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$11345.0 mn by the end of 2024 from US$497.7 mn in 2014. During the forecast period of 2016 and 2024, the global market is expected to rise at a CAGR of 23.2%.

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.

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.

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., and Aquamarine Power Ltd.

Global Wave and Tidal Energy Market: An Overview

The global wave and tidal energy market is expected to rise at a significant pace during the forecast period. This is mainly due to rising urge to replace non-renewable source of energies such as gas, oil and coal with the renewable source of energies.

Ocean energy is an untapped opportunity present in nature.  Ocean energy, in case utilized to its full potential then it can solve a majority of energy crisis prevailing across the globe. Ocean energy represents a sustainable source of energy. The energy stored in ocean can be converted into wave and tidal energy with the help of advanced technology. The only challenge which is hampering the growth of the global wave and tidal energy market is unavailability of efficient storage containers that store enormous energy and supply them from people to people, for example liquid petroleum gas

Global Wave and Tidal Energy Market: Notable Developments

Some of the latest development in the global wave and tidal energy market are-

As the demand of wave and tidal energy is increasing among consumers, players in the market are focusing to increase number of power plants. This can be attributed by the fact that a tidal power plant in established in South Korea in August 2011. This plant has a capacity to generate 254 MW of energy using 10 turbines. Until then, the country was highly relying on natural resource as their main source of energy.

In south wales, a turbine project is installed in Ramsey Sound in 2014. This is expected to boost the growth of the tidal energy market in the coming years.

In Netherlands, a combination of 5 tidal stream turbines plant is placed in the Oosterscheldekering in year 2015. This plant has capacity to store 1.2 MW of energy.

The increasing installation of tidal power plant across the globe clearly depicts the enormous potential present in the industry. The increasing adoption of wave and tidal energy powe plant is expected to shape the future of the market in the coming years.

Global Wave and Tidal Energy Market: Key Trends

The global wave and tidal energy market is expected to rise on the back of increasing demand for clean energy resource across the globe. Apart from this, increasing investment from public and private sectors for the development of wave and tidal energy as a sustainable energy solution is expected to agar well with the growth of the wave and tidal energy market. 

The key manufacturers in the wave and tidal energy market  are  involve in development of advanced designs for the storage of energy is expected to  drive the global wave and tidal energy market in the coming years.

However, inefficiency of the power plants to store energy produce by ocean is expected to hamper growth of the wave and tidal energy market.

Nevertheless, development of several testing sites to increase the potential of tidal and wave power plant is a strong factor anticipated to boost the global market over the forecast period.

Global Wave and Tidal Energy Market: Competitive Landscape

The competitive landscape of the global wave and tidal energy market is highly consolidated with the presence of established players in the industry. This is mainly because of the high investments required for the establishment of wave and tidal energy storage plant. Some of the prominent players operating in the global wave and tidal energy market are Atlantis Resources Ltd., ABB Ltd., AWS Ocean Energy Ltd., Tidal Lagoon Plc, Nova Innovations Ltd., and Ocean Power Technologies. These players are focusing on the set up plants near ocean regions so as to tap several opportunities present in the market.