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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Key
Players
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).
Segmental
Overview
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.
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Regional
Outlook
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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