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
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. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Wave And Tidal
Energy Market is included in the present report.
Industry Highlights
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.
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 global wave & tidal
market 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.
Competitive
Landscape:
·
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).
Global Wave And Tidal Energy Market
Segmental Analysis
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.
Regional Outlook: Global Wave and Tidal
Market
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.
About Market Research Future:
At Market Research Future (MRFR), we enable our
customers to unravel the complexity of various industries through our Cooked
Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research
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