ID: MRFR/E&P/2598-CR | January 2018 | Region: Global | 108 pages
The global wave & tidal energy market is developing at a rapid pace, which is why companies across the globe are investing in R&D to increase the commercial use of wave and tidal energy harnessing equipment. The increasing focus on the development of cleaner power generation technologies that have a lower environmental impact drives the global wave & tidal market. Additionally, as the global economy continues to undergo intense growth and restructuring, natural resources are depleting at alarming rates and irreversible damage is being done to the environment. As a strategy to increase the production of clean energy, various national authorities are considering using ocean energy as a long-term way to meet the growing energy demand.
Several new wave and tidal energy projects have been initiated, across the globe, and will start contributing consistently in the global energy mix in the next few years. Many national and regional governments support ocean energy development through a range of initiatives. These initiatives include R&D initiatives and capital grants to device developers, performance incentives for producing electricity, and marine infrastructure development.
Wave and tidal technologies, similar to most emerging energy technologies, are expensive, especially in developing countries. However, when the technology improves and the demand for renewable energy increases, the investment and the cost of wave energy technology and equipment are expected to decrease.
The Prominent Players in the global wave & tidal energy market include 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).
Segmentation: Global Wave & Tidal Energy Market
The global wave & tidal energy market is segmented based on type, technology, and region. On the basis of type, the global market has been segmented into wave energy and tidal energy. On the basis of technology, the global market has been segmented into tidal stream generator, oscillating water columns, barrage, and others.
Geographically, the global wave & tidal energy market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world. Europe is expected to hold the prominent market share during the forecast period, owing to the existing infrastructure and the presence of major players of wave & tidal energy, along with renewable energy sector in this region.
The report for global wave & tidal energy market of Market Research Future research covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Frequently Asked Questions (FAQ) :
A 17.84% of CAGR is expected to unlock the market’s potential in the upcoming period.
USD 8,830 million is projected for the global market in the future.
The European region is projected to impact the market considerably in the impending period.
The segments of technology, type, and region are enabling a better understanding of the market.
The demand for clean energy generation is expected to be a key pillar to the development of the market.
AW Energy OY (Finland), OPRC Inc. (US), Aquanet Power (Taiwan), Yam Pro Energy (Israel), and Andritz Hydro Hammerfest (UK) are expected to play a major role in the market.
The elevated construction costs are estimated to hinder the market in the forthcoming period.