Wave and Tidal Energy Market Insights
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 & tidal energy market is currently fragmented at large portions,
observes Market Research Future.
Market report on global wave and 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.
Industry Highlights
The concept for wave and tidal energy has evolved
over time and has gained a lot of importance in recent times. Waves and tides
are naturally occurring events and, generally, the two terms are
interchangeably used by many people. However, the two are formed due to an
entirely different scientific phenomenon. Tides are formed by the combined
effect of the gravitational forces exerted by the sun and the moon and the
simultaneous rotation of the earth. Waves are formed by the movement of air
above the surface of the ocean, as a portion of the wind's kinetic energy is
transferred into the water to form the waves.
The global wave & tidal 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. 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.
Global Wave & Tidal Market
Segmentation
In the reports of MRFR, the market for wave
and tidal energy market analysis 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.
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.
Key Players
The key players of global wave & tidal energy
market are Atlantis Resources Ltd (London), Aquamarine Power Ltd (U.K.),
Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc.( U.S.),
IHI Corporation (Japan), Pelamis Wave Power (Scotland), Ocean Renewable Power
CO Llc (Portland), YAM PRO Energy (Israel), Tenax Energy (Australia) and AW
Energy Oy Ltd (Vantaa).
About Market Research Future:
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