Market report on global wave & tidal energy market
by MRFR outlines that the market is set to portray its potential earnings worth
USD 15,291.2 Million, having an expansion of its size at a CAGR of 17.84%. This
growth graph is anticipated to go upwards by the year 2023. Carbon emission
level has reached an alarming point globally, and with this concern, it has
evolved with the development of many renewable energy sources, one of which is
a wave and tidal energy.
Wave energy is referred to as the energy of the ocean
surface waves for the generation of electricity, desalination, and pumping of
water into reservoirs. Wave & tidal energy is the most promising
technologies of the current time owing to advance in research and technology.
Also, wave and tidal energy is plugged to be the next significant technological
innovation that can accommodate a large amount of the world's energy
consumption.
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Global
Wave and Tidal Energy Market Drivers and Trends:
Over the world, the massive interest in harvesting
wave and tidal energy sources to leverage limitless electricity generation has
been one of the primary factors for the market to rise. The advancements in
wave energy converter technologies have enabled the existing market players to
reap the benefits from the potential of wave and tidal energy sources.
As the market is going well, it has been recorded in
reports that the wave & tidal market is currently treading on a prosperous
path owing to the increasing consumption of electricity across the globe. The
wave & tidal energy market has become more realistic and is contributing a
lot in generating power especially in distant remote sites where grid
connections can neither be cost-effective nor feasible. With the help of
gravitational forces of Earth, Sun and Moon, the wave & tide converters are
able to provide a constant source of energy. This factor is immensely
supporting the wave & tidal market to rise at a higher CAGR.
The global wave and tidal energy market is witnessing
a higher rise owing to an increase in the expansion of projects across
countries and is turning into a massive cost reduction in electricity
generation and consumption
Wave
and Tidal Energy Industry Segmentation
In the reports of MRFR, the market for wave &
tidal energy market has been segmented by type which includes wave energy and
tidal energy.
Among them, tidal energy is referred to as a mature
form of energy, which gets classifies into the tidal stream and tidal range
energy.
Wave energy is a new concept which is anticipated to
rise significantly during the forecast period owing to the capital investments
and tremendous benefits from it.
Regional
Outlook
Regionally, the global wave and tidal market have
covered the major regions of North America, Europe, Asia Pacific and Rest of
the World.
Among these, Europe is currently leading contributor
to the market of wave & tidal owing to share the largest revenues from
investments made. Apart from this, the market is also expected to witness some
major developments as well in the years to come. This region also hosts several
key developers of the market with 52% of tidal stream and 60% of wave energy
developers.
Meanwhile, Asia Pacific is also witnessing a
considerable amount of market stableness at a higher CAGR in the forecast
period. The rise is contributed owing to the tidal barrage operations in South
Korea, which is taking the global market of wave & tidal on prosperous rise
path. Besides, Australia is also expected to make a more substantial
contribution to the growing revenue of wave and tidal energy market.
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