Wave and Tidal Energy Market Research Report-Forecast to 2023

Wave and Tidal Energy Market Research Report-Forecast to 2023

ID: MRFR/E&P/2598-CRR | January, 2018 | Region: Global | 104 pages | Cooked Research Reports

Global Wave and Tidal Energy Market Information Report by Industry Type (Wave Energy and Tidal Energy) and by Regions - Global Forecast to 2023


Market Scenario


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.


The ocean is an enormous source of renewable energy which currently remains largely untapped. Wave & tidal energy is one of the important contributor of ocean energy. This marine energy maintains unique advantages when compared to alternative clean energy sources in terms of predictability and more consistent activity cycles. Wave & tidal energy has great potential for future as wave and tides can be much more accurately predicted than wind or sun and due to massive size of oceans. Though it available in plenty, it suffers from huge investment and limits availability of sites where it can be captured.


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%.


Wave and tidal energy harvesting has been around for a few decades. But only in recent years it has started to become more realistic due to advance in research and technology. Worldwide potential for wave and tidal power is enormous, additionally local geography greatly influences the electricity generation potential. Higher lifespan will drive the global wave and tidal energy market. Tidal energy technology is more mature, does not have visible impact on the surrounding and immune to noise pollution due to underwater installation of turbines. Wave energy technology is relatively new but increasing investment in R & D will improve the technology. Moreover, it is area efficient and can be installed onshore which will positively influence the industry outlook. The global population growth, thriving industries in emerging economies, and a rise in infrastructure development activities are all leading to a massive rise in demand for electricity. This factor, together with the rise in stringent environment protection regulations across the globe, is compelling the power generation industry to switch to cleaner and environment-friendly energy resources. This is expected to emerge as the key driver of the global wave and tidal energy market in future.


Market Segmentation:


 Wave and Tidal Energy Market


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 regionsEurope 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.


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)

The report for Global Wave & Tidal Energy Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. 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.

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TABLE OF CONTENTS

2.1 Scope of the Study 13
2.2 Assumptions 14
2.3 Market Structure 14

3.1 Research Process 15
3.2 Primary Research 16
3.3 Secondary Research 16
3.4 Market Size Estimation 16
3.5 Forecast Model 18

4.1 Drivers 19
4.1.1 Shrinking Conventional Power Resources 19
4.1.2 Favourable Government Initiatives 20
4.1.3 Long Life 20
4.2 Restraints 21
4.2.1 High Cost of Construction 21
4.2.2 Lack of Ideal Locations 21
4.2 Opportunities 21
4.3.1 On Going Development Of Wave & Tidal Energy 21
4.3 Porter's 5 Forces Analysis 22
4.3.1 Threat of New Entrants 22
4.3.2 Bargaining Power of Suppliers 23
4.3.3 Threat of Substitutes 23
4.3.4 Bargaining Power of Buyers 23
4.3.5 Segment Rivalry 23
4.5 Value Chain 24

