Transparency Market Research has released a new
market report titled, Wave and Tidal Energy Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.
According to the report, the global wave and tidal energy market was
valued at US$ 497.7 Mn in 2014 and is anticipated to reach US$
11345.0 Mn in 2024, expanding at a CAGR of 23.2% from 2016 to 2024.
When harnessed effectively, ocean could prove to
be one of the largest reserves of clean and sustainable energy. Wave
and tidal energy are the two major forms of harnessing ocean energy.
These have significantly different market dynamics. Tidal energy can
be broadly segmented into tidal stream and tidal range energy. Tidal
range power plants entail construction of tidal barrages. This is a
mature form of energy generation technology.
This 150 page report gives readers a
comprehensive overview of the Wave and Tidal Energy Market. Browse
Market Research Report @
Commissioned in 2011, the Sihwa Lake Tidal Power
Station with 254 MW capacity in South Korea replaced France’s Rance
Tidal Power Station as the largest tidal power plant in the world.
Tidal stream power plants are a relatively new technology with ample
scope for development. Wave energy is a relatively new concept. The
two sectors are likely to experience significant market growth in
terms of installed capacity and investments in the near future.
Currently, over 200 companies operate in the wave
and tidal energy sector. Most of these players are extensively
involved in the business of development of energy converter
technology. Wave and tidal stream technologies have significant
potential of reaping benefits of economies of scale. Large-scale
commercial array deployments of wave and tidal power plants are
projected to be followed by massive cost reductions. Strong
development of the offshore wind energy sector in several countries
can contribute significantly to cost reduction potential of wave and
tidal energy.
The path from prototype testing and project
demonstration to large-scale commercial project construction is a
long one. Constant financial and policy support from local
governments is imperative for technology developers for brisk
commercialization of their energy converter devices. Currently, the
industry structure is fragmented. It is difficult to ascertain if the
industry would consolidate in the near future. However, establishment
of special purpose project companies and strategic alliances would be
imperative for small technology developers to invest in projects
across the world.
Major developments in wave and tidal stream plants
are expected to take place in Europe. On the other hand, South Korea
is estimated to grow the fastest in terms of tidal barrage
operations. Wave energy development in Asia Pacific would be
concentrated in Australia. Currently, only tidal barrages are capable
of generating returns on investments through the sale of electricity.
Tidal stream and wave power plants are still not capable of
generating power at grid parity levels. Commercialization of
technology is the need of the hour for this sector. Otherwise, it
would be difficult for project developers to sign long-term power
sale contracts. Reduction in costs would become a necessity as the
sector shifts from grant financing to private equity and debt
financing.
Get accurate market forecast and analysis on
the Wave and Tidal Energy market. Request a sample to stay abreast on
the key trends impacting this market@
Key players in the global wave and tidal energy
market include Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd.,
Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC,
Tenax Energy, AquaGen Technologies, Atlantis Resources Ltd., S.D.E.
Energy Ltd. (WERPO Wave Energy), Marine Current Turbines Ltd., and
Aquamarine Power Ltd. The report provides an overview of these
companies, followed by their financial revenues (on availability),
business strategies, SWOT analysis, and recent developments.
The global wave and tidal energy market has
been segmented as follows:
Wave and Tidal Energy Market: Type analysis
- Wave energy
- Tidal energy
Wave and Tidal Energy Market: Geography
analysis
North America
- U.S.
- Canada
- Mexico
Europe
- U.K.
- Scotland
- France
- Norway
- Russia
- Others
Asia Pacific
- South Korea
- Australia
- China
- Others
Rest of the World
- South Africa
- Ghana
- Others
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