Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- A rise in the investments by public and private sectors on the field of renewable energy resources is one of the driving forces of the global wave and tidal energy market. According to a report by Fortune Business Insights, titled, “Wave and Tidal Energy Market Size, Share and Global Trend by Type (Wave Energy, Tidal Energy), by Technology (Tidal Stream Generator, Pendulor Device, Oscillating Water Columns, Barrage, Others), by End User (Residential, Commercial, Industrial), and Geography Forecast till 2026,” a rise in the awareness regarding environmental hazards due to the emission of carbon dioxide from burning fossil fuels is projected to boost the global wave and tidal energy market during the forecast period. Also, an increasing exhausting of fossil fuels across the globe is anticipated to drive the global wave and tidal energy market.
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List of Key Companies in Wave and Tidal Energy Market:
- Ocean Renewable Power Company LLC
- Aquamarine Power Ltd.
- ABB Ltd.
- Nova Innovations Ltd.
- Siemens
- Pelamis Wave Power
- Openhydro
- Atlantis Resources Ltd.
- Ocean Power Technologies
- Tidal Lagoon Plc
- AquaGen Technologies
- AWS Ocean Energy Ltd.
- Tenax Energy
- Andritz Hydro- Hammerfest
- Carnegie Wave Energy
COVID-19 IMPACT:
The COVID-19 epidemic has had a severe impact on the energy industry. The market has seen a drop in price and demand all around the world. Due to COVID-19, large manufacturing industries are concentrating on critical tasks, causing the installation of electronic components to come to a standstill. The energy industry is being driven by a number of important causes, including rising energy demand and fluctuating power prices. Due to various manufacturing units, there is a steep downfall in the energy as a service market.
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Drivers & Restraints
Several Under Construction Plants to Drive Market in the Middle East and Africa
The global wave and tidal energy market is divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Fortune Business Insights states that the U.S. in North America is focusing mainly on the exploration of wave energy. However, there is a legal concern about underwater land ownership in the continent. That’s why, only a few tidal plants exist there. This is resulting in the lack of investments by prominent investors as they are not so enthusiastic about exploring tidal energy.
The government of Europe, on the other hand, is investing huge amounts on the research and development in wave and tidal energy and it is also concentrating on low carbon economy. Wave and tidal energy has a very high potential in this region. In Asia Pacific, South Korea is leading the global wave and tidal energy market. This is because the region has the highest number of plants. Furthermore, countries namely, Brazil, Mexico, and Argentina are persistently contributing to the growth of the wave and tidal energy market in Latin America.
According to the report, the Middle East and Africa are expected to grow in the forthcoming years. This is likely to occur because the continent has many plants that are either currently under construction or are planned to be constructed. This will help in driving the growth of the wave and tidal energy market.
Competitive Landscape
European Marine Energy Centre, Siemens, and Other Key Players Embrace Strategic Investments to Boost Wave and Tidal Energy Market Growth
Tidal turbine engineers from European Marine Energy Centre, based on Scotland, announced in March 2019, that it will support Qingdao Pilot National Laboratory for Marine Science and Technology in developing their first wave and tidal test centre for marine renewables in China. The test centre will offer a model of the future test facilities that can be set up across China. The European Marine Energy Centre will provide technical specifications and design to build the test centre including connectors, microgrid, subsea cables, and substation to allow integrated environmental monitoring at the test site.
Edinburgh Wave Energy, based in Scotland, announced in April 2019, that it has raised $3.79 million to develop PLAT-I tidal energy platform system. The amount will also aid Scotland in strengthening its position and remain in the leading position in the global wave and tidal energy market. Earlier, in February 2012, Siemens, a multinational conglomerate company, headquartered in Germany, announced that it has successfully acquired the majority stake in Marine Current Turbines, a U.K. based developer of tidal power systems. Marine Current Turbines generate electricity by using water, such as tidal currents. Siemens will continue to propel the commercialization of this technology as it has good future prospects.
