Wave energy is defined as the energy of the ocean surface waves, which is captured for electricity generation, desalination, and the pumping of water into reservoirs. Wave and tidal energy 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. 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.
This report projects the trends and opportunities of the global wave and tidal energy market. This research study includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.
The global wave and tidal energy market witnesses highest demand owing to increase in expansion of the projects across countries, which results in massive electricity cost reduction. Moreover, rise in investments and new policies by local governments promotes the technology developers for rapid commercialization of their energy converter devices. The technology development is still in the development phase for both energy forms. This leaves ample scope for new players to enter the market by introducing new and advanced technologies. There is an increased opportunity for the development of tidal stream power plants that are based on new technology. Both the sectors are predicted to witness enormous market growth in terms of their installed capacity and investments.
The global wave and tidal energy market is segmented based on type, technology, end user, and geography. On the basis of type, the market is bifurcated as wave and tidal power plants. On the basis of technology, it is classified into tidal steam generator, pendulor device, oscillating water columns, barrage, and others (lagoon and turbine). On the basis of end-user, the market is categorized as residential, commercial, and industrial. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key market players in this sector include Aquamarine Power ltd, Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantis Resources Ltd., S.D.E. Energy Ltd. (WERPO Wave Energy), and Marine Current Turbines Ltd.
- This report provides a quantitative analysis of the current trends, estimations, and dynamics through 20172023, which assists to identify the prevailing market opportunities.
- Major countries in each region are mapped as per key trends and opportunities of the market and presence of major players.
- Region-wise and country-wise market conditions are comprehensively analyzed in the report.
- Key players of the wave and tidal energy market are also listed.
- This study evaluates value chain to understand the competitive environment across geographies.
- An in-depth analysis of segmentation is provided to elucidate the dominant opportunities.
Wave and Tidal Energy Marke Key Segments
- Wave Power plants
- Tidal Power Plants
- Tidal Stream Generator
- Pendulor Device
- Oscillating Water Columns
- Others (Lagoon and Turbine)
By End User
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Kingdom of Saudi Arabia
- South Africa
- Rest of LAMEA