A new Transparency Market Research report states that the global wave and tidal energy market stood at US$25 mn in 2013 and is predicted to reach US$10.1 bn in 2020 at a whopping CAGR of 64.10% from 2014 to 2020. The title of the report is “Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”. As per the report, the installed capacity of the market for wave and tidal energy will reach 3712 MW by 2020, rising at an extraordinary CAGR of 34.50% between 2014 and 2020.
Browse the full Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 report at https://www.transparencymarketresearch.com/wave-tidal-energy-market.html
According to the report, there are a number of factors stimulating the market for wave and tidal energy. The prime factors include benefits such as power generation provided by wave and tidal energy in remote locations where power connections aren’t feasible or cost-effective. Furthermore, factors such as robust incentive schemes and favorable government policies have also stimulated the market for wave and tidal energy. The prime opportunity seen in the market include great cost reduction via capacity up-scaling and technological innovations. On the other hand, factors such as absence of commercial deployment of projects owing to less technological maturity may impede the growth of the market. In addition, the absence of funding channels may also impose a negative effect on the growth of the market for wave and tidal energy.
The report segments tidal energy into tidal stream energy and tidal range energy. Tidal energy is relatively mature on the basis of application for electricity generation and needs the making of tidal barrages. The examples of Sihwa Lake Tidal Power Station, which was commissioned in 2011 is also presented in the report. This plant carries a capacity of 254 MW and has emerged as the biggest tidal power plant in the world surpassing by an appreciable margin the Rance Tidal Power Station in France. As per the report, commercialization is of major importance in the market for wave and tidal energy as it will improve the scope of infrastructure and research. Commercialization will also bring in healthy competition and will reduce labor costs. On the other hand, wave energy is a totally new concept that has emerged in the market and wave energy’s global aggregate installed capacity in 2013 was just 5.77 MW. However, the overall wave and tidal energy market is predicted to rise at a swift pace in the coming years.
On the basis of geography, the market is segmented into North America, Asia Pacific, and Europe. Amongst these, Europe leads the market for wave and tidal energy and will be competing against South Korea in the Asia Pacific region. The tidal energy market, in particular, will grow exponentially in South Korea through the forecast horizon. On the other hand, Australia is poised to take the biggest share within Asia Pacific in the market for wave and tidal energy and will create a capacity of approximately 25 MW before the end of 2020.As per the report, the prime players operating in the wave and tidal energy market include Marine Current Turbines Ltd., Aquamarine Power, Pelamis Wave Power Ltd., and Carnegie Wave Energy Ltd., among others.
Key segments of the Global Wave and Tidal Energy Market
Wave and tidal power generation market: Type analysis
- Wave energy
- Tidal energy
Wave and tidal power generation market: Geography analysis
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
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