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Part II: Ocean Thermal Energy Plant Market
Growing demand for clean energy is expected to be the key driver in the global ocean thermal energy conversion plant market growth. Valuable market analysis has been shared by Fortune Business Insights in its report, titled “Ocean Thermal Energy Conversion Plant Market Size, Share and Global Trend By Engine Type (Closed Cycle, Open Cycle, Hybrid Cycle), By Location (Land Based, Floating) and By Geography Forecast till 2026”. The report also provides an in-depth assessment the factors that will play an influential role in the market during the forecast period.
Ocean Thermal Energy Conversion (OTEC) is the process wherein energy is produced through the harnessing of temperature differentials between deep ocean waters and ocean surface waters. OTEC technology use this temperature differences, a minimum of 77 degrees Fahrenheit, to move turbines and generate electricity. OTEC can use seawater as the working fluid and make desalinated water by using condensed water, as well as produce hydrogen.
List of Key Companies in Ocean Thermal Energy Conversion Plant Market:
- NELHA
- Akuo Energy
- Makai Ocean Engineering
- UTM OTEC
- Bardot Group
- Bluerise
Drivers & Restraints
Rising Clean Energy Needs to Spur the Global Ocean Thermal Energy Conversion Plant Market
With growing concerns for the environment and the urgent need to adopt sustainable development measures, OTEC technology is emerging as a viable alternative to exhaustible energy resources such as coal. The global ocean thermal energy conversion plant market size is set for considerable expansion in this scenario as the world becomes more aware of the energy savings that can be achieved through this technology.
Multiple Environmental and Economic Benefits to Fuel the Market
OTEC systems offer a variety of environmental and economic benefits, which can significantly enhance the global ocean thermal energy conversion plant market revenue. For example, besides electricity, OTEC systems can enable greenhouses cooled by seawater in arid regions for producing food. The resultant cold water can also be used to manufacture air-conditioning systems, making it a viable commodity. Harnessing ocean thermal energy involves zero carbon emissions. According to the Ocean Thermal Energy Corporation, OTEC can save nearly 7000 tons of carbon dioxide per year per megawatt. These factors put the global ocean thermal energy conversion plant market in an advantageous position. Moreover, ocean thermal energy can be extracted on a regular basis as seasonal variations are little, making it a more reliable option to solar energy.
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High Input Costs to Limit the Market
The global ocean thermal energy conversion market may experience restrained growth owing to the high capital investment required to set up plants and units, coupled with high maintenance costs. In case of low temperature differences, the energy efficiency plummets to just 3 to 4%. These factors can seriously inhibit the growth of the global ocean thermal energy conversion plant market.
Competitive Landscape
Exploration and Research Opportunities to be the Dominant Competitive Strategies
Being an emerging market, the global ocean thermal energy conversion plant market offers unlimited research and development opportunities. The public and private sectors are collaborating at an increasing rate to assess the feasibility of OTEC systems. For example, Makai Ocean Engineering completed a feasibility study in June 2019 in Puerto Rico waters, with the funding done by the Puerto Rico government. The study was conducted to determine the economic and technical feasibility for businesses to OTEC and SWAC plants in the region.
Fortune Business Insights covers some key players in the global ocean thermal energy conversion plant market. These include NELHA, Akuo Energy, Makai Ocean Engineering, UTM OTEC, Bardot Group, Bluerise, and others.
Regional Insights
Upcoming OTEC Projects to Put Asia-Pacific in a Dominant Position
Regionally, Asia-Pacific is expected to hold a sizeable portion of the global ocean thermal energy conversion plant market share till 2026. This is primarily owing to the pipelined OTEC projects in Japan, China, and the Maldives. North America has set up three OTEC plants in the Bahamas, Hawaii, and the Virgin Islands, which will be operational soon. Europe has only one OTEC plant in France. The focus on Blue Revolution is expected to significantly boost the global ocean thermal energy conversion market in the near future.
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