Rising Investments in Projects to Fuel Wave and Tidal Energy Market

Pune, India, August, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Wave and Tidal Energy Market Research Report.

Market Synopsis

The global wave and tidal energy market is predicted to reach the value of USD 15,291.2 Million by 2023, Market Research Future (MRFR) asserts. This phenomenal surge of the market will register the CAGR of 17.84% during the forecast period (2016-2023). Wave and tidal energy harvesting has been around for long time in the past, but only in recent years, it has become more realistic owing to advance in research and technology. Wave and tidal energy is touted to be the next big thing that can cater to a large amount of the world's energy consumption. The amount of power harvested is determined primarily based on the wave activity.

Drivers and Restraints

Heavy demand for electricity sets the market growth in motion

The global wave and tidal energy market is treading on a prosperous path on account of increasing consumption of electricity across the globe. This need for electricity is accompanied by the accelerated deterioration of the traditional resources of power like natural gas, coal, and oil. At present, the techniques used for energy production are the main cause of excessive pollution, thereby increasing the demand for wave and tidal energy technology. This technology is a sustainable source of energy that is the ideal solution for the mentioned environmental issues.

Market giants striving to unleash the potential of ocean to generate clean energy

Around the world, the enormous interest in harvesting wave and tidal energy stems from the need to leverage the unlimited potential of ocean. The massive demand for modern technologies to harness renewable sources of energy is a notable factor augmenting the market size. Thus, advances in wave energy converter technologies have enabled market giants to better realize the potential of wave and tidal energy sources.

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Need for huge investments might challenge the market growth

Although the market is well on its way to substantial growth, it will still encounter issues related to high investments needed to establish the infrastructure and technology. With developing regions around the world scraping through with weak economy and underdeveloped infrastructure, it is hard, to sum up the cost for installation of modern technologies.

However, an increasing number of companies are collaborating and working in concert to decrease the high initial cost of investment by trying to bring down tariff rates. To this end, market players are embarking on strategies for commercial deployment of projects to develop wave and tidal energies.

Industry Trends

July 2018 – San Miguel Corp. (SMC) is set to build up to 10,000 megawatts (MW) of renewable energy facilities within the next ten years, in addition to its existing installed capacity of traditional coal and gas power plants. 

The market trend of heavy investments in renewable source of energy is swiftly gaining momentum in the market as vendors realize that there is a dire need for sustainable source of energy. With increasing global consumption of electricity, solar and wind power is required to meet this demand, as relying on traditional sources of energy is redundant.

Market Segmentation

The global market for wave and tidal energy is segmented on the basis of industry type, which is sub-segmented into wave energy and tidal energy. Tidal energy, being a mature form of energy, is classified into tidal stream and tidal range energy. Whereas, wave energy is a relatively new concept and the sector is anticipated to grow significantly during the appraisal period in terms of installed capacity and capital investment. Wave and tidal stream technologies have tremendous potential of reaping benefits of economies of scale.

Regional Analysis

The global wave and tidal energy market is segmented based on regions, namely North America, Europe, Asia Pacific (APAC) and the Rest of the World (Row).

Europe generates maximum revenue in the global market

Among these regions, Europe is currently the leading contributor of revenue and is presumed to witness significant developments in coming years.  The region has been a global leader in the development of ocean energy technologies and is in possession of a number of global developers (52% of tidal stream and 60% of wave energy developers). Continuous technological development and innovations have nourished the tidal and wave sector in the region.

On the other hand, the barrage of tidal projects in South Korea is estimated to put Asia Pacific on the global map in coming years. Also, Australia is anticipated to contribute significantly to the increasing revenue of the Asia Pacific wave and tidal energy market.

The North America region is not much behind Europe, generating substantial revenue as well. The market performance can be attributed to presence of market players in the region who are constantly making tremendous efforts to enhance their technologies and also deploy novel and improved equipment. The regional market growth also benefits from rising research and development (R&D) along with accelerated project development in the region.

Key Vendors

The key players in the global market are Ocean Renewable Power CO Llc (Portland), YAM PRO Energy (Israel), Atlantis Resources Ltd (London), Aquamarine Power Ltd (U.K.), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc. (U.S.), IHI Corporation (Japan), Pelamis Wave Power (Scotland), Tenax Energy (Australia) and AW Energy Oy Ltd (Vantaa) and others.

• The Indian Government is set to harness tidal energy by developing two key projects worth 80 billion dollars. The projects include a desalination plant which is powered by tidal energy; and also a submersible vehicle that can explore depths of at least 6,000 meters.