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Wave and Tidal Energy Market - Overview
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. 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.
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.
With the concern to provide constant power generation, oceans could be the largest reserves of clean and sustainable energy as well as meet the part of energy demand across the world. Oceans are considered to be an inexhaustible source of clean energy.
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Wave & Tidal Energy Market Drivers and Trends
Over the world, the massive interest in harvesting wave and tidal energy sources to leverage limitless electricity generation has been one of the primary factors for the market to rise. The advancements in wave energy converter technologies have enabled the existing market players to reap the benefits from the potential of wave and tidal energy sources.
As the market is going well, it has been recorded in reports that the wave & tidal market is currently treading on a prosperous path owing to the increasing consumption of electricity across the globe. The wave & tidal energy market has become more realistic and is contributing a lot in generating power especially in distant remote sites where grid connections can neither be cost-effective nor feasible. With the help of gravitational forces of Earth, Sun and Moon, the wave & tide converters are able to provide a constant source of energy. This factor is immensely supporting the wave & tidal energy market to rise at a higher CAGR.
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. The unique factor that is making this market to grow prosperously is the increased opportunities for the development of tidal stream plants that are new technology invention. Hence, the market will also prosper in terms of investments made upon it.
Wave and Tidal Energy Industry Segmentation
In the reports of MRFR, the market for wave & tidal energy market 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.
Competitive Dashboard
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).
Industry News
20 February 2019: Simec Atlantis Energy’s Meygen tidal array has exported more than 12-gigawatt hours of electricity to the Scottish grid, beating the previous world record held by SeaGen. The 6MW MeyGen Phase 1A tidal array, in the Pentland Firth in northern Scotland, entered the 25-year operations stage in April last year for efficient tidal energy source harvesting for constant electricity generation.
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