The ocean energy conversion to electricity could play an important role in meeting the rising global energy demand, mitigating climate change, diversifying global energy supply and boosting energy industry economic activity. Wave energy is generated when the wind blows over the ocean’s surface, which itself is a function of temperature and pressure differences across the globe caused by the distribution of solar energy from the Sun. Wave energy carries both kinetic and gravitational potential energy, the level of which is a function of both the height and period of the wave. Harnessing this energy using a wave energy convertor (WEC) can in turn generate electricity that can be supplied to remote coastal regions that cannot be connected to the grid.
On the other hand, oceanic tides are the function of the motion of the moon and sun relative to the earth. These gravitational forces in combination with the rotation of the earth on its axis cause periodic movements of the oceans and seas. The energy potential of tidal currents is typically located in areas with the greatest tidal range.
Global wave and tidal Energy Market is predicted to grow at approximately 10.2% by 2023
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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.)
- Yam Pro Energy (Israel).
Europe region is expected to dominate the market
Based on the regions, the market is analyzed across four key regions, North America, Europe, Asia-Pacific and Rest of the World. The Europe region is expected to dominate the overall market with increasing number of proposed wave and tidal energy projects across U.K., France and Scotland. In the Asia-Pacific region, South Korea is expected to witness the fastest growth rate in the market, owing to high harnessing of wave and tidal energy by large scale installation of tidal barrages. Also, in the Asia Pacific region, Australia is projected to drive the wave and tidal energy market and it expected to deploy generating capacity of about 25 MW by 2020.
Market Research Analysis
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.
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.
- 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
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