Wave
and Tidal Energy Sector
According to the latest report by Market Research
Future (MRFR), is slated to acquire a significant market valuation at a
substantial growth rate over the review period.
This remarkable growth market to several influential
factors such as the increasing investment in the market towards research and
development activities in order to raise the commercial usage of equipment that
harness wave and tidal energy. The growing focus on the expansion of cleaner
power generation technologies that have a minor environmental impact is
expected to fuel the Wave
and Tidal Energy Sector over the assessment period. furthermore, as the
global economy continues to witness intense growth and restructuring, natural
resources are diminishing at alarming rates and irreparable damage is being
done to the environment. As a strategy to enhance the production of clean
energy, several government authorities are considering the adoption of ocean
energy as a long-term method to meet the rising energy demand.
Segmental
analysis
The global wave
and tidal energy market are bifurcated on the basis of type and
technology.
Based on the type, the market has been divided into
wave energy and tidal energy.
The technologies adopted in the global market for wave
and tidal energy are barrage, oscillating water columns, and tidal steam
generator, among others.
Regional
Analysis
On the basis of the region, the market has been
segmented into Europe, Asia Pacific, North America, and the rest of the world
(including the middle east, Africa, and Latin America).
North America accounts for the largest regional market
share for wave and tidal energy and is likely to retain its dominance in terms
of value over the review period. Several factors that have a significant impact
on the market share are the established energy and power industry, stable
economic dynamics,early adoption of technological advancements. Moreover, the large-scale
investments by major market players towards enhancing fuel efficiency in the
region are predicted to create a new scope of opportunities for growth in the
region.
Europe is the second-largest region for the global
wave and tidal energy market and is expected to retain its substantial growth
over the review period. The market is driven by the decision of government
authorizes to focus on reducing fossil fuel consumption and focus on the
development and adoption of renewable resource fuels.
The Aisa Pacific is also one of the most significant
regions, in terms of growth rate, in the global wave and tidal energy market and is likely to account for a
substantial growth rate over the review period. The middle east follows behind
the Asia Pacific region in terms of growth rate. varying economic scenarios
have led to an increase in the modernization, digitization, and
industrialization, subsequently leading to the growth of the energy and power
industry, along with growing research and development projects for
technological advancements.
Competitive
Landscape
The major market players identified by MRFR are Simec
Atlantis Energy (Singapore), Ocean Power Technologies Inc. (US), Carnegie Clean
Energy (Australia), Yam Pro Energy (Israel), OPRC Inc. (US), AW Energy OY
(Finland), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), Aquanet
Power (Taiwan), and BioPower Systems Pty Ltd (Australia).
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