NEW YORK, Aug. 4, 2022 /PRNewswire/ — As per Zion Market Research study, The Wave and Tidal Energy Market was worth around USD 428.5 million in 2021 and is estimated to grow to about USD 2,277.02 million by 2028, with a compound annual growth rate (CAGR) of approximately 32.1 percent over the forecast period. The report analyzes the Wave and Tidal Energy Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Wave and Tidal Energy Market.
Key Industry Insights & Finding of the Wave and Tidal Energy Market Reports:
- As per the analysis shared by our research analyst, the Wave and Tidal Energy Market is expected to grow annually at a CAGR of around 32.1 % (2022-2028).
- Through the primary research, it was established that the Wave and Tidal Energy Market was valued approximately USD 428.5 Million in 2021 and is projected to reach to roughly USD 2,277.02 Million by 2028.
- The increasing supply of renewable energy is obtaining a larger market share across Europe and is expected to stimulate regional industry growth.
- The United Kingdom has the most extensive historical deployment of this technology, and with the construction of the European Marine Energy Center, it has reached a new milestone (EMEC).
- Canadian province of Nova Scotia has taken world-leading measures in building a market for tidal technology by implementing Feed-In Tariff (FIT) programs for various tidal power demonstration farms.
Zion Market Research published the latest report titled as “Wave And Tidal Energy Market By Type (Wave Power Plants And Tidal Power Plants). By Technology (Tidal Stream Generator, Pendulum Device, Oscillating Water Columns, Barrage, And Others). By End User (Residential, Commercial, And Industrial), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” into their research database.
Wave and Tidal Energy Market: Overview
Wave energy is the process of conveying and capturing energy from the ocean’s surface and utilizing it for applications such as power generating. Tidal energy is generated by the interaction of the moon’s and sun’s gravitational forces, which causes the natural rise and fall of ocean tides or seawater levels. The global wave and tidal energy industry are experiencing the strongest demand due to a rise in project expansion across countries, which results in substantial electricity cost reductions. Additionally, an increase in investments and new rules by local governments encourages technology innovators to commercialize their energy converter devices as soon as possible. For both energy types, technical development is still in its early stages. This offers plenty of room for new entrants to enter the industry by offering cutting-edge technologies. There is a greater prospect for the development of new technology-based tidal stream power plants. Both private and public industries are expected to have massive market expansion in terms of installed capacity and investment. The growing use of renewable energy sources, as well as the potential of wave and tidal as power sources, are encouraging commercialization through the deployment of small arrays, which will have a positive impact on the wave and tidal energy market growth in the foreseeable future.
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Wave and Tidal Energy Market: Growth Dynamics
Drivers: Rapid development in the renewable energy sector will propel growth.
Due to the increasing depletion of fossil fuels and rising environmental concerns, the global energy transition is advancing the renewable sector with technological advances, development priorities, and others. The government, armed with the required infrastructure resources, looks beyond the total energy supply for cost-effective and scalable alternatives. However, in order to assess the feasibility of a new source of power, governments such as the United Kingdom have introduced clean energy growth strategies that involve cost reductions in technology, reductions in carbon emissions, and the development of cutting-edge technologies. Several technologies, including wind, solar, wave, and tidal, have been highlighted for their importance in lowering carbon emissions. Renewable energy technologies, such as wind and solar power, have been widely adopted, however, they have limitations due to land availability and a mismatch between supply and demand. As a result, tidal and wave power have emerged as a new renewable resource with vast untapped potential. Moreover, strategic backing for the industry would result in practical implementations of the Green Transition and significant export prospects in tidal and wave power technologies.
Restraints: A lack of technological advancements and pricing challenges will stymie market growth.
The Wave and tidal devices technology is currently advancing to the point where wave project demonstrations are being installed. However, the technology has not yet converged with any design technology, and the research on this technology has increased the sector’s complexity. As a result, a lack of industrial coherence is constrained by supply chains for diverse components of planning and technical growth. Aside from the technical barrier, the cost of constructing and preserving the structures is considerably greater than the cost of other sources of renewable energy as the operating and maintaining any facility in the open sea has many key challenges affecting the economics of scale, including the current and projected cost.
