Pune, India, June 22, 2022 (GLOBE NEWSWIRE) -- The global Wave and Tidal Energy Market size was USD 0.47 billion in 2020. The market is projected to grow from USD 0.59 billion in 2021 to USD 4.41 billion by 2028 at a CAGR of 33.2% during the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Wave and Tidal Energy Market, 2021-2028.”
According to our researchers, increased investment in the construction of wave and tidal energy-related power projects is a major trend in the sector. Numerous countries are investing in cleaner energy sources due to the limited availability of conventional fuels, such as oil, gas, and coal, and pollution, connected with their consumption.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 33.2% |
| 2028 Value Projection | USD 4.41 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 047 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | By Technology, By Application and Regional Forecasts |
| Growth Drivers | Technological Advancements to Foster Market Growth |
| Supply Chain Disruption to Hamper Wave and Tidal Energy Market Growth |
Drivers and Restraints:
Technological Advancements to Foster Market Growth
Due to increasing depletion of fossil fuels and rising environmental concerns, the renewable energy sector is accelerating, owing to technology advancements, development goals, and other factors. The government, supported with the requisite infrastructure and resources, looks beyond the entire energy supply for cost-effective and scalable alternatives. The U.K., on the other hand, launched clean growth policies that include cost reduction in technology, decrease in carbon emissions, and development of leading technologies to assess the potential of a new source of energy. Several technologies have stood out for their relevance in lowering carbon emissions, including wind energy, solar energy, wave and tidal energy, and others.
COVID-19 Impacts:
Supply Chain Disruption to Hamper Wave and Tidal Energy Market Growth
COVID-19 is an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on industry growth during the forecast period. The growing popularity of renewable energy sources has demonstrated its resiliency, and it is this element that will surge the demand for wave and tidal energy technology in the coming years. Our continuous study is enhancing our research approach to guarantee that fundamental COVID-19 concerns and potential solutions are included.
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Highlights of the Report-
- Major growth drivers, restraints, opportunities, and potential challenges for the market.
- Comprehensive insights into the global as well as regional developments.
- List of key industry players.
- Major strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Segments:
Technology, Application, and Region are studied for the Market
By technology, the market is segmented into wave energy, tidal energy, and others.
Based on application, the market is fragmented into power generation, desalination, and others.
Finally, by geography, the market is divided into Europe, North America, and Asia Pacific.
Report Coverage:
The report includes detailed information on developing trends, market drivers, development opportunities, and market restraints that may affect the industry's market conditions. It consists of new product development, market innovation, regions, and industry development. By dividing the global market into region-wise assessments, the report aims to examine the present and future growth possibilities. The report further offers an estimated wave and tidal energy market share, size as well as growth rate.
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Regional Insights:
The market in the U.K. is expected to grow at a high rate during the projected period. Renewable energy is obtaining a higher market share in Europe and is expected to propel industry expansion in the region. The U.K. has the most extensive historical deployment of wave and tidal energy devices, and the European Marine Energy Center has reached a new milestone (EMEC). Furthermore, the European Marine Energy Center (EMEC) is the largest venue for wave energy projects and has housed a significant number of wave energy companies on the verge of commercialization.
North American countries are focusing their efforts on realizing prospects in marine renewable energy through collaboration between industry, research institutions, and government. Furthermore, support for wave and tidal developers has grown, and the sector is gradually growing.
India and China, for example, are working to help the demonstration and implementation of wave and tidal energy projects throughout Asia Pacific.
Competitive Landscape:
Companies to Focus on R&D Investments to Offer Advanced Products
Mergers, acquisitions, joint ventures, and collaborations by significant organizations serve to consolidate the bases of the players in the market. Attributed the increasing awareness of environmental conservation around the world, companies are working on providing renewable energy sources.
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Industry Developments:
June 2021: In a Memorandum of Understanding (MoU), Nova Innovations and Sabella have teamed up to create tidal energy projects in the U.K. and France. The agreement will speed up the development of tidal energy sites for Scottish and French enterprises, and the expansion of tidal energy installation capacity in both the U.K. and France.
List of Key Players Mentioned in the Report:
- Eco Wave Power (Sweden)
- CorPower Ocean AB (Sweden)
- Mocean Energy (Scotland)
- Aquamarine Power (U.K.)
- SSE Renewables (U.K.)
- Wello Oy (Finland)
- SINN Power GmbH (Germany)
- OceanEnergy (Ireland)
- Ocean Power Technologies (U.S.)
- Ocean Renewable Power Company (U.S.)
- Orbital Marine Power (Scotland)
- Tacardo B.V (Netherlands)
- SIMEC Atlantis Energy (U.K.)
- Tidal Lagoon Plc (U.K.)
- Nova Innovations (Scotland)
- Andritz Hydro Hammerfest (Austria)
- Tenax Energy (Australia)
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