Wave and Tidal Energy Market Is Expected to Grow at a CAGR 17.84% by 2023 | Industry Share, Growth Rate, Current Trends, Challenges by Forecast 2018- 2023

Wave & Tidal Energy Market is predicted to grow at approximately 17.84% by 2023 :
Global Wave and Tidal Energy Market Information Report by Industry Type (Wave Energy and Tidal Energy) and by Regions – Global Forecast to 2023

Market Highlights:-

There is great potential for wave energy to become a major renewable energy source in the future.  Though the development of the tidal power is at the promising stage, it is estimated to have a high potential, globally. It is generated from converting energy from the force tides into power. Future research and development is needed to improve the technology and durability of the equipment, as well as to identify, reduce, and potentially mitigate the negative impacts of this technology upon marine life. However, recent innovations in design and turbine technology for tidal power are expected to influence and increase the installed capacity of tidal plants.

Tidal energy, which is a mature form of energy, is broadly classified into tidal stream and tidal range energy that are entailed by construction of barrages. On the other hand, wave energy is a relatively new concept and the sector is expected to witness significant market growth during the forecast period in terms of installed capacity and capital investment. Wave and tidal stream technologies have significant potential of reaping benefits of economies of scale. Large-scale commercial array deployments of wave and tidal power plants are projected to be followed by massive cost reductions. Global wave & tidal market is expected to reach market size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.

 

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Industry Top Key Players:-

  • Atlantis Resources Ltd
  • Aquamarine Power Ltd
  • Carnegie Wave Energy Limited 
  • Ocean Power Technologies Inc.
  • IHI Corporation 
  • Pelamis Wave Power 
  • Ocean Renewable Power CO Llc 

 

Scope of the Report

This study provides an overview of the global Wave & Tidal Energy market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Wave & Tidal Energy market by its component type, by location and by region.

  • By Type
  • Wave Energy
  • Tidal Energy 

By Regions

  • North America 
  • Asia Pacific 
  • Europe

 

Table of Content:-

1 EXECUTIVE SUMMARY

2 INTRODUTION

3 RESEARCH METHODOLOGY

 4 MARKET DYNAMICS

5 GLOBAL WAVE & TIDAL ENERGY MARKET, BY TYPE

5.1 Overview 27

5.1.1 Wave & Tidal Energy Market – By Type 29

5.1.2 Tidal Energy 29

5.1.3 Wave Energy 29

6 GLOBAL WAVE & TIDAL ENERGY MARKET, BY REGION

7 COMPETITIVE LANDSCAPE

7.1.1 Collaboration & Partnership 86

7.2 Market Share Analysis 86

7.3 Product Benchmarking 87

To be continued………

 

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Market Research Regional Analysis:-

Rich in coastal waters and rivers, North America has huge hydro and marine power potential, which it is slowly developing. The renewable industry in North America is quite developed. According to the World Energy Agency, the driving forces to contribute in the North America market are the location, incentives, and government policies.

Europe is the global leader in the development of ocean energy technologies, hosting most of global developers (52% of tidal stream and 60% of wave energy developers). However, the installation of ocean energy devices is taking place at a slower pace than expected. This is because there is only 14MW of ocean energy installed capacity at the end of 2016, instead of 641MW declared by the EU Member States in their national renewable energy action plans.

Asia Pacific is one of the largest markets for renewables in the world. There is an increasing demand for energy because of the growing population and rising electricity demand in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Solar, wind and other renewable resources are identified as the best replacement to other conventional fossil fuel energy sources and are used to reduce carbon emission by effectively meeting the electricity needs.

 

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