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Wave and Tidal Energy Market Analysis: 2020 Global Industry Share, Size, COVID – 19 Analysis and Segmentation by 2023

07.28.2020 · Posted in Writing and Speaking

Market report on global wave & tidal energy market by MRFR outlines that the market is set to portray its potential earnings worth USD 15,291.2 Million, having an expansion of its size at a CAGR of 17.84%. This growth graph is anticipated to go upwards by the year 2023

Wave energy is referred to as the energy of the ocean surface waves for the generation of electricity, desalination, and pumping of water into reservoirs. Wave & tidal energy is the most promising technologies of the current time owing to advance in research and technology. Also, wave and tidal energy is plugged to be the next significant technological innovation that can accommodate a large amount of the world’s energy consumption.

Industry Highlights

The crucial factors for the global wave and tidal energy market growth include cost-effectiveness, eco-friendly nature, and endless supply. However, the initial cost of installing the plant can be high which can hamper the market growth. And powerplants harnessing the energy from waves or tide can be set only at those places that are near seas or oceans.

This remarkable growth market to several influential factors such as the increasing investment in the market towards research and development activities in order to raise the commercial usage of equipment that harness wave and tidal energy. The growing focus on the expansion of cleaner power generation technologies that have a minor environmental impact is expected to fuel the global wave & tidal market over the assessment period. furthermore, as the global economy continues to witness intense growth and restructuring, natural resources are diminishing at alarming rates and irreparable damage is being done to the environment.

Competitive Landscape:

  • Simec Atlantis Energy (Singapore),
  • Ocean Power Technologies Inc. (US),
  • Carnegie Clean Energy (Australia),
  • Yam Pro Energy (Israel),
  • OPRC Inc. (US),
  • AW Energy OY (Finland),
  • Andritz Hydro Hammerfest (UK),
  • Orbital Marine Power (UK),
  • Aquanet Power (Taiwan), and
  • BioPower Systems Pty Ltd (Australia). 

Global Wave And Tidal Energy Market Segmental Analysis

The global wave and tidal energy market have been segmented on the basis of type and region.

By type, this market has been segmented into wave energy and tidal energy.

The tidal energy market has been segmented into tidal range energy and tidal stream that can be contained by barrage construction.

The wave energy is expected to observe important market growth throughout the forecast period in terms of capital investment and installed capacity.   

Regional Outlook: Global Wave and Tidal Market

Regionally, the global wave and tidal market have covered the major regions of North America, Europe, Asia Pacific and Rest of the World.

Among these, Europe is currently leading contributor to the market of wave & tidal owing to share the largest revenues from investments made. Apart from this, the market is also expected to witness some major developments as well in the years to come. This region also hosts several key developers of the market with 52% of tidal stream and 60% of wave energy developers.

Meanwhile, Asia Pacific is also witnessing a considerable amount of market stableness at a higher CAGR in the forecast period. The rise is contributed owing to the tidal barrage operations in South Korea, which is taking the global market of wave & tidal on prosperous rise path. Besides, Australia is also expected to make a more substantial contribution to the growing revenue of wave and tidal energy market.

Next comes the North America, where the global wave & tidal energy market is expected to account for significant growth over the forecast period attributing to the increasing investment in the renewable energy along with rising demand from the industrial sector the U.S. which is considered a global leader in the energy production industry.

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