Wave and Tidal Energy Market Significant Growth, Size, Share, Trends, Analysis, Key Players, Demand and Future Forecast to 2024


Posted August 26, 2019 by DhanashreePawar

Wave and Tidal Energy Market is Projected to Grow at a Healthy CAGR Over the Forecast Years, Global Wave and Tidal Energy Market Research Report by Type, by Technology and by Region

 
Wave and Tidal Energy Market Insights:

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.

The global wave and tidal energy 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. 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.

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Industry Highlights

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.

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.

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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.

Wave and Tidal Energy Regional Market 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.

Wave and Tidal Energy Market Leading Players:

The Prominent Players in the global wave & tidal energy market include Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems Pty Ltd (Australia).

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Issued By MRFR
Country India
Categories Business , Energy
Tags wave and tidal energy market , wave and tidal energy market analysis , wave and tidal energy market growth
Last Updated August 26, 2019