Report Code: A01863 | Pages: 239 | May 2022 | 11748 Views | ||
Author(s) : Mohd A , Yerukola P | Tables: 146 | Charts: 53 |
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The global wave and tidal energy market size was valued at $0.5 billion in 2020, and is projected to reach $1.3 billion by 2030, growing at a CAGR of 9.4% from 2021 to 2030.
The manufacturing of wave and tidal energy system equipment has come back to the pre-covid level during the second quarter of 2021 which led to increase in the sales of wave and tidal energy systems. Also, rise in urbanization and infrastructural development across the globe led to increase in the demand of electricity which led to increase the demand of Wave and Tidal Energy market and may act as the driving factor for the market in the coming years.
Wave energy is defined as the energy of the ocean surface waves, which is captured for electricity generation, desalination, and for pumping of water into reservoirs. Wave and tidal energies are considered to be the most promising green technologies, as they generate the most concentrated source of renewable energy. Oceans are an inexhaustible source of clean energy. Therefore, harnessing tidal and wave energy from the ocean surfaces is expected to be the most sustainable source of energy. They are the sustainable methods of harnessing energy of oceans for power generation. Countries across the world tend to utilize these forms of renewable energy, as these provide a constant and steady source of clean energy. Abundance of ocean surface and energy generation capacity in several nations has promoted governments to pursue ocean energy generation as an important source of their renewable energy in future. In addition, tidal energy works through a wind like turbine, with blades rotating 12-to-18 times a minute, depending on tide strength. The turbine is connected to a gearbox that turns a generator, creating electricity. Moreover, wave-driven power is a type of power generation related to tidal power. Rather than relying on the tidal movements in large bodies of water, wave energy is derived from wind-driven waves. It can be used to generate electricity.
Rising dependency on electricity led to increase in sustainable power generation and wave & tidal energy is one of the sustainable power generation processes; however, government sustainable projects with respect to power generation may act as the major factor for the wave and tidal energy growth.
The global wave and tidal energy market forecast is segmented on the basis of type, technology, application, application and region. Depending on type, the market is categorized into wave energy and tidal energy. On the basis of technology, it is divided into tidal stream generator, oscillating water columns, tidal turbines, tidal barrages and tidal fences. On the basis of application, it is classified into power generation and desalination. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The global wave and tidal energy market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report Include Aquagen Technologies, Carnegie Wave Energy Ltd., Corpower Ocean AB., Eco Wave Power, Ocean Power Technologies, Inc, Ocean Renewable Power Company, Pelamis Wave Power, SIMEC Atlantis Energy, Tenax Energy and Verdant Power, Inc.
By type, the wave energy segment dominated the global Wave and tidal energy market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rising dependency on electricity and renewable energy.
By technology, the tidal stream generator segment dominated the global wave and tidal energy market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in the tidal energy infrastructure leading to increase in demand for tidal stream generator, which may act as the major driving factor for the market.
By application, the power generation segment dominated the global wave and tidal energy market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rising dependency on electricity, which may act as the major driving factor for the market. Moreover, driving factors include a shift toward cleaner fuel sources and plans to increase the proportion of renewable energy in the absolute power generation mix across the globe including all the major developed and emerging economies.
By region, North America dominated the global wave and tidal energy market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rising urbanization, which led to increase in the wastewater management activities, which in turn is expected to increase the demand for wave and tidal energy system and may act as the major driving factor for the market.
IMPACT OF COVID-19 ON THE GLOBAL WAVE AND TIDAL ENERGY MARKET
‐‹‐‹‐‹‐‹‐‹‐‹‐‹Key Benefits For Stakeholders
Wave and Tidal Energy Market Report Highlights
Aspects | Details |
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Market Size By 2030 | USD 1.3 billion |
Growth Rate | CAGR of 9.4% |
Forecast period | 2020 - 2030 |
Report Pages | 239 |
By Type |
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By Technology |
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By Application |
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By Region |
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Key Market Players | Pelamis Wave Power, Verdant Power, Inc., Aquagen Technologies, Eco Wave Power, Ocean Power Technologies, Inc, Carnegie Wave Energy Ltd., TENAX ENERGY, Ocean Renewable Power Company, SIMEC Atlantis Energy, Corpower Ocean AB |
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The global Wave and Tidal Energy market has registered a dynamic growth over the past few years, owing to drastic growth in power generation and water engineering projects. In addition, huge investment plans of government of every nation with respect to water infrastructure and water management development led to boost the Wave and Tidal Energy system market across the globe. Moreover, Wave and tidal energy are the sustainable methods of harnessing energy of oceans for power generation. Countries across the world tend to utilize these forms of renewable energy as these provide a constant and steady source of clean energy. Abundance of ocean surface and energy generation capacity in several nations has promoted governments to pursue ocean energy generation as an important source of their renewable energy in future. Wave and Tidal Energy system is environment friendly and a developing marine renewable energy sector. Furthermore, developing nations such as India, China & Japan plans to increase the water projects for dams and launched new projects with respect to power generation which led to increase the demand of Wave and Tidal Energy system which creates wide opportunities for the market.
A. Power generation and desalination industries are the major customers of global Wave and tidal energy market.
A. Europe will provide more business opportunities for global Wave and tidal energy in future
A. Expansion of hydro power generation, soaring demand of water desalination are the major driving factor for the market. In addition, rapid expansion of irrigation projects may create lucrative opportunities for the market.
A. Wave energy segment holds the maximum share of the global Wave and tidal energy market
A. Aquagen Technologies, Carnegie Wave Energy Ltd., Corpower Ocean AB., Eco Wave Power, Ocean Power Technologies, Inc, Ocean Renewable Power Company, Pelamis Wave Power, SIMEC Atlantis Energy, Tenax Energy and Verdant Power, Inc. are the leading market players active in the Wave and tidal energy market.
A. Rapid increase in industrialization and increase in urbanization and continuous development in water engineering are expected to drive the adoption of Wave and tidal energy.
A. Technological evolution in water industry, rising dependency on electricity are the current trend expected to influence the global Wave and tidal energy market in the next few years.
A. The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global Wave and tidal energy market from 2020 to 2030 to determine the prevailing opportunities.
A. Agreement, business expansion and product launch are the key growth strategy of global Wave and tidal energy market players.
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