Wave and Tidal Energy Market Worth 17.84 % CAGR |Global Industry Forecast to 2023

Wave and Tidal Energy Market Research Report- Forecast to 2023

Wave and Tidal Energy Market Worth 17.84 %

CAGR |Global Industry Forecast to 2023

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Copyright Š 2018 Market Research Future.

Wave and Tidal Energy Market Research Report- Forecast to 2023

1 Summary 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 the promising stage, 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.

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 Geographically, In South Korea, The government has set a target that 11% of the national energy 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. Global wave & tidal market is expected to reach market size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.

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%.

Market Segmentation

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Copyright Š 2018 Market Research Future.

Wave and Tidal Energy Market Research Report- Forecast to 2023

3 Market Research Analysis Increasing concerns about carbon emissions and volatility in energy markets have combined to heighten interest in renewable sources. 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.

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.

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.

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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.