New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Wave and Tidal Energy Market Research Report Information By Type, By Technology, And By Region – Market Forecast Till 2030”, The global wave & tidal energy market will touch USD 1.54 billion at a whopping 25.0% CAGR by 2030, according to the current Market Research Future report.
Wave and Tidal Energy Market Analysis
Dependency on fossil fuels is lessened, as are environmental issues. Environmental deterioration comes from a variety of interconnected causes, including CO2 emissions & local effects like air pollution. This method of energy production involves the use of fossil fuels that contribute to the global warming. The unequal distribution of fossil fuels, which are plentiful, has the potential to start wars. Fossil fuels including gas, oil, and coal must be replaced with more sustainable substitutes on a global scale. Technology advancements, development ambitions, and other factors are accelerating the renewable sector as the need for fossil fuels declines and environmental concerns rise.
Key Players
Key players profiled in the global wave and tidal energy market report 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)
- BioPower Systems Pty Ltd (Australia) and others.
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Wave and Tidal Energy Market Opportunities
Government Funding to offer Robust Opportunities
The government's initiatives to promote tidal and wave power have also helped the sector expand. Due to their benefits to the environment, wave and tidal power plants are becoming more and more popular worldwide. Countries are using a variety of strategies to aid these projects, including target-based growth, subsidies, and limitations on the growth of conventional power plants. Governmental organizations can use infrastructure resources to produce scalable, cost-effective solutions that go beyond the entire energy supply. To test the viability of a novel form of power, nations like the UK have launched initiatives for the expansion of clean energy that include cost reduction in technology, a reduction in carbon emissions, and the development of leading technologies.
Wave and Tidal Energy Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 1.54 billion |
| CAGR during 2022-2030 | 25.0% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | increasing focus on the development of cleaner power generation technologies that have a lower environmental impact |
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Restraints
High Initial Capital Price Projects to act as Market Restraint
The high initial capital price of projects coupled with higher maintenance cost may act as market restraints.
Wave and Tidal Energy Market Segmentation
The global wave & tidal energy market is bifurcated based on technology and type.
By type, wave energy will lead the market over the forecast period for the increasing dependency on renewal energy and electricity.
By technology, the tidal stream generator will domineer the market in the assessment period for the rise in tidal energy infrastructure.
COVID-19 Analysis
The effect on market growth has been disturbed by the COVID-19 pandemic epidemic. Many nations around the world implemented lockdowns and strict controls during the pandemic to stop the coronavirus's spread. These measures had a negative influence on the world economy since they severely slowed down the flow of energy from one location to another.
Wave and Tidal Energy Market Regional Analysis
North America to Head Wave & Tidal Energy Market
In 2020, North America dominated the worldwide wave & tidal energy market, and it is anticipated that this region would continue to develop at the quickest rate over the forecast period. This can be ascribed to increasing urbanization, which prompted an increase in wastewater management operations. This is thus anticipated to enhance demand for wave & tidal energy systems and may serve as the market's primary driving force.
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In 2020, North America dominated the worldwide wave and tidal energy market, and it is anticipated that this region would continue to develop at the quickest rate over the forecast period. This can be ascribed to increasing urbanization, which prompted an increase in wastewater management operations. This is thus anticipated to enhance demand for wave and tidal energy systems and may serve as the market's primary driving force. It is anticipated that public funding programs, environmental restrictions, governmental actions, and competition will encourage the adoption of the marine energy technology within the area. Manufacturers have created cutting-edge designs and production techniques to fulfill the burgeoning demand for renewable energy.
Due to the accessibility of cutting-edge technology and the growing awareness of the green energy resource in the region, North America is anticipated to expand at the fastest rate with a high CAGR throughout the forecast decade. Canada has become the world's largest market for wave & tidal energy because of a robust legal system and widespread public investment. During the projected period, North America's CAGR will rise at the fastest rate due to the accessibility of highly advanced technology and the region's growing awareness of renewable energy sources. With a robust legal system and widespread governmental support, Canada has become the biggest market in North America for wave and tidal energy.
APAC to Have Admirable Growth in Wave & Tidal Energy Market
One of the most significant and profitable markets is Asia-Pacific. Economic expansion, more public awareness, the availability of resources, and improvements at the open test site is anticipated to drive market growth during the projected period. A growing number of environmental regulations & spending via various public enterprises are the main drivers of regional growth.
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The region's wave and tidal energy business is expanding as a result of an increasing number of helpful policies and initiatives by the government that encourage the usage of the pollution-free renewable energy sources. China has emerged as a significant market in the wave and tidal energy industries as a result of numerous national test sites & initiatives for the development of the electricity generation process.
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