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Global Wave and Tidal Energy Market: Segmentation
- The Wave and Tidal Energy Market are segregated based on Type, Technology, and End User.
By Type, the market is classified into Wave Power plants and Tider Power Plants. The tidal power market has been the fastest expanding in the globe. Market expansion is being driven by increased investment in emerging markets. The most critical stage is the MeyGen project to commercialize tidal technology. Technological advancement in the tidal power segment increases commercialization, which leads to segment expansion.
By Technology, the market is classified into Tidal Stream Generator, Pendulum Device, Oscillating Water Columns, Barrage, and Others. Oscillating water columns are the most rapidly developing segment of the wave energy business. It is a form of wave energy converter that produces electrical energy. This is accomplished through the oscillation of waves within a chamber. It has a low environmental impact and is the preferred renewable energy source. Companies are working to improve the efficiency of oscillating water columns.
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List of Key Players of Wave and Tidal Energy Market:
- Aquamarine Power Ltd
- Pelamis Wave Power Ltd.
- Carnegie Wave Energy Ltd.
- Ocean Power Technologies Inc.
- Ocean Renewable Power Company LLC
- Tenax Energy
- AquaGen Technologies
- Atlantics Resources Ltd.
- S.D.E. Energy Ltd. (WERPO Wave Energy)
- Marine Current Turbines Ltd.
Key questions answered in this report:
- What are the growth rate forecast and market size for Wave and Tidal Energy Market?
- What are the key driving factors propelling the Wave and Tidal Energy Market forward?
- What are the most important companies in the Wave and Tidal Energy Market Industry?
- What segments does the Wave and Tidal Energy Market cover?
- How can I receive a free copy of the Wave and Tidal Energy Market sample report and company profiles?
Market size value in 2021
USD 428.5 Million
Revenue forecast in 2028
USD 2,277.02 Million
CAGR of almost 32.1 % 2022-2028
2016 – 2021
2022 – 2028
By Product Type, By Application, and By End Use
Value (USD Million), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Aquamarine Power Ltd, Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantics Resources Ltd., S.D.E. Energy Ltd. (WERPO Wave Energy), and Marine Current Turbines Ltd.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
- In 2021, Orbital Marine Power has begun construction on Orbital O2, the world’s most powerful tidal turbine. The turbine was launched from Scotland’s Port of Dundee and will be connected to the European Marine Center in Orkney, where it will be operational.
- In 2020, ABB and CorPower Ocean inked a collaboration agreement in which CorPower Ocean agreed to employ ABB’s two medium voltage motors. One of them would be in charge of driving the test rig, while the other would assist in energy storage.
· Boosting the demand for nutritious breakfast choices.
Europe is predicted to lead the market during the projection period. The increasing supply of renewable energy is obtaining a larger market share across Europe and is expected to stimulate regional industry growth. The United Kingdom has the most extensive historical deployment of this technology, and with the construction of the European Marine Energy Center, it has reached a new milestone (EMEC). Furthermore, the European Marine Energy Center (EMEC) is the largest venue for wave technology initiatives and has housed a substantial portion of wave energy developers that are nearing commercialization.
North American countries are collaborating with industry, research organizations, and government to realize prospects in marine renewable sources. Additionally, support for wave and tidal developers has grown, and the sector is steadily progressing. Moreover, the Canadian province of Nova Scotia has taken world-leading measures in building a market for tidal technology by implementing Feed-In Tariff (FIT) programs for various tidal power demonstration farms. It has drawn the attention of renowned European developers who are interested in tidal power. The large-scale implementation of these projects is likely to drive market growth during the forecast period.
Global Wave and Tidal Energy Market is segmented as follows:
Wave and Tidal Energy Market: By Type Outlook (2022-2028)
- Wave Power plants
- Tidal Power Plants
Wave and Tidal Energy Market: By Technology Outlook (2022-2028)
- Tidal Stream Generator
- Pendulum Device
- Oscillating Water Columns
Wave and Tidal Energy Market: By End User Outlook (2022-2028)
Wave and Tidal Energy Market: By Region Outlook (2022-2028)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Press Release For Wave and Tidal Energy Market: https://www.zionmarketresearch.com/news/global-wave-and-tidal-energy-market
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