Wilmington, Delaware, United States, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - TMR report for wave and tidal energy market demand analysis estimates a CAGR of 23.5% during the forecast period from 2019 to 2027. Tidal energy is considered to be a green energy source due to zero greenhouse gas emissions, which is creating opportunities in the wave and tidal energy market.
A detailed scrutiny of wave and tidal energy market trends demonstrates zero greenhouse gas emission attribute of wave and tidal energy is attracting companies in clean energies to enter the fray. Keen companies are engaging in maximum use of available advanced technologies to develop tidal energy, and to serve the rising need for sustainable energy. Additionally, significant efforts of governments in both developed and developing countries to establish tidal power plants is likely to influence wave and tidal energy market size.
Large players in the wave and tidal energy market are engaging in partnerships to develop wave and tidal energies. This is aimed at bringing down high initial investment, which, in turn is helping to bring down tariff rates. To this end, key players are adopting strategies for commercial deployment of projects, to develop wave and tidal energies. These efforts cumulatively are supporting the growth of wave and tidal energy market.
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Wave and Tidal Energy Market – Key Findings of the Report
- World over, efforts to harness the limitless potential of oceans to meet the rising demand for sustainable energy demonstrates growing interest in wave and tidal energy. Wave and tidal are key segments, of which tidal energy segment is expected hold larger wave and tidal market share in the upcoming years.
- Tidal range and tidal stream energy are key types of tidal energy, of which, tidal range energy is more developed
- Participation of a large number of companies in the development of wave and tidal energy sector, indicates certainty for both tidal and wave energy to flourish. Wave and tidal energy is currently nascent, and hence requires high initial cost of investment for higher output and higher penetration.
- Europe is anticipated to dominate the wave and tidal energy market during the forecast period. Substantial efforts by governments to cut down carbon footprint, long coastline, and strides for adoption of clean energy are fuelling growth of wave and tidal energy market in the region.
- Asia Pacific accounts for significant revenue in the wave and tidal energy market. Tidal barrage operations in South Korea is anticipated to put Asia Pacific on the global map. Development of clean energy to account Australia to contribute significantly to the wave and tidal energy market in the region.
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Wave and Tidal Energy Market – Growth Drivers
- Distinguishing zero greenhouse gas emission characteristic of tidal energy, to serve the growing demand for clean energy source is fuelling the growth of wave and tidal energy market
- Increasing investment from governments and private companies to discover alternative clean energy sources creates opportunities in wave and tidal energy market
Wave and Tidal Energy Market – Key Players
Some of the key players operating in the wave and tidal energy market are;
- Carnegie Wave Energy Ltd.
- AquaGen Technologies
- Tenax Energy
- Ocean Power Technologies Inc.
- Marine Current Turbines Ltd.
- Aquamarine Power Ltd.
- Ocean Renewable Power Company LLC
- Pelamis Wave Power Ltd.
- Atlantis Resources Ltd.
- S.D.E. Energy Ltd.
- Aquamarine power Ltd.
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The wave and tidal energy market is segmented as follows;
Wave and Tidal Energy Market, by Type
- Wave Power Plants
- Tidal Power Plants
Wave and Tidal Energy Market, by Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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