New York, NY, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Wave and Tidal Energy Market by Type (Tidal Energy, Wave Energy) by Technology (Tidal Steam Generator, Pendulor Device, Oscillating Water Columns, Barrage, Others), and by End-User (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global wave and tidal energy market was valued at approximately USD 281.14 million in 2017 and is expected to generate revenue of around USD 2,975.48 million by the end of 2024, growing at a CAGR of around 40.08% between 2018 and 2024.
Wave and tidal energy provide a renewable source of electricity. Wave energy is known as the energy of the ocean surface waves, captured for desalination, electricity generation, and pumping of water into reservoirs. However, their intrinsic fluctuations may have a negative impact on the quality of power of the local electrical network. Grid operators assess this impact by using dynamic models of generation units, that are inserted into the overall power system model. Increasing investment in renewable energy and rising government initiatives to promote the use of marine energy is expected to drive the global wave and tidal energy market growth over the forecast period. Wave and tidal energy are the sustainable methods used to harness the energy of oceans for power generation. Rising usage of renewable energy as it provides a constant and steady source of clean energy is expected to further drive industry growth over the forecast period.
Browse through 72 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Wave and Tidal Energy Market: Industry Size, Share, Growth, Segments, Analysis and Forecast, 2017 - 2024”.
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Wave and tidal energy are recognized as the potential green technologies as they produce a precise source of renewable energy. Oceans are known to be an infinite source of clean energy. Thus, harnessing tidal and wave energy from the surfaces of an ocean is projected to be the most sustainable source of energy. The technologies that are required to generate electricity from wave and tidal energy are at the promising stage, but commercial projects are under development, which includes in the Pacific Northwest. Moreover, the growing demand for electricity across the world is expected to drive industry growth in the future years.
The wave and tidal energy market are segmented on the basis of the type which is further divided into tidal energy and wave energy. Tidal energy held a substantial revenue share in 2017, due to the development of converters that has progressed steadily in the recent years. The commercialization of tidal technology represented by the MeyGen project in 2016 is expected to upsurge segment growth in the coming years.
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Based on technology, the wave, and tidal energy market has been segmented as a pendulor device, tidal steam generator, barrage, oscillating water columns, and others. Tidal steam generator contributed a substantial revenue share in 2017. The tidal steam generator uses the kinetic energy of moving water to turn a turbine. It is the cheapest and most environmentally friendly technology. Such factors are expected to drive segment growth over the forecast timeframe.
The end-user segment is divided into industrial, residential and commercial. Residential segment is expected to contribute for a significant growth over the forecast period. The growth is attributed due to the increasing demand for electricity.
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Europe held a substantial revenue share in the global wave and tidal energy market due to the increasing demand for energy generation and technological advancement in the region. The European Union is engaged in the development of innovative technology. Moreover, the presence of major industry players in the region is expected to further drive industry growth over the forecast timeframe.
North America wave and tidal energy market are expected to account for a significant growth over the forecast timeframe. The growth is attributed to increasing investment in the renewable energy coupled with rising demand from the industrial sector in the region. The U.S. is considered a global leader in the energy production industry and holds a high position in global natural gas production. As per the International Energy Agency (IEA), the natural gas market across the world is anticipated to undergo significant transformations, on account of new supplies coming from the U.S., to fulfill the demand in emerging countries. Such factors would increase demand for wave and tidal energy.
Browse the full "Wave and Tidal Energy Market by Type (Tidal Energy, Wave Energy) by Technology (Tidal Steam Generator, Pendulor Device, Oscillating Water Columns, Barrage, Others), and by End-User (Residential, Commercial, Industrial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024 " report at https://www.zionmarketresearch.com/report/wave-and-tidal-energy-market
The Asia Pacific wave and tidal energy market is projected to experience the highest growth rate over the forecast period. The growth is attributed to the rising public funding, government policies, environmental regulations, and growing marine energy technology in the region. Furthermore, the growing demand for power generation sources to sustain the needs of the huge population and rapid economic growth is expected to further drive industry growth in the Asia Pacific region over the forecast period.
Latin America wave and tidal energy market will hold a lucrative growth over the forecast period. The growth is attributed to the increasing power consumption and the upcoming projects on the wave and tidal energy in the region. In Argentina, power consumption has been growing at an annual rate of 6%. Moreover, rising government initiatives for wave and tidal energy is projected to further drive industry growth over the forecast period.
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Some of the key players operating in wave and tidal energy market include Marine Current Turbines, Pelamis Wave Power, Carnegie Wave Energy, Aquamarine Power, Aquagen Technologies, Ocean Power Technologies, Ocean Renewable Power Company, S.D.E. Energy, Tenax Energy, and Atlantis Resources.
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This report segments the global wave and tidal energy market as follows:
Global Wave and Tidal Energy Market: Type Segment Analysis
- Wave Energy
- Tidal Energy
Global Wave and Tidal Energy Market: Technology Segment Analysis
- Tidal Steam Generator
- Pendulor Device
- Oscillating Water Columns
- Barrage
- Others
Global Wave and Tidal Energy Market: End-User Segment Analysis
- Residential
- Commercial
- Industrial
Global Wave and Tidal Energy Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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