Global Wave and Tidal Energy Market to rise at Spectacular CAGR of 23.2% during 2016–2024, Players efforts at Commercial Deployment of Power Plants fuel Expansion
The global wave and tidal energy market is presently fragmented at large. The player ecosystem features an upward of 200 companies, with a large number of these are increasingly harping on adopting advances in wave energy converter technology, observes Transparency Market Research (TMR). A growing number of players are aiming at the commercial deployment of wave and tidal energy power plants in various regions which have largely enabled them to reap the benefits of economies of scale. TMR notes that over the years, consolidation might be a possibility. A number of small technology developers are making a foray into the global market with the backing of special-purpose entities. Moreover, these players are capitalizing on the opportunities brought forth by strategic alliances to get a foothold in the market.
Leading players operating in the wave and tidal energy market include Aquamarine Power Ltd., Marine Current Turbines Ltd., Atlantis Resources Ltd., AquaGen Technologies, Tenax Energy, Ocean Renewable Power Company LLC, Ocean Power Technologies, Inc., Carnegie Wave Energy, and Pelamis Wave Power.
The global wave and tidal energy market stood at US$ 497.7 million in 2014 and is projected to touch a valuation of US$ 11345.0 million by the end of 2024. This represents the market rising at a spectacular CAGR of 23.2% during the forecast period of 2016–2024.
The various types of energy generated can be broadly classified as wave and tidal. Both the segments are poised to rise at equally promising pace over the assessment period. However, tidal energy is expected to lead the market through 2024. The assortment of technologies brought by companies to leverage the potential of this type of energy will account for the attractive growth.
Of the various regional segments, Europe is expected to lead the pack over the forecast period. The growth is fueled by substantial efforts being made by the governments in various economies to support transition to low-carbon economy and the vast strides being taken by the energy sector across the region.
Companies aim for unleashing Potential of Ocean in generating Clean Energy boost Market
World over, the massive interest in harvesting wave and tidal energy stems from the need for leveraging the limitless potential of ocean in meeting the rising demand for sustainable energy. The notable demand for next-generation technologies for harnessing renewable sources of energy at scale is a notable factor boosting the market. Advances in wave energy converter technologies has enabled market players to better realize the potential of wave and tidal energy sources.
Sizeable investment being made by governments and private players in finding alternative sources of clean energy is imparting a notable momentum for the rapid expansion of market. A growing number of companies are collaborating and working in concert to reduce the high initial cost of investment by aiming at bringing down tariff rates. To this end, industry players are embarking on strategies to set commercial deployment of projects for developing wave and tidal energies. The trend is expected to gather steam over the years and will help in propelling the growth of the wave and tidal energy market.
Lack of Grid Parity key Concern for Energy Producers
The growing efforts to set more tidal stream power plants in developing and developed regions is also catalyzing the market growth.
However, the growth of the wave and tidal energy market is constrained by several factors. Tidal stream and wave power plants have still not been able to achieve grid parity. This is essential for the wider commercialization of wave and tidal energies and is also necessary to sustain a sizeable return on investment. World over, companies seek long-term power purchase agreements (PPAs). The shift to private equity and debt financing models by players will also create new, exciting avenues in the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Wave and Tidal Energy Market (Type – Wave and Tidal) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024”.
- Efforts to achieve grid parity in tidal stream and wave power plants helps in wider commercialization of wave and tidal energies.
- The wave and tidal energy market is driven by the worldwide demand for harnessing sustainable and clean energy from ocean.
The global wave and tidal energy market is segmented based on:
- Wave energy
- Tidal energy
- North America
- Asia Pacific
- South Korea
- Rest of the World
- South Africa
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