Global Wave and Tidal Energy Market 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. The Global Wave and Tidal Energy Market is Expected to Witness 26.38% CAGR During the Period, 2019 to 2024.
The global energy industry is rapidly transitioning to a low carbon future and wave energy is expected to contribute 10% of world electricity need by 2050. It is expected to grow further, owing to stable government policies, steady investment and increased collaboration from energy industry, which will develop the wave and tidal energy into more mature renewable energy technology. The energy generated from wave is determined by several factors, including wave height, wave speed, and wavelength and water density.
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The wave and tidal technology is increasingly implemented in generating power for remote regions that cannot be connected to the grid. Large scale deployment of wave and tidal energy will result in increased cost reduction and wide deployment. With the development of energy converter technology, wave and tidal stream technologies have significant potential of reaping benefits of large scale deployment. There is a wide variety of wave and tidal energy technologies resulting from the different ways, in which energy can be absorbed from the waves and depending on the water depth and the location such as shoreline, near-shore and offshore.
The global wave and tidal energy market is segmented based on type, technology, and region.
Global Wave and tidal energy Market, By Type
- Wave Energy
- Tidal Energy
Global Wave and tidal energy Market, By Region
- North America
- Rest of the world
In terms of region, the global market for the wave and tidal energy is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Europe dominates the global market, owing to the already existing infrastructure and major players in this region. The increasing demand for renewable energy sources in this region has enabled the wave & tidal energy market to generate significant investments from the region.
In Asia-Pacific, the booming energy demand has been one of the prime contributing factors for the growth of the wave & tidal energy market in the region. South Korea has dominated this region in terms of both, value and volume. With increasing investments in the research and development of wave & tidal energy in Asia-Pacific in the major driving factor for the growth of the wave & tidal energy market in the region.
The major players operating in wave and tidal energy market are Pelamis Wave Power. (UK), Tenax Energy (Australia), Atlantis Resources Ltd (UK), Aquamarine Power Ltd. (UK), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc., (U.S.), Marine Current Turbines Ltd, (U.K), Ocean Renewable Power CO Llc (U.S.) and Yam Pro Energy (Israel).
Scope of the Report
This study provides an overview of the global wave and tidal energy market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global wave and tidal energy storage market by industry type, by application, by drone type and by region.
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