Wave and Tidal Energy Market
Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
Press Release :
Wave and Tidal Energy Market: Snapshot
Growing need for clean energy source is projected to push the growth of the global wave and tidal energy market during forecast period. Tidal energy is considered as green energy source owing to its zero greenhouse gas emissions. Many companies engaged in the global wave tidal market are using diverse strategies to make the maximum use of the available advanced technologies to fulfill the rising need for sustainable energy. In addition, many government and private companies have increased investments to discover alternative clean energy sources. This is a big positive for the global wave and tidal energy market.
Several vendors representing the global wave and tidal energy are chasing the tactics of collaborations. The main motive of this move is to trim down the high amount of initial investment required for projects. As a result, they are successfully bringing tariff rates down. At the same time, key players are focused on setting commercial deployment of projects to develop wave and tidal energies. All these efforts are pegged to offer long-term benefits and support the growth of the wave and tidal energy market.
The wave and tidal energy market is projected to gather significant amount of revenues in the upcoming period. This success can be attributed to growing efforts from developed and developing economies to introduce additional tidal power plants. Many vendors in the wave and tidal energy market are using strategies of partnerships to advance their products and fulfill the potential market demands. A case in point here is recent announcement by Ocean Power Technologies. The firm stated that it has entered into a new common stock purchase agreement with Aspire Capital Fund, LLC. Through this agreement, the firm aims to increase its research activities and advance production capabilities. Thus, this move by the firm is projected to help in propelling the global wave and tidal energy market during upcoming years.
Global Wave and Tidal Energy Market: Overview
The worsening energy crisis has urged governments, consumers, and manufacturers to focus on alternative sources of energy. This has put the wave and tidal energy that can be harnessed from the oceans in a spotlight. The development of wave and tidal energy sector is gaining an accelerated momentum due to growing initiatives by several governments and developing countries to reduce the consumption of fossil fuels and reducing their carbon footprint. The research report states that the global wave and tidal energy market is expected to be worth US$ 17,535.30 Mn by the end of 2027 from US$ 3,244.44 Mn in 2018. During the forecast period of 2019 and 2024, the global market is expected to rise at a CAGR of 23.5%.
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Tidal Power Plants Dominate the Global Wave and Tidal Energy Market
Oceans are estimated to be inexhaustible sources of clean energy. Harnessing tidal and wave energy from the ocean surfaces is expected to be the next sustainable source of energy. Currently, tidal energy is expected to dominate the global market. The tidal energy segment is further divided into tidal range and tidal stream energy. Though both the concepts are new to the market, the tidal range energy sub-segment is known to be more developed than the other. Both the sub-segments are expected to undergo tremendous development with increasing investments in finding alternative sources of energies.
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Collaboration between Companies will bring down Fixed Costs and Tariff Rates
With a raft of companies experimenting with the development of wave and tidal energy sector, there isn’t single leading technology. However, the fact that both tidal and wave energy sources will reap phenomenal benefits remains for certain. Presently, the market requires a high initial cost of investments in wave and tidal stream power plants in order to achieve better output and higher penetration. If the both these factors are achieved, the market will be able to offer wave and tidal energy at competitive and affordable prices.
The future is likely to be witness to cost cuts as the overall industry is emphasizing on large-scale array deployment instead of project demonstration and prototype testing. Thus, the economies of scale are expected to benefit the manufacturers of energy converter devices and on-shore grid connection and power take-off systems infrastructure. Companies are also expected to collaborate to share fixed costs, which will further bring down the cost of production and overall tariffs.
Europe Leads the Pack as Region Witnesses Tremendous Technological Advancements
Geographically, the global wave and tidal energy market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The report suggests that Europe will be at the forefront of the wave and tidal energy market. The ongoing efforts by the governments in the region to cut down the carbon footprint, smaller region with surrounded by the coastline, and the rapid pace of technological advancements are expected to be the key contributors to the regional market’s growth in the near future. Meanwhile, the tidal barrage operations in South Korea are expected to put Asia Pacific on the global map in the coming years. Furthermore, Australia is also expected to make a significant contribution to the soaring revenue of the Asia Pacific wave and tidal energy market.
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The key players operating in the global wave and tidal energy market are
- Ocean Power Technologies, Inc.
- Pelamis Wave Power Ltd.
- Carnegie Wave Energy Ltd.
- Ocean Renewable Power Company LLC
- Tenax Energy
- Atlantis Resources Ltd.
- AquaGen Technologies
- S.D.E. Energy Ltd. (WERPO Wave Energy)
- Marine Current Turbines Ltd.
- Aquamarine Power Ltd.
Global Wave and Tidal Energy Market: Recent Developments
- In December 2019, Nova Innovation announced that the company was expanding its presence in North America region. The company had received a permit to develop a 1.5MW tidal array in Petit Passage, in the Bay of Fundy area of Nova Scotia. The company has planned to install a single turbine in 2020, and then installation of 15 tidal stream turbines in three phases of 0.5MW by 2023. The project is expected to create enough energy to power 600 homes in the region.
- In October 2019, SIMEC Atlantis Energy Limited announced that the company has signed a contract with Kyuden Mirai Energy of Japan, to provide tidal generation equipment and offshore construction services for a demonstration project in Japan. The demonstration project is located in the straits of Naru Island within the Goto island chain of southern Japan, and has a total budget of about US$ 16.54 Mn. The Atlantis Turbine and Engineering Services Division would provide and install an AR-Series turbine. The system was to be deployed in the Nagasaki Prefecture for demonstration and was expected to be operating at a reduced generation output of around 500 kW. The turbine would be acting as a data collection and validation device for Kyuden Mirai Energy and Japanese regulatory bodies.
Wave and Tidal Energy Market – Scope of the Report
Transparency Market Research’s recent report on the global wave and tidal energy market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the global wave and tidal energy market analyzes the market scenario for the period from 2018 to 2027, wherein 2018 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the global wave and tidal energy market also provides data on developments made by important players and stakeholders operating in the market, along with competition analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with market trends and restraints in the competition landscape section.
This study also discusses the underlying trends and the impact of various factors on the global wave and tidal energy market along with their influence on evolution of the market
This study also offers Porter’s five forces analysis, value chain analysis, and regulatory scenario of the global wave and tidal energy market, in order to elaborate crucial growth strategies of and opportunities for players operating in the market
Key Questions Answered in Global Wave and Tidal Energy Market Report
- How much capacity and value does the global wave and tidal energy market is expected to reach by the end of the forecast period?
- Which region currently account for the maximum share of the global wave and tidal energy market?
- What are the key factors expected to drive the global wave and tidal energy market?
- Which region is likely to be a lucrative market for wave and tidal during the forecast period?
- What are the essential strategies adopted by key players operating in the global wave and tidal energy market to expand their geographical presence?
- What are major advancements in the global wave and tidal energy market?
This report answers these questions about the global wave and tidal energy market, aiding major stakeholders and key players in making the right decisions and strategizing for growth of their business
Global Wave and Tidal Energy Market: Research Methodology
This TMR report on the global wave and tidal energy market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global wave and tidal energy market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global wave and tidal energy market arrived at predictions and estimations, and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the global wave and tidal energy market, by using both bottom-up and top-down approaches
This detailed assessment of the global wave and tidal energy market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global wave and tidal energy market is set to expand are based on carefully vetted primary and secondary sources.
Global Wave and Tidal Energy Market: Segmentation
This report on the global wave and tidal energy market provides segmentation of the market based on type and region