Wave and Tidal Energy Market Insights:
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.
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 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.
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Industry
Highlights
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.
With the concern to provide
constant power generation, oceans could be the largest reserves of clean and
sustainable energy as well as meet the part of energy demand across the world.
Oceans are considered to be an inexhaustible source of clean energy.
On the same time, the rise in
investments and introduction of new policies and decline of the traditional
resources of energy such as natural gas, coal, and oil influence the critical
developers for rapid commercialization of energy converter devices. This factor
has also created high scope for the new players to enter the market by
introducing advanced technologies. The unique factor that is making this market
to grow prosperously is the increased opportunities for the development of
tidal stream plants that are new technology invention. Hence, the market will
also prosper in terms of investments made upon it.
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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.
Wave and Tidal Energy Regional
Market 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.
Next comes the North America, where
the global wave & tidal energy market is expected to account for
significant growth over the forecast period attributing to the increasing
investment in the renewable energy along with rising demand from the industrial
sector the U.S. which is considered a global leader in the energy production
industry.
Wave and Tidal Energy Market Leading Players:
The Prominent Players in the global
wave & tidal energy market include Ocean Power Technologies Inc. (US),
Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc.
(US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan),
Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems
Pty Ltd (Australia).
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