Wave & Tidal Energy Market is Projected to Witness 26.38% CAGR by 2027

Pune, India, June 2019/MRFR Press Release/- Market Research Future Published a Cooked Research Report on the Global Wave & Tidal Energy Market. The Global Wave & Tidal Energy Market is Expected to Witness 26.38% CAGR During the Period, 2019 to 2024.

Market Highlights

The concept for wave and tidal energy has evolved over time and has gained a lot of importance in recent times. Waves and tides are naturally occurring events and, generally, the two terms are interchangeably used by many people. However, the two are formed due to an entirely different scientific phenomenon. Tides are formed by the combined effect of the gravitational forces exerted by the sun and the moon and the simultaneous rotation of the earth. Waves are formed by the movement of air above the surface of the ocean, as a portion of the wind's kinetic energy is transferred into the water to form the waves.  

Fossil fuels witness a high demand due to their scarcity, leading to the rise in the number of exploration and production activities, which increases the environmental concerns. Focus on the development of cleaner power generation technologies, which reduce the environmental impact, drive the global wave & tidal energy market. Additionally, as the global economy continues to undergo intense growth and restructuring, natural resources are depleting at alarming rates and irreversible damage is being done to the environment. Various national authorities have begun considering using ocean energy as a long-term way to meet growing energy demand and to increase the production of clean energy. Furthermore, government authorities across the globe are taking numerous steps to reduce the global dependence on coal and other fossil fuels, in line with the Paris agreement in 2016. There have been significant increments in investments in wind, solar, wave, tidal, and other sources of renewable energy, which supports the development of wave and tidal energy, globally.  

Key Players

The major players operating in the global wave & tidal energy market include Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK) and BioPower Systems Pty Ltd (Australia).

Access Report Details @ https://www.marketresearchfuture.com/reports/wave-tidal-energy-market-3885

Drivers: Global Wave & Tidal Energy Market 

Market Research Analysis

In terms of region, the global market for the wave and tidal energy is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Europe dominates the global market, owing to the already existing infrastructure and major players in this region. The increasing demand for renewable energy sources in this region has enabled the wave & tidal energy market to generate significant investments from the region.

In Asia-Pacific, the booming energy demand has been one of the prime contributing factors for the growth of the wave & tidal energy market in the region. South Korea has dominated this region in terms of both, value and volume. With increasing investments in the research and development of wave & tidal energy in Asia-Pacific in the major driving factor for the growth of the wave & tidal energy market in the region

Scope of the Report

This study provides an overview of the global wave & tidal energy market, tracking two market segments across four geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global wave & tidal energy market by type, technology, and region.

• 
  By Type
  
  
  
  • Wave Energy
  
  
  • Tidal Energy
  
  
  
  

• 
  By Technology
  
  
  
  • Tidal Stream Generator
  
  
  • Oscillating Water Columns
  
  
  • Barrage
  
  
  • Others
  
  
  
  

• 
  By Regions
  
  
  
  • North America 
  
  
  • Asia-Pacific 
  
  
  • Europe
  
  
  • Rest of the World  
  
  
  
  

About Market Research Future: 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future

Office No. 528, Amanora Chambers

Magarpatta Road, Hadapsar,

Pune - 411028

Maharashtra, India

+1 646 845 9312