Category : Energy and Power | Published at : June-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global wave and tidal energy market value is expected to reach of around US$ 18.5 Bn by 2027 and is anticipated to grow at a CAGR of around 28% in terms of revenue during the forecast period 2020 – 2027.
The wave energy is known as the energy of surface water waves that are stored in reservoirs to produce electricity, desalinate and pump water. These are advanced technologies that produce the most concentrated supply of renewable electricity. Oceans are an infinite renewable energy supply. The most effective source of energy is also considered to be the processing of wave and tidal energy from the ocean surfaces. The efficient forms of use of ocean resources for power generation are wave and tidal control.
The report provides analysis of global Wave and Tidal Energy market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Market Dynamics
Increased investment in the production of power projects related to wave and tidal power is a significant factor for the global renewable wave and tidal markets. Given the limited supply of fossil fuels such as oil, gas and coal and the emissions from these sources, major countries, including wave and tidal energies, invest in renewable energy sources. Such energy supplies are plentiful and eco-friendly in nature. Because of the benefits of wave and tidal power, increasing investment in wave and tidal power schemes has grown. Several ventures have been conducted around the world with respect to wave and tidal energies and over the next few years they will steadily add to the global energy mix. Many national and regional governments promote the production of ocean resources through a number of initiatives. These include R&D projects and equipment developers' capital grants, energy production incentives and marine infrastructure growth.
Regional Stance
Europe is projected to hold the prominent market share during the forecast period due to existing infrastructure, the involvement of major players in wave and tidal energy and renewable energy in the region. On the other hand, the North American industry has undergone a variety of changes. In 2019, the gross power production by renewable energy was around 15%. Canada's ocean technology demand in the area is important. The province of Nova Scotia, where an amount of US$ 50 Mn has been devoted to maritime resources since 2010, is expected to be a major market in Canada.
Report coverage
The market research study on “Wave and Tidal Energy Market (By Type: Wave and Tidal Energy Market By Type: Tidal Power Plants, Wave Power plants; Wave and Tidal Energy Market By Application: Commercial, Residential, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global Wave and Tidal Energy market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global Wave and Tidal Energy market, its technology, mounting, connectivity, end use, and major geographic regions. The report covers global Wave and Tidal Energy market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Wave and Tidal Energy market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Wave and Tidal Energy market is segmented as below:
Market Segmentation
Wave and Tidal Energy Market By Type
- Tidal Power Plants
- Wave Power plants
Wave and Tidal Energy Market By Application
- Commercial
- Residential
- Industrial
Wave and Tidal Energy Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Key Players
Major players include in this report are Pelamis Wave Power Ltd., Aquamarine Power ltd, Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Carnegie Wave Energy Ltd., Tenax Energy, and Others.
Governments and private players make major investments in seeking alternative renewable energy sources that offer a big boost to rapid demand growth. A growing number of businesses are working together to reduce the high initial costs of production by raising tariff prices. In this context, players in the industry embark on plans to commercially execute wave and tidal energy production projects. Over the years, the phenomenon is projected to continue and to lead to the growth of the demand in wave and marea electricity.
Frequently Asked Questions
The wave energy is known as the energy of surface water waves that are stored in reservoirs to produce electricity, desalinate and pump water.
Increasing focus on the development of cleaner power generation technologies is a key market driver.
The market value of fiber drums is anticipated to be worth around US$ 18.5 Bn in 2027.
The wave and tidal energy market is anticipated to grow around 28% CAGR amid the forecast period.
Europe held maximum share in 2019 led by the Germany.
Asia Pacific is projected to grow at a fast pace during forecast period in wave and tidal energy market.
Major players include in this report are Pelamis Wave Power Ltd., Aquamarine Power ltd, Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Carnegie Wave Energy Ltd., Tenax Energy, and Others.