5.1 Overview 27
5.1.1 Wave & Tidal Energy Market – By Type 29
5.1.2 Tidal Energy 29
5.1.3 Wave Energy 29

6.1 Introduction 31
6.2 North America 33
6.2.1 U.S. 37
6.2.1.1 Upcoming Projects (Developer Details, Technical Specifications) 37
6.2.1.2 Incentive Schemes 37
6.2.1.3 Government Body/Association Details 38
6.2.1.4 Future Scope 38
6.2.2 Canada 41
6.2.2.1 Upcoming Projects (Developer Details, Technical Specifications) 41
6.2.2.2 Incentive Schemes 41
6.2.2.3 Government Body/Association Details 42
6.2.2.4 Future Scope 42
6.2.3 Mexico 44
6.2.3.1 Upcoming Projects (Developer Details, Technical Specifications) 44
6.2.3.2 Incentive Schemes 44
6.2.3.3 Government Body/Association Details 45
6.2.3.4 Future Scope 45
6.3 Europe 46
6.3.1 Emerging Economies 60
6.3.1.1 Ireland 60
6.3.1.1.1 Upcoming Projects (Developer Details, Technical Specifications) 60
6.3.1.1.2 Incentive Schemes 60
6.3.1.1.3 Government Body/Association Details 60
6.3.1.1.4 Future Scope 61
6.3.1.2 Norway 61
6.3.1.2.1 Incentive Schemes 61
6.3.1.2.2 Government Body/Association Details 62
6.3.1.2.3 Future Scope 62
6.3.1.3 Spain 62
6.3.1.3.1 Incentive Schemes 62
6.3.1.3.2 Government Body/Association Details 63
6.3.1.3.3 Future Scope 63
6.3.2 U.K. 64
6.3.2.1 Upcoming Projects (Developer Details, Technical Specifications) 64
6.3.2.2 Incentive Schemes 66
6.3.2.3 Government Body/Association Details 66
6.3.2.4 Future Scope 66
6.3.3 France 68
6.3.3.1 Upcoming Projects (Developer Details, Technical Specifications) 68
6.3.3.2 Incentive Schemes 68
6.3.3.3 Government Body/Association Details 68
6.3.3.4 Future Scope 68
6.3.4 Russia 60
6.3.4.1 Upcoming Projects (Developer Details, Technical Specifications) 60
6.3.4.2 Incentive Schemes 60
6.3.4.3 Government Body/Association Details 61
6.3.4.4 Future Scope 61
6.3.6 Netherlands 64
6.3.6.1 Upcoming Projects (Developer Details, Technical Specifications) 64
6.3.6.2 Incentive Schemes 64
6.3.6.3 Government Body/Association Details 64
6.3.6.4 Future Scope 64
6.4 Asia-Pacific 67
6.4.1 Emerging Economies 71
6.4.1.1 Australia 71
6.4.1.1.1 Upcoming Projects (Developer Details, Technical Specifications) 71
6.4.1.1.2 Incentive Schemes 71
6.4.1.1.3 Government Body/Association Details 71
6.4.1.1.4 Future Scope 72
6.4.1.2 Indonesia 72
6.4.1.2.1 Upcoming Projects (Developer Details, Technical Specifications) 72
6.4.1.2.2 Incentive Schemes 73
6.4.1.2.3 Government Body/Association Details 73
6.4.1.2.4 Future Scope 73
6.4.1.3 Japan 74
6.4.1.3.1 Upcoming Projects (Developer Details, Technical Specifications) 74
6.4.1.3.2 Incentive Schemes 74
6.4.1.3.3 Government Body/Association Details 74
6.4.1.3.4 Future Scope 74
6.4.1.4 New Zealand 76
6.4.1.4.1 Incentive Schemes 76
6.4.1.4.2 Government Body/Association Details 76
6.4.1.4.3 Future Scope 76
6.4.2 China 76
6.4.2.1 Upcoming Projects (Developer Details, Technical Specifications) 76
6.4.2.2 Incentive Schemes 77
6.4.2.3 Government Body/Association Details 77
6.4.2.4 Future Scope 77
6.4.3 South Korea 80
6.4.3.1 Upcoming Projects (Developer Details, Technical Specifications) 80
6.4.3.2 Incentive Schemes 80
6.4.3.3 Government Body/Association Details 80
6.4.3.4 Future Scope 80
6.6 Other Emerging Economies 83
6.6.1 Chile 83
6.6.1.1 Incentive Schemes 83
6.6.1.2 Government Body/Association Details 83
6.6.1.3 Future Scope 83
6.6.2 South Africa 83
6.6.2.1 Incentive Schemes 83
6.6.2.2 Government Body/Association Details 84
6.6.2.3 Future Scope 84

7.1.1 Collaboration & Partnership 86
7.2 Market Share Analysis 86
7.3 Product Benchmarking 87

8.1 Atlantis Resources Ltd 88
8.1.1 Company Overview 88
8.1.2 Financial Overview 88
8.1.3 Product/Service Offering 89
8.1.4 Strategy 89
8.1.5 Key Developments (2015-2018) 89
8.1.6 SWOT Analysis 90
8.2 Carnegie Wave Energy Limited 91
8.2.1 Company Overview 91
8.2.2 Financial Overview 91
8.2.3 Product/Service Offering 92
8.2.4 Strategy 92
8.2.5 SWOT Analysis 92
8.3 Ocean Power Technologies Inc. 93
8.3.1 Company Overview 93
8.3.2 Financial Overview 93
8.3.3 Product/Service Offering 94
8.3.4 Strategy 94
8.3.5 SWOT Analysis 95
8.4 IHI Corporation 96
8.4.1 Company Overview 96
8.4.2 Product/Service Overview 96
8.4.3 Financial Overview 96
8.4.4 Strategy 98
8.5 Aquamarine Power Ltd. 98
8.5.1 Company Overview 98
8.5.2 Financial Overview 98
8.5.3 Product/Service Offering 98
8.5.4 Strategy 98
8.6 Pelamis Wave Power 99
8.6.1 Company Overview 99
8.6.2 Financial Overview 99
8.6.3 Product/Service Offering 99
8.6.4 Strategy 99
8.8 Ocean Renewable Power CO Llc 100
8.8.1 Company Overview 100
8.8.2 Financial Overview 100
8.8.3 Product/Service Offering 100
8.8.4 Strategy 100
8.8 YAM PRO ENERGY 101
8.8.1 Company Overview 101
8.8.2 Financial Overview 101
8.8.3 Product/Service Offering 101
8.8.4 Strategy 101
8.9 Tenax Energy 102
8.9.1 Company Overview 102
8.9.2 Financial Overview 102
8.9.3 Product/Service Offering 102
8.9.4 Strategy 102
8.10 AW-Energy Oy 103
8.10.1 Company Overview 103
8.10.2 Financial Overview 103
8.10.3 Product/Service Offering 103
8.10.4 Strategy 103

