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.
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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. A detailed
analysis report of COVID-19 impact on Wave and Tidal Energy Market is provided with the
report.
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
The global wave and tidal energy market have been segmented on
the basis of type and region.
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.
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