Wave And Tidal Energy Market - Beginning to Reach Viability as Potential Commercial Power Sources

The development of new renewable energy sources is increasing, leading to reduction in the carbon emissions. Wave and tidal energy is one of such alternative sources of renewable energy satisfying the increasing energy demand. Tides and waves are two different natural occurrences of water, their ability to generate energy differs with regards to power, generation and reliability. Reducing dependency on non-renewable energy sources and advancing technologies for energy generation are explored having minimal effect on environments. The aim of development of wave and tidal energy is to reduce the carbon footprint in emerging countries and increasing government initiatives and funds is also expected to drive the market. Main factors fuelling the market growth includes the decrease of conventional power resources such as oil, coal and natural resources and rising concern regarding highly polluting nature of energy generation techniques that involve fossil fuels.

The key opportunities for wave and tidal energy market include reduced carbon, secure electricity supply using renewable and green sources, which would result in large amount of energy creation and regional & economic development. Furthermore, increasing investments, and supportive government regulations are also expected to fuel the market growth. Growing funding from private and public sectors majorly for increasing employment generation, energy securities, economic positioning and also addressing changing climatic conditions. Key restraints, hindering the market growth are high cost of plant installation, high investment in R&D and the tidal time. The increased focus of developing countries is on power generation techniques based on eco-friendly and sustainable energy sources such as solar system, wave and tidal energy, which are appropriate non-renewable source solutions.

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The global wave and tidal market is segmented on the basis of type, technology, end user and region. On the basis of type, the market is segmented as wave energy and tidal energy. The wave energy is created due to transportation of surface of ocean wave, while the tidal energy is created by universal gravitational effect of heavenly bodies such as sun and the moon on the earth. Based on the technology, the market is divided as tidal stream generator, pendulor device, oscillating water columns, barrage and others. The tidal stream generator is referred to as tidal energy converter, which is a machine that extracts energy from moving masses of water whereas pendulor device is used for running an electric generator, while oscillating water column uses a large amount of water moving in a cylinder as a piston. A big barrage is a kind of low-head rectified dam made of large gates that can be opened or closed, which control the amount of water passing through. Based on the end users, the market is segmented as residential, commercial and industrial. Industries have been involved in development of wave and tidal energy, since new design as well as manufacturing process are helping to satisfy the rising demand for clean energy Commercial as well as residential end- users mainly include the electricity generation and other operations of electric appliances .

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Geographically, wave and tidal market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia pacific region is one of the fastest growing markets for wave and tidal energy, owing to the increasing population in the countries such as China and India. Moreover, the market is gaining traction in the region due to growing economy and rising demand for clean energy. According to tidal energy estimates projected by the National Institute of Oceanography (NIO) and IIT-Madras, in India the highest levels of tidal energy were measured at Sunderbans in West Bengal, as well as at the Gulf of Khambat and the Gulf of Kutch in Gujarat. Adding these six sites together, the tidal energy potential generated measures to 12.5GW during 2015.The prominent players in the wave and tidal energy market are Ocean Renewable Power Company LLC, Murine Current Turbines Ltd, Atlantis Resources Ltd, AquaGen Technologies, Biopower System, Kepler Energy Ltd, Maco Tidal Turbines Nova Innovation Ltd, Carnegie Wave Energy Ltd, and Tenax Energy. Other players in the market are involved into partnership with companies, merger and acquisition in an attempt to widen their technologies and advancements through research and development.

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