Wave & Tidal Energy Market Research Report - Global Forecast till 2027

Wave Tidal Energy Market Research Report: Information by Type (Wave Energy and Tidal Energy), by Technology (Tidal Stream Generator, Oscillating Water Columns, Barrage and others) and by Region (Asia-Pacific, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/E&P/2598-CR | October 2020 | Region: Global | 108 pages

Wave and Tidal Energy Market Overview


Wave and tidal energy is projected to have CAGR of 25% during the forecast period 2022-2030.

With the rapid pace of Wave & Tidal Energy Market Growth it is the fastest-growing global economy markets. Natural resources are getting scarce, and there is an urgent need to look for an alternative for energy generation. Tidal and wave energy is one of the best options that the world has come across. Not just renewable but the clean energy criteria is also fulfilled with the energy production.


Currently, the cost associated with energy production using wave and tidal energy is much higher than all the clean energy production, considering the investments being done for the research. There would be no looking back in the Wave Energy Market very shortly.


COVID-19 Analysis


While the world is still grieving over the millions of things that have been left behind or lost, the COVID-19 period does not seem to come to an end—and sitting back to wait for this time to get over is not a solution at all. Businesses are stuck in financial losses. There is a need to getting them out of it at an urgent globally that has been prepared for them gives them an updated Wave & Tidal Energy Market Size to make them aware of what is going on in the market where they stand. Coping up with physical, mental, and financial stress is not an easy task. It takes a lot of courage and genuine mentorship, and that is what the reports prepared b the experts bring for them.


Competitive Landscape


The major players in the Wave and Tidal energy market are as follows Ocean Power Technologies Inc. (US), AW-Energy (Finland),  BioPower Systems (Australia), Simec Atlantis Energy (Singapore), Orbital Marine Power (UK), Carnegie Clean Energy (Australia), Andritz Hydro Hammerfest (UK), OPRC Inc. (US),  Aquanet Power (Taiwan) and Yam Pro Energy (Israel).


Market Dynamics


Growth


 The Wave & Tidal Energy Market Trends is going to witness substantial growth in the upcoming years. With a CAGR of 17.84%, there is no stopping for the Market value of Wave & Tidal Energy in almost every part of the world.


Drivers


The major drivers that promote the Tidal Energy Market growth include government support to use renewable resources like tidal and wave energy to produce energy. Moreover, the demand for clean energy has been increasing as well. This is because of the increasing pollution that has been causing ill-effects to th health of th living beings and the environment. The demand for such energy sources has increased with increased awareness, thereby promoting Wave & Tidal Energy Market Growth.


Restraints


The cost of producing energy using these resources is quite high, which poses a major reason for the Wave Energy Market’s regional growth.


Regulatory implications


Regulatory implications on the Wave & Tidal Energy Market Share might not directly impact. Still, various laws and stringent regulations that have been imposed on the sources of energy generation using non-renewable sources or the ones that tend to contribute a big share in environmental pollution have the Market Trends grow at a fast pace.


 Natural resources are very limited, and using them efficiently is the best way to conserve nature and a step towards ensuring that future generations won’t have to live without them. The laws are indeed needed and, at the same time, help the Wave & Tidal Energy Market Revenue to move the ladder of success at a fast rate.


Segmentation overview


The global wave and tidal energy market are segmented into the following:



  1. Based on the type

  2. Based on technology


Based on the type


Based on the type, the Wave & Tidal Energy Industry can be subdivided into the following segments:



  1. Wave energy

  2. Tidal energy


Based on the technology


Based on the technology, the market has the following subdivisions:



  1. Oscillating water columns

  2. Barrage

  3. Tidal stream generator

  4. Others


The oscillating water columns segment dominates the Tidal Energy Market due to their colossal efficiency instead of the other segments. The productivity of the oscillating water columns is much higher.


Regional Analysis


The Wave & Tidal Energy Industry are subdivided into the following segments:



  1. Europe

  2. North America

  3. Asia pacific

  4. Rest of the world


North America dominates the Wave & Tidal Energy Market Size due to the richness of the rivers and the coastal waters in the region. It has a great potential for hydro and marine power generation, increasing substantially with passing years. Moreover, the government in the area has also supported the market Share with the incentives and the lenient laws.


