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Wave and Tidal Energy Market 2018 | Industry Application, Trends, Sales Analysis, Demand, Supply, Revenue, Opportunities and Forecast To 2023
Tidal energy, which is a mature form of energy, is broadly classified into tidal stream and tidal range energy that are entailed by construction of barrages. On the other hand, wave energy is a relatively new concept and the sector is expected to witness significant market growth during the forecast period in terms of installed capacity and capital investment. 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. Global wave & tidal market is expected to reach market size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.
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Wave and Tidal Energy Market - Competitive Analysis
Top key players of global wave & tidal energy market are Atlantis Resources Ltd (London), Aquamarine Power Ltd (U.K.), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc.( U.S.), IHI Corporation (Japan), Pelamis Wave Power (Scotland), Ocean Renewable Power CO Llc (Portland), YAM PRO Energy (Israel), Tenax Energy (Australia) and AW Energy Oy Ltd (Vantaa)
Regional Analysis:-
Geographically, the global wave and tidal energy market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is presently the leading contributor of revenue to the global market and is expected to witness significant developments in the next few years. Europe is the global leader in the development of ocean energy technologies, hosting most of global developers (52% of tidal stream and 60% of wave energy developers). However, the installation of ocean energy devices is taking place at a slower pace than expected. This is because there is only 14MW of ocean energy installed capacity at the end of 2016, instead of 641MW declared by the EU Member States in their national renewable energy action plans. Meanwhile, the tidal barrage operations in South Korea are expected to put Asia Pacific on the global map in the coming years. Furthermore, Australia is also expected to make a significant contribution to the rising revenue of the Asia Pacific wave and tidal energy market.
Wave and Tidal Energy Market Scope :-
This study provides an overview of the global wave and tidal energy market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). 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 and tidal energy storage market by industry type, by application, by drone type and by region.
Global Wave and tidal energy Market, By Type
• Wave Energy
• Tidal Energy
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Global Wave and tidal energy Market, By Region
• Europe
• North America
• Asia-Pacific
• Rest of the world
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