Wave and Tidal Energy Market worth USD 15,291.2 Million by 2023 -CAGR of 17.84%.

Wave and Tidal Energy Market Research Report- Forecast To 2023

Wave and Tidal Energy Market worth USD 15,291.2 Million by 2023 –

CAGR of 17.84%.

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Copyright © 2018 Market Research Future.

Wave and Tidal Energy Market Research Report- Forecast To 2023

1 Summary Globally, the focus on developing new renewable energy resources has increased so as to reduce carbon emissions and to provide constant power to the ever growing power demand. When harnessed effectively, oceans could prove to be the largest reserves of clean and sustainable energy as well as they could meet the part of global energy demand. Wave and Tidal energy are the two major forms of ocean energy and have huge market dynamics. Wave and tidal energy contribute a lot in generating power in distant remote sites where grid connections can be neither cost-effective nor feasible. Wave and tidal energies are obtained by harnessing the power of tides and waves and they are a constant source of energy due to the gravitational forces of Earth, Sun and Moon.

Key Players: 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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Copyright Š 2018 Market Research Future.

Wave and Tidal Energy Market Research Report- Forecast To 2023

2 Market Overview The growth in wind energy is due to the increasing demand for clean and reliable energy to reduce the global carbon emissions, and to maintain ecological balance by generating electricity through renewable resources. However, high initial capital for projects with high maintenance cost, can hinder the wave & tidal energy market.

There is great potential for wave energy to become a major renewable energy source in the future. Though the development of the tidal power is at promising, it is estimated to have a high potential, globally. It is generated from converting energy from the force tides into power. Future research and development is needed to improve the technology and durability of the equipment, as well as to identify, reduce, and potentially mitigate the negative impacts of this technology upon marine life. However, recent innovations in design and turbine technology for tidal power are expected to influence and increase the installed capacity of tidal plants.

Drivers: -

Increasing demand for continuous electricity supply from non conventional energy resources

Global initiative to reduce carbon emmission

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Wave and Tidal Energy Market Research Report- Forecast To 2023

Regional Analysis:

Market Research Analysis Rich in coastal waters and rivers, North America has huge hydro and marine power potential, which it is slowly developing. The renewable industry in North America is quite developed. According to the World Energy Agency, the driving forces to contribute in the North America market are the location, incentives, and government policies.

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 slower than expected. This is because there is only 14MW of ocean energy installed capacity at the end of 2018, instead of 641MW declared by the EU Member States in their national renewable energy action plans.

Asia Pacific is one of the largest markets for renewables in the world. There is an increasing demand for energy because of the growing population and rising electricity demand in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Solar, wind and other renewable resources are identified as the best replacement to other conventional fossil fuel energy sources and are used to reduce carbon emission by effectively meeting the electricity needs.

China, alone is responsible for over 40% of global renewable capacity growth, which is largely driven by concerns about air pollution and capacity targets that were outlined in the country’s 13th five-year plan to 2020.

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Copyright Š 2018 Market Research Future.

Wave and Tidal Energy Market Research Report- Forecast To 2023

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Copyright Š 2018 Market Research Future.