Europe is another region that has great potential for the Wave & Tidal Energy Market Value. The growth in the area is attributed to the fact that most of the energy developers are situated in the area.


The Asia Pacific has the largest Wave & Tidal Energy Market Revenue in renewable sources across the globe. The increase in the demand for energy owing to the increasing population and growth in the electricity demands in the area. Also, these have been counted amongst the most polluted regions in the world; hence they have been shifting focus to the generation of energy through alternative sources which are not only eco-friendly but also renewable.


All these significant players in the Wave & Tidal Energy Market Outlook have worked as a team to grow the wave and tidal energy market. They have been focussing on bringing the latest technology to improve the quality of the market and improve the prices. They have been following the planned ways and executing them to make the most of their working pattern. The acquisitions, mergers, and collaborations amongst themselves have proved to be fruitful for the entire market. Steps like these bring about sustainable growth in the market.


Recent Advancements



  1. ABB and CorPower Ocean signed a partnership agreement in March 2020 where CorPower Ocean would use ABB’s two medium voltage motors. One of these would be driving the test rig, and the other one would be helping out in the storage of energy.

  2. SINN power installed five-wave energy converters by replacing two-wave converters at its research center based in Green in October 2019

  3. A combined solution for solar and wave energy was started in September 2019. It has a solar panel installed on the top of the wave energy converter. This arrangement helps in the increase of power from 3-10%.

  4. Edinburgh wave energy firm, a Scotland-based company, announced its rise in April 2019 to develop the technology.

  5. In Feb 2012, a significant stake in the UK Tidal power company was acquired by Seimens to generate energy by tidal and wave energy.

  6. Carnegie Clean Power, a U.S. company, has tasted immense success due to its CETO 5 system. This device is installed to the seabed in shallow waters and will be protected from storms. It has achieved funding from the Australian Renewable Energy Agency of USD 8.4 million to expedite the development of its device.

  7. Large scale and small-scale wave energy solution provider companies are using motion absorbers to discern the motion of waves. Prime examples include Germany-based SINN Power and Sweden-based Seabased AB. Energy companies are divesting their resources to tap into the latent potential of tidal and wave energy.


 Report Overview


The exclusive reports that the industry experts have prepared after the in-depth Wave & Tidal Energy Market Analysis of the market contain all the required information and guidance for the growth of the organizations. The market overview has been discussed in detail with the study areas of the market after the effect of COVID-19. Steps to combat the losses and the ways to implement the strategies and plans to ensure the smooth and efficient running of the business have been discussed in detail. The Global Market Outlook covering Growth, drivers, and restraints and the market segmentation based on type, applications, and end-use have also been included in the report. The regional Wave & Tidal Energy Market Analysis is also explained for the understanding of the organizations. The key players in the market and the strategies they have been following, and the recent development in the market to stay updated with the latest technology, have also been mentioned in the report.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: 9.65 Bn
  • 2030 : Significant value
  •   CAGR   25% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type and Technology
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems Pty Ltd (Australia).
      Key Market Opportunities   New product launches and R&D Amongst major key Players
      Key Market Drivers   Increasing focus on the development of cleaner power generation technologies that have a lower environmental impact


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    Frequently Asked Questions (FAQ) :


    Wave and Tidal energy markets are expected to witness a CAGR of 17.84% during the forecast period.

    The wave and tidal energy market are expected to reach a value of USD 8830 million in the upcoming years.

    Europe is expected to dominate the market in the upcoming years.

    The wave and tidal energy market can be segmented on type, technology, and region.

    The increase in the demand for clean energy generation using renewable energy sources is the primary factor driving the market’s growth.

    The major players in the Wave and Tidal energy market are as follows Ocean Power Technologies Inc. (US), AW-Energy OY (Finland), BioPower Systems Pty Ltd (Australia), Simec Atlantis Energy (Singapore), Orbital Marine Power (UK), Carnegie Clean Energy (Australia), Andritz Hydro Hammerfest (UK), OPRC Inc. (US), Aquanet Power (Taiwan) and Yam Pro Energy (Israel).

    The high construction cost is the primary factor that acts as a restraint in the market’s growth.