A recent report published by Infinium Global Research on Wave and Tidal Energy Market provides in-depth analysis of segments and sub-segments in the global as well as regional Wave and Tidal Energy Market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional Wave and Tidal Energy Market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global Wave and Tidal Energy Market. According to the report, the global market for Wave and Tidal Energy was sized near USD 3.5 billion in 2020 and is expected to reach over USD 12.9 by 2026 growing with a CAGR of 24.1% over 2020-2026.
Wave and tidal energy is the energy generated from waves on the ocean surface, which is captured for electricity generation, desalination, and the pumping of water into reservoirs. Numerous countries prefer to use this form of energy as it considered to be one of the purest forms of renewable sources. Furthermore, oceans are an inexhaustible source of clean energy. Hence, harnessing wave and tidal energy from the ocean surfaces are projected to be the most sustainable source of energy. Wave and tidal energy is effective at low speed, as water is denser than air, which allows it to produce electricity at low speeds. Moreover, by mobilizing tidal energy on a large scale, one can reduce the dependencies on the import of foreign fuel for the consumption of energy. The abundance of ocean surface and energy generation capacity in numerous nations has prompted governments to pursue ocean energy generation as a significant source of renewable energy in the future.
The global Wave and Tidal Energy Market witness the highest demand due to an upsurge in the expansion of the projects across countries, which results in massive electricity cost reduction. Furthermore, an increase in investments and new policies by local governments promotes the technology developers for rapid commercialization of their energy converter devices. However, the technology development is still in the development phase for both energy forms. This leaves plenty of scopes for new players to enter the market by introducing innovative and advanced technologies. There is an augmented opportunity for the development of tidal stream power plants that are based on new technology. Both the sectors are anticipated to witness enormous market growth in terms of their installed capacity and investments. Nevertheless, the factor that is projected to inhibit the growth of the market is the high construction cost.
Among the geographies, the Asia Pacific region is expected to hold the largest share in the global Wave and Tidal Energy Market. Environmental regulations, government policies, public funding programs, and competition are likely to facilitate the growth of marine energy technology in the Asia Pacific region. Vendors have been involved in the development of new designs as well as manufacturing procedures to cater to the rising demand for clean energy. However, the North American region is expected to witness significant growth in the global Wave and Tidal Energy Market during the forecast period. The growth is driven by extensive efforts being made by the governments to support the transition to a low-carbon economy and the vast strides being taken by the energy sector across the region.
The report on global Wave and Tidal Energy Market covers segments such as type, and technology. On the basis of type, the sub-markets include wave energy, and tidal energy. On the basis of technology, the sub-markets include tidal steam generator, pendulor device, oscillating water columns, barrage, and others.
The report provides profiles of the companies in the market such as Aquamarine Power Ltd., Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantis Resources Ltd., S.D.E. Energy Ltd., and Marine Current Turbines Ltd.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of Wave and Tidal Energy Market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.