The global wave & tidal energy market size will develop at a 25% CAGR between the forecast period, according to the new Market Research Future (MRFR) analysis. Wave energy, simply put, is the energy that is harnessed from sea or ocean waves. Tidal energy, simply put, is a form of hydropower that converts the energy from tides for generating electricity. They are both promising green technologies that help to increase energy security, reduce the dependence of the consumer on fossil fuels, and decarbonize the energy supply. Owing to its attractive features and benefits, its end user includes the commercial and residential sector.
Various factors are propelling the global tidal & wave energy market share. According to the recent MRFR market estimates, such factors include increasing investments in research and development by the companies to increase the commercial use of such energy harnessing equipment, growing focus to develop cleaner power generation technologies which have a low environmental impact, the urgent requirement to change current energy sources such as fossil fuels including coal, oil, and gas, and increasing funding from private and public sectors to take control over economic positioning, employment generation, energy security and addressing changing climatic conditions. Additional factors adding market growth include expansion of projects across countries that lead to a huge reduction in electricity cost, new government policies, rapid commercialization of energy converter devices, and increased chances for tidal stream power plant development.
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On the contrary, lack of grid parity, the ongoing COVID-19 impact, environmental barriers, and heavy installation and maintenance cost may deter the global wave & tidal energy market size over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global wave & tidal energy market based on technology and type.
By type, the global wave & tidal energy market are segmented into tidal energy and wave energy. Of these, the tidal energy type segment will lead the market over the forecast period.
By technology, the global wave & tidal energy market is segmented into barrage, oscillating water columns, tidal stream generator, and others.
By region, the wave and tidal energy market cover the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, Europe will dominate the market over the forecast period. Substantial efforts by the government in different economies to support transition to low-carbon economy, vast strides that are undertaken by the energy sector, presence of key players, presence of renewable energy sector, and existing infrastructure are adding to the global wave and tidal energy market growth in the region.
In the APAC region, the wave and tidal energy market are predicted to have healthy growth over the forecast period. Competition, government policies, environmental regulations, public funding programs, new designs and new manufacturing processes to suffice the growing need for clean energy, substantial growth of the economy, availability of resources, awareness among the population, and developments in the open test sites are factors that are adding to the global wave and tidal energy market growth in the region.
In North America, the wave and tidal energy market are predicted to have sound growth over the forecast period, and that in the Rest of the World is predicted to have steady growth over the forecast period and at a high CAGR.
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Leading players profiled in the global wave and tidal energy market report include BioPower Systems Pty Ltd (Australia), Orbital Marine Power (UK), Andritz Hydro Hammerfest (UK), Aquanet Power (Taiwan), AW Energy OY (Finland), Yam Pro Energy (Israel), OPRC Inc. (US), Carnegie Clean Energy (Australia), Simec Atlantis Energy (Singapore), and Ocean Power Technologies Inc. (US).
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