18th July 2019 – Latest Research Report on Wave
and Tidal Energy Market starts with a deep introduction and then delves
broad into specific segments such as raw material, application, end user, and
region, policy study, value chain structure, and upcoming trends in particular
segments or regions. The report on Wave and Tidal Energy prepare a case for
investments in different regions based on a practical view of their regulatory
outline, manufacturing dynamics, and availability of skills and resources in
that region.
Global Wave and Tidal Energy Market is
expected to reach USD 3.9 billion by 2025 as the scope, product types and its
applications are increasing across the globe. Wave energy implies to the energy
of the ocean surface waves, which is captured for desalination, the pumping of
water into reservoirs and electricity generation. It is considered to be the
most promising green technologies, and Wave and Tidal Energy generate the most
intense source of renewable energy. Oceans are an endless source of clean
energy. Wave and tidal energy market is expected to grow at a CAGR of 42.5% in
the upcoming period.
As such, connecting tidal and wave
energy from the ocean surfaces is the most supportive source of energy.
Economies across the globe are inclined toward usage of these forms of
renewable energy as these offer a continuous and stable source of clean energy.
Abundance of ocean surface and energy generation volume in numerous countries
has helped governments to follow ocean energy generation as a significant
source of renewable energy in years to come.
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Moreover, the wave and tidal energy is
witnessing maximum demand due to rise in development of the initiatives across
countries, which results in reduction of price with respect to electricity.
Furthermore, increase in funds and new rules by local governments helps the
skill inventors for fast commercialization of their energy converters. On the
other hand, the factors such as environmental and socio-economic barriers and
high cost are expected to hamper the growth of the market over the forthcoming
period.
Wave and Tidal Energy Market may be explored
by type, technology, end users, and geography. Wave and Tidal Energy may be
explored by type as Wave Power plants, and Tidal Power Plants. The “Tidal Power
Plants” of Wave and Tidal Energy is the dominant type of the market in 2016,
The conversion of kinetic energy into electricity is mainly done with the help
of “Tidal Stream”. As compared to Wave Power plants, the Tidal Power Plants may
have higher R&D investments.
Wave and Tidal Energy may be explored by
Technology as Pendulor Device, Tidal Stream Generator, Barrage, Oscillating
Water Columns, and Others (Lagoon and Turbine). Wave and Tidal Energy may be
explored by end users as Residential, Industrial, and Commercial. Asia-Pacific
has been at the forefront with regards to wave and tidal energy industry and
will continue to rule the roost in the years to come. The Asia Pacific
accounted for the major share of 39% of the global volume in 2016. The region
is estimated to continue to be the foremost user over the forthcoming period
due to increase in the environmental rules, public funding programs,
competition, and government policies are expected to facilitate the growth of
market in this region.
Asia-Pacific is looked upon as the most
attractive and major market for Wave and Tidal Energy all over the world.
Significant development of the accessibility of incomes, awareness amongst the
population, economy, and growth in open test places are estimated to drive the
market throughout the upcoming period. Asia-Pacific is followed by the North
America.
Some of the key players that fuel the
growth of the wave and tidal energy market include S.D.E. Energy Ltd. (WERPO
Wave Energy), Carnegie Wave Energy Ltd., Tenax Energy, Ocean Power
Technologies, Inc., Atlantis Resources Ltd., AquaGen Technologies, Pelamis Wave
Power Ltd., Ocean Renewable Power Company LLC, Aquamarine Power Ltd, and Marine
Current Turbines Ltd. The key players are focusing on inorganic growth to
sustain themselves amidst fierce competition. As such, mergers, acquisitions,
and joint ventures are the need of the hour.
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