Pune, India, May 23, 2019 (GLOBE NEWSWIRE) -- As per the report found on Wise Guy Reports (WGR), the global wave and tidal energy market is on its way to attain the valuation of USD 15,291.2 million by 2023. The report further adds that the market is slated to surge at a healthy CAGR of 17.84% during the forecast period (2017-2023).
Emergence of Latest Technologies Stimulates Market Growth
Around the world, the growing interest in the harvesting of wave and tidal energy springs from the need for taking advantage of the unlimited potential of oceans. The noteworthy demand for the latest next-generation technologies to be used to harness the renewable sources of energy is a primary reason behind the growth of the wave and tidal energy market. With the constant development in the wave energy converter technologies, industry players are now realizing the potential of the wave and tidal energy sources, elevating the market position in the process.
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Growing Investments to Benefit the Global Market
Considerable investments being made by private companies as well as governments for exploring alternative sources of clean energy has helped the market gain notable momentum in recent years. An increasing number of vendors indulging in marketing hacks such as collaborations and working together for reducing the steep initial cost by striving to cut down the tariff rates. On this note, industry participants are planning to give a boost to the commercial use of projects so as to develop wave and tidal energies. This specific trend is projected to gather massive steam in the years ahead, triggering the growth of the wave and tidal energy market.
Cost-cutting Steps Being Undertaken by Companies to Stimulate the Market Growth
Structure and component developers within the wave and tidal energy market are constantly taking up cost-cutting initiatives, involving the use of high-quality and latest materials, software and control systems, along with environmental monitoring. In addition, forthcoming advancements in the market, particularly in economies such as France, Canada, Belgium, Scotland, United Kingdom (U.K.), South Korea, and Sweden will be driving the ocean technology in the coming years, leaving an excellent impact on the wave and tidal energy market in the future.
Demand for Tidal Energy Heightens Due to the Growing Investments in R&D
The worldwide wave and tidal energy market, depending on type, has been segmented into tidal energy and wave energy. Out of these, the tidal energy has been the dominant market as tidal stream is experiencing higher investments in research and development (R&D) compared to the wave technology. The ease of development coupled with technological awareness associated with the horizontal axis turbines which are used in the wind industry has resulted in the strong adoption rate of this technology the world over.
Asia Pacific Bags the Top Position as Demand for Clean Energy Rises in the Region
Asia Pacific has been identified as one of the most attractive markets for wave and tidal energy in the global space. Increase in the government policies and environmental regulations, rise in the public funding programs, and competition are factors expected to facilitate the expansion of the marine energy technology within the region. Moreover, a number of manufacturers are striving to develop new designs along with manufacturing processes for meeting with the growing demand for clean energy, a factor that will substantiate the market growth to a large extent. Also, the significant growth of economy, surging awareness, developments in open test sites and availability of resources are exhibited to give a major boost to the regional market in the following years.
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North America Set to be One of the Strongest Contenders in the Global Market
The market in North America is on track to experience numerous developments, in terms of technological developments and constant exploration activities. It was reported that in 2016, renewable sources were responsible for almost 15% of the overall electricity generation in the United States (U.S.), whereas Canada is considered to be a prominent market for ocean technology in North America. Further, Nova Scotia is predicted to hold a substantial chunk of the market in Canada, province-wise, with a total of USD 50.0 million being invested in renewable marine energy since 2010.
Technological Advancements to Bode Well with the Wave & Tidal Energy Market in Europe
The report acknowledges Europe as a prominent revenue-generating region in the global wave and tidal energy market, backed by the heightened demand for clean and sustainable energy along with the rise in technological advancements within the region. At present, the European Union is in the process of developing innovative technologies to boost the use of wave and tidal energy. Besides, the presence of renowned companies in Europe has elevated the position of the regional market, at a global level.
Companies Profiled
The renowned companies operating in the worldwide wave & tidal energy market include AW Energy Oy Ltd (Vantaa), Aquamarine Power Ltd (U.K.), IHI Corporation (Japan), Ocean Power Technologies Inc. (U.S.), YAM PRO Energy (Israel), Pelamis Wave Power (Scotland), Atlantis Resources Ltd (London), Tenax Energy (Australia), Ocean Renewable Power CO Llc (Portland), Carnegie Wave Energy Limited (Australia), and others.
Recent Developments
May 2019 - Bombora Wave Power has been chosen by Enzen for supplying fully submerged mWave wave energy converters which will be based in Lanzarote, near the Atlantic Ocean, Lanzarote. Both companies are partnering up for the commercial expansion of mWave in a bid to advance their collaboration agreement with Lanzarote.
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