal energy. The global tidal energy is further segmented into
tidal stream energy and tidal range energy. The tidal energy is a mature form
of energy and requires construction of tidal barrages.
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Regional Outlook
Based
on the regions, the market is analyzed across four key regions, North America,
Europe, Asia-Pacific and Rest of the World. The Europe region is expected to
dominate the overall market with increasing number of proposed wave and tidal
energy projects across U.K., France and Scotland. In the Asia-Pacific region,
South Korea is expected to witness the fastest growth rate in the market, owing
to high harnessing of wave and tidal energy by large scale installation of
tidal barrages. Also, in the Asia Pacific region, Australia is projected to
drive the wave and tidal energy market and it expected to deploy generating
capacity of about 25 MW by 2020.
Key Players
The
major players operating in wave and tidal energy market are Pelamis Wave Power.
(UK), Tenax Energy (Australia), Atlantis Resources Ltd (UK), Aquamarine Power
Ltd. (UK), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies
Inc., (U.S.), Marine Current Turbines Ltd, (U.K), Ocean Renewable Power CO Llc
(U.S.) and Yam Pro Energy (Israel).
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