Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : November, 2020 | Energy & Mining | PPT format

Report Digest


Global Wave and Tidal Energy Market: Snapshot

Harvesting of wave and tidal energy has been there for last few decades, however, it has only been in the last few years that it has gained utmost significance owing to advancement in research and technology in the field. Some people think that wave and tidal energy is capable of providing at least 10 percent of the total consumption of energy. The amount of power that can be produced is dependent on the wave activity.

Mentioned below are the devices invented for harvesting of energy from sea currents and waves. The list does not include all of the devices and each of these devices come with their own drawbacks and benefits such as efficiency, social impact, cost per Watt and its effect on the environment.

  • Oscillating Water Column (OWC)
  • The Pivoting Flap Device
  • Tapered Channel Devices
  • The Pelamis
  • Buoyant Moored Device
  • Tidal Turbines

The global wave and tidal energy market is primarily driven by the augmented funding provided for the development of various wave and tidal power related projects. Aggressive initiatives like strong government incentive schemes and policies and enabling development of large-scale projects in phases are offering scope of growth for the market. The global wave and tidal energy market is marked with the presence of several medium and large-scale projects of renewable energy production. Furthermore, companies that are operating in the global wave and tidal energy market are involved with the generation of wave and tidal energy are start-ups funded by government as well as private agencies

The global market for wave and tidal energy is on a path of a prosperous growth. The increasing consumption of electricity across the globe – both in established and emerging economies – is expected to substantially drive the overall development of the global market. Some of the other key factors responsible for the growth of the global wave and tidal energy market can be termed as the accelerated deterioration of the traditional resources of power such as natural gas, coal, and oil. Also, the increasing concerns about the excessive polluting nature of the techniques of energy production that consists these and other fossil fuels. The growing focus on the new developments in the techniques of power generation that are based on cleaner and more sustainable source of energy such as wave and tidal energy as well solar energy is also expected to provide a fitting answer to all the above mentioned problems and thus, drive the overall development of the global market for wave and tidal energy.

The global market for tidal and wave energy makes use of the effective strategies and techniques to make most of the one of the largest and unending source of energy – ocean and wind. These sources of energy are sustainable as well as environment friendly. The wave and tidal energy harnessing technology serves as two of the current times’ vital ways to make most of the inexhaustible resource of energy available to us.

Global Wave and Tidal Energy Market: Overview

With effective strategies and technologies, ocean could be used as one of the largest and inexhaustible sources of environmentally-neutral and sustainable energy. Wave and tidal energy technologies serve as two of the present times’ key ways of harnessing energy from oceans. Wave and tidal energy technologies are relatively new power generation technologies with significant scope for development in the near future. 

As research and development activities focused on the commercial development of clean energy resources intensify, the two sectors are expected to witness significant market growth in terms of technological advancement and rise in terms of investment and installed capacity in the near future. However, owing to their emerging nature, further development of wave and tidal energy technologies requires constant support from government bodies in terms of subsidies and encouraging regulation. 

Global Wave and Tidal Energy Market: Trends and Opportunities

The rising consumption of electricity across developed, developing, and well as less-developed economies is undoubtedly the primary factor encouraging developments in the global market for wave and tidal energy. Other important factors driving the market include the shrinking banks of conventional power resources such as oil, natural gas, and coal, and the rising concerns regarding the highly polluting nature of energy production techniques that involve these and other fossil fuels. The increased focus on developing power generation techniques based on cleaner and sustainable energy sources such as solar power and wave and tidal energy is mostly an attempt to find a fitting solution to the aforementioned concerns. 

Global Wave and Tidal Energy Market: Market Potential

The market for wave and tidal energy is treading along an encouraging growth path, Home to the world’s oldest commercial-sized tidal power plant, the market for wave and tidal energy in Europe continues to lead the way. The market in Europe is seeing an increased number of projects being announced or going live on an encouraging pace, with the highly anticipated Swansea Bay tidal lagoon in the U.K. and the MeyGen tidal array project in Scotland swiftly nearing completion. Owing to an impressive line-up of old and new projects, several potential sites capable of housing large-scale wave and tidal energy projects, and an encouraging regulatory framework, the Europe market is expected to present growth opportunities for companies operating in the wave and tidal energy market in the next few years.

Global Wave and Tidal Energy Market: Regional Outlook

Europe is presently the leading contributor of revenue to the global market and is expected to witness significant developments in the next few years. South Korea is expected to lead in terms of the tidal barrage technology and is expected to add more capacity alongside the Shiwa Lake Tidal Power Station, presently the world’s largest tidal power station, to its wave and tidal energy output. Boasting only a few sites where tidal energy can be harnessed at a commercial and economical cost, the U.S. lags behind in the market with no commercial tidal plants till now. Developments in the area in Asia Pacific are expected to remain limited to mostly China and Australia. 

Global Wave and Tidal Energy Market: Competitive Analysis

Despite being at a nascent stage of development, the global wave and tidal energy market features a fragmented competitive landscape. Over 200 companies presently function in the market, most of which have operations in the area of development of energy converter technologies. It is difficult to project whether or not the competitive landscape will achieve consolidation in the near future. However, for small companies to make a mark in the global market, strategic alliances with special purpose project companies would be imperative. 

Some of the leading players operating in the global wave and tidal energy market are Ocean Renewable Power Company LLC, Pelamis Wave Power Ltd., AquaGen Technologies, Tenax Energy, Carnegie Wave Energy Ltd., Atlantis Resources Ltd., Ocean Power Technologies, Inc., Aquamarine Power Ltd, Marine Current Turbines Ltd., and S.D.E. Energy Ltd. (WERPO Wave Energy).

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?