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The Demand for Global Wave and Tidal Energy is anticipated to expand or exhibit a CAGR of 4.5% during the forecast period.
Wave energy is an energy source of the ocean waves that are sourced for electricity generation desalination, and the supply of water into storage facilities. The energy sourced from the wave and tidal are considered as sustainable energy. Because it is admired properties renewable energy has various applications ranging from household to industrial usage. The oceans are also considered as one of the inexhaustible energy sources of clean energy. Therefore, harnessing the tidal and wave energy from ocean waves and tidal forces on the surfaces of oceans is projected for market growth. Globally the governments are shifting their energy generation from traditional methods to the latest forms to increase their compliance with the environmental friendly policies enforced to curb the pollution. These energy sources require substantial infrastructure in generating the energy for the wave and tidal forces from the ocean surface and depths. Abundance in the availability of ocean surface energy generation capability by various countries had encouraged the governments to conduct extensive research and development activities to improve energy generation through this technology.
The growth of global wave and tidal energy market is fuelling by the increased expansion of the projects in various countries. Such projects for energy generation has supported in decreasing the cost of producing electricity in contrast to the traditional methods. However, increased investments on these renewable energy projects and regulations imposed by the regional governments are contributing to the advancement of this technology. Advancements in technology are in the phase of research and development in order to generate renewable energy through the wave and tidal energy sources. Such market trends in the wave and tidal energy industry is providing various opportunities for the new entrants that could increase their market foothold. There are significant opportunities available in the market especially in the advancement of tidal stream energy projects backed by new technologies. Both the energy sectors of wave and tidal energy are anticipated for significant market growth in terms of installed capacity and investments.
By Type, Tidal Power Plants Segment is expected for High Demand during the Forecast Period:
The generation of tidal energy for a variety of usage is occurred by the movements of the ocean water out of the gravitational pull of earth and moon. The technology is considerably in demand by the governments due to its higher potential of energy conversion through tidal waves. Thus organizations are significantly investing in this technology to improve the technology and cater wider customer base. Tidal power plants need the water reservoirs where there could be a significant movement of water such as Dams, Barrages, and lakes, etc. through which the power is generated. These plants have a lower cost of installation and maintenance that significantly contributes in higher profit margins and higher power generation that plunges its demand in the market.
The Global Wave and Tidal Energy Market in Europe Accounted for the Largest Share in 2018 and is Expected to Remain Dominant during the Forecast Period
Development of wave and tidal energy in Europe is backed by The European Marine Energy Centre (EMEC) for the deployment of various wave and tidal energy devices greater than other sites. EMEC has a range of test sites in real sea conditions. The grid-connected tidal test locations are at Fall of Warness, off the island of Eday, within a narrow channel which increased the tide as it flows between the Atlantic Ocean and North Sea. The region constitutes of strong tidal currents that travel at a speed of 4 m/s in spring tides. Tidal energy plants manufacturers had tested at the site of Alstom and ANDRITZ HYDRO Hammerfest etc. Such advancements in the technology and higher demand for renewable energy sources by the customers in this region are supporting the development of global wave and tidal energy.
The competition in manufacturing the wave and tidal energy plants is driven by the middle and large size companies. Therefore this technology being at an introduction phase of its life cycle the competition is observed to be moderate with fewer entry and exit barriers.
Prominent players that are offering global wave and tidal energy market are listed as follows: Ocean Renewable Power Company LLC, Atlantis Resources Limited, Marine Current Turbines Limited, S.D.E Ltd., Ocean Power Technologies Inc., Aquagen Technologies, Carnegie Wave Energy Limited, Pelamis Wave Power Ltd., Tenax Energy Solutions LLC, and Aquamarine Power Limited.
Key Segments of Wave and Tidal Energy Market:
- Wave Power plants
- Tidal Power Plants
- Tidal Stream Generator
- Pendulor Device
- Oscillating Water Columns
- Others (Lagoon and Turbine)
By End User
- North America
- Asia pacific
- Middle east and Africa
- Latin America