Wave and Tidal Energy Market Insights
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 & tidal energy market is currently fragmented at large portions, observes Market Research Future.
Market report on global wave and tidal energy market share 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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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. However, the two are formed due to an entirely different scientific phenomenon. Tides are formed by the combined effect of the gravitational forces exerted by the sun and the moon and the simultaneous rotation of the earth. Waves are formed by the movement of air above the surface of the ocean, as a portion of the wind’s kinetic energy is transferred into the water to form the waves.
The global wave & tidal 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. 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.
Global Wave & Tidal Market Segmentation
In the reports of MRFR, the market for wave & tidal 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.
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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.
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).
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