Global Wave & Tidal Energy Market to grow ~ 17.84% CAGR by 2023
Pune, India, 13 April 2018 /MRFR Press Release/- The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Tidal energy, which is a mature form of energy, is broadly classified into tidal stream and tidal range energy that are entailed by construction of barrages. On the other hand, wave energy is a relatively new concept and the sector is expected to witness significant market growth during the forecast period in terms of installed capacity and capital investment. Wave and tidal stream technologies have significant potential of reaping benefits of economies of scale. Large-scale commercial array deployments of wave and tidal power plants are projected to be followed by massive cost reductions. Global wave & tidal market is expected to reach market size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.
Geographically, in South Korea, the government has set a target that 11% of the national energy is demand coming from new and renewable energy by 2030. Ocean energy, including wave and tidal is targeted to contribute 4.7% in the new and renewable total.
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Global Wave & Tidal Energy Market
A number of new wave and tidal energy projects are being established, across the globe, and will start contributing in the global energy mix on a consistent basis in the next few years. Some national and regional governments are supporting ocean energy development through a range of initiatives. Those initiatives include R&D and capital grants to device developers, performance incentives for produced electricity and marine infrastructure development. Furthermore, the growing use of tidal energy for power generations, and the increasing research and development (R&D) activities are driving the market growth.
Geographically, the global wave and tidal energy market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is presently the leading contributor of revenue to the global market and is expected to witness significant developments in the next few years. Europe is the global leader in the development of ocean energy technologies, hosting most of global developers (52% of tidal stream and 60% of wave energy developers). However, the installation of ocean energy devices is taking place at a slower pace than expected. This is because there is only 14MW of ocean energy installed capacity at the end of 2016, instead of 641MW declared by the EU Member States in their national renewable energy action plans. Meanwhile, the tidal barrage operations in South Korea are expected to put Asia Pacific on the global map in the coming years. Furthermore, Australia is also expected to make a significant contribution to the rising revenue of the Asia Pacific wave and tidal energy market.
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Scope of the Report
This study provides an overview of the global wave & 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 & tidal energy market by its type and by region.
- By Type
- Wave Energy
- Tidal Energy
- By Regions
- North America
- Asia Pacific
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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