TABLE 1 GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 28
TABLE 2 GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 28
TABLE 3 GLOBAL WAVE & TIDAL ENERGY MARKET, BY REGION, 2015-2023 (USD MILLION) 32
TABLE 4 GLOBAL WAVE & TIDAL ENERGY MARKET, BY REGION, 2015-2023 (MW) 32
TABLE 5 NORTH AMERICA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 34
TABLE 6 NORTH AMERICA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2015-2023 (MW) 35
TABLE 7 NORTH AMERICA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 36
TABLE 8 NORTH AMERICA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 36
TABLE 9 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 37
TABLE 10 U.S.: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 39
TABLE 11 U.S.: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 39
TABLE 12 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 41
TABLE 13 CANADA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 43
TABLE 14 CANADA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 44
TABLE 15 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 44
TABLE 16 EUROPE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 47
TABLE 17 EUROPE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2015-2023 (MW) 48
TABLE 18 EUROPE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 49
TABLE 19 EUROPE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 49
TABLE 20 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 50
TABLE 21 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 54
TABLE 22 U.K.: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 56
TABLE 23 U.K.: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 56
TABLE 24 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 58
TABLE 25 FRANCE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 59
TABLE 26 FRANCE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 60
TABLE 27 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 60
TABLE 28 RUSSIA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 62
TABLE 29 RUSSIA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 62
TABLE 30 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 64
TABLE 31 NETHERLANDS: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 65
TABLE 32 NETHERLANDS: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 66
TABLE 33 ASIA-PACIFIC: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 68
TABLE 34 ASIA-PACIFIC: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2015-2023 (MW) 69
TABLE 35 ASIA-PACIFIC: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 70
TABLE 36 ASIA-PACIFIC: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 70
TABLE 37 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 71
TABLE 38 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 72
TABLE 39 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 74
TABLE 40 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 76
TABLE 41 CHINA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 78
TABLE 42 CHINA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 78
TABLE 43 CHINA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 79
TABLE 44 UPCOMING PROJECTS (DEVELOPER DETAILS, TECHNICAL SPECIFICATIONS) 80
TABLE 45 SOUTH KOREA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 81
TABLE 46 SOUTH KOREA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (MW) 82
TABLE 47 ATLANTIS RESOURCES LTD: KEY DEVELOPMENTS, 2014-2017 (%) 90

FIGURE 1 RESEARCH PROCESS OF MRFR 15
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH 17
FIGURE 3 GLOBAL RENEWABLE ENERGY INVESTMENT, 2016 (USD BILLION) 19
FIGURE 4 GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 27
FIGURE 5 GLOBAL WAVE & TIDAL ENERGY MARKET, BY REGION, 2015-2023 (USD MILLION) 31
FIGURE 6 NORTH AMERICA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2016 (%) 34
FIGURE 7 NORTH AMERICA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 35
FIGURE 8 U.S.: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 38
FIGURE 9 CANADA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 43
FIGURE 10 EUROPE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2016 (%) 47
FIGURE 11 EUROPE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 48
FIGURE 12 U.K.: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016(%) 56
FIGURE 13 FRANCE: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 59
FIGURE 14 RUSSIA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2015-2023 (USD MILLION) 62
FIGURE 15 NETHERLANDS: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016(%) 65
FIGURE 16 ASIA-PACIFIC: GLOBAL WAVE & TIDAL ENERGY MARKET, BY COUNTRY, 2016 (%) 68
FIGURE 17 ASIA-PACIFIC: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 69
FIGURE 18 SOUTH KOREA: GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE, 2016 (%) 81
FIGURE 19 GROWTH STRATEGIES ADOPTED BY KEY PLAYERS IN GLOBAL WAVE & TIDAL ENERGY MARKET, 2015-2017 85
FIGURE 20 COLLABORATION & PARTNERSHIP: % SHARE BY KEY PLAYERS, 2014-2017 86
FIGURE 21 MARKET SHARE ANALYSIS, 2016 (%) 86
FIGURE 22 ATLANTIS RESOURCES LTD : TOTAL REVENUE VS SEGMENTAL REVENUE(TURBINE AND ENGINEERING SERVICES), 2015-2016 88
FIGURE 23 ATLANTIS RESOURCES LTD :KEY DEVELOPMENTS 89
FIGURE 24 ATLANTIS RESOURCES LTD: SWOT ANALYSIS 90
FIGURE 25 CARNEGIE WAVE ENERGY LIMITED: TOTAL REVENUE (2013-2015) 91
FIGURE 26 CARNEGIE WAVE ENERGY LIMITED: SWOT ANALYSIS 92
FIGURE 27 OCEAN POWER TECHNOLOGIES INC.: TOTAL REVENUE (2015-2017) 93
FIGURE 28 KEY DEVELOPMENTS, 2014-2017 94
FIGURE 29 OCEAN POWER TECHNOLOGIES INC: SWOT ANALYSIS 95
FIGURE 30 IHI CORPORATION: TOTAL REVENUE (2014-2016) 96