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A01863 | Pages: 239 | Charts: 53 | Tables: 146 |
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.
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.
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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.
[TYPEGRAPH]
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.
[TECHNOLOGYGRAPH]
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.
[APPLICATIONGRAPH]
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.
[REGIONGRAPH]
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.
Key Market Segments
Key Market Players