Pune, India, Sept. 05, 2018 (GLOBE NEWSWIRE) -- The global wave and tidal energy market size can mushroom to USD 15,291.2 million by 2023, as per a new report by Market Research Future (MRFR). It can achieve this by expanding at a 17.84% CAGR from 2016-2023 (forecast period). Rising interest in fish farming is expected to turn the tide for the wave and tidal energy market during the forecast period. In 2014, the subsidiary of Marine Harvest, a seafood company, in the U.K. has decided to install devices which would be charged by waves.
Wave & Tidal Energy Market Scope
The energy crunch worldwide has shifted the limelight towards renewable sources of energy. Wave and tidal energy are major forms of ocean energy which can generate and store energy reserves. The gravitational forces of the sun, moon, and earth cause the continuous movement of the waves, supplying an endless amount of energy.
The rising interest in microgrid business models makes wave and tidal energy a ripe investment. Development in technologies coupled with scouting for apt locations close to geographical influences are likely to garner additional interest in wave and tidal energy generation.
The boom in population, thriving industrialization, and a sharp surge witnessed in infrastructure development are factors expected to induce the demand for wave energy. Strict government policies to curb emissions and the inclination of several sectors to adhere to clean energy for sustainable development can bolster wave and tidal energy market growth.
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Key Players and Competition Analysis
Companies globally are investing in technology to harness the power of tides and waves. Energy giants are recognizing the potential of these nascent technologies early on. In June 2018, Ocean Power Technologies, a U.S. company, has filed a patent for devising a method in controlling wave energy generation devices in low to moderate seas.
Top ten players operating in the Wave and Tidal Energy Market include IHI Corporation, Carnegie Wave Energy Limited, Pelamis Wave Power, Ocean Renewable Power Co. Inc (ORPC), Aquamarine Power Ltd., YAM PRO Energy, Ocean Power Technologies Inc., AW Energy Oy Ltd., Tenax Energy, and Atlantis Resources Ltd. Partnerships and acquisitions are strategies being employed by these players to gain a larger share of the market.
Industry News
The energy density created by waves is higher as compared to wind, making it a reliable source of renewable energy.
Carnegie Clean Power, a U.S. company, has tasted immense success due to its CETO 5 system. This device is installed to the seabed in shallow waters and will be protected from storms. It has achieved funding from the Australian Renewable Energy Agency of USD 8.4 million to expedite the development of its device.
Large scale and small-scale wave energy solution provider companies are using motion absorbers to discern the motion of waves. Prime examples include Germany-based SINN Power and Sweden-based Seabased AB. Energy companies are divesting their resources to tap into the latent potential of tidal and wave energy.
Browse the market data and information spread across 104 pages with 47 data tables and 30 figures of the report “Wave and Tidal Energy Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/wave-tidal-energy-market-3885
Wave Energy to Enjoy a New High
By Type, the market is segmented into wave and tidal energy.
The wave energy segment can register a significant growth rate in the forthcoming years owing to numerous projects in economies such as Portugal, New Zealand, Ireland, Sweden, China, and the U.S. Policies such as the Paris Climate Agreement has led to the emergence of various small wave companies bent on providing energy at competitive rates to its energy-producing counterparts such as solar and wind. In 2017, Australian company Bombora Wave Power is entering commercialization by testing its mWave technology in Portugal.
The tidal energy segment is further segmented into tidal stream and tidal energy. Technological developments combined with increasing research and development in tidal energy can boost the segment growth. This is evident by the success of the SR2000 2MW created by Scotrenewable Tidal Power. The machine requires low installation costs and maintenance and can generate up to 3 gigawatt hours (GWh). But environmental concerns can impede its growth.
Regional Analysis
Regions considered in the wave and tidal energy market report include Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW).
Among these regions, Europe can be the biggest revenue generator owing to significant scientific breakthroughs in the last few years. It is home to nearly 52% of tidal energy and 60% of wave energy producing companies. Low installation of energy devices can dampen the growth rate of the regional market. But investment by various companies can provide the market a much-needed impetus.
The APAC wave and tidal energy market can register a staggering CAGR owing to South Korea and Australia.
The North America market is also anticipated to perform well owing to constant efforts to improve the existing equipment. Energy conservation policies coupled with commitments to generate energy through marine life to achieve sustainable goals is likely to bode well for the market.
Browse Related Reports:
Tidal Energy Market Information by Foundation Type (Barrage, Gravity Base, Monopile, Semi-submersible), Capacity (Up to 100 kW, 100 kW to 500 kW), Depth of Installation (Shallow Water, Transitional Water and Deep Water), and region - Forecast To 2023
https://www.marketresearchfuture.com/reports/tidal-energy-market-5478
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