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wave and tidal energy Market to Witness the Highest Growth Globally in Coming Years

10-04-2018 11:49 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Wave and Tidal Energy Market,  Wave and Tidal Energy Market Trends, Wave and Tidal Energy Market Research,  Wave and Tidal Energy

Wave and Tidal Energy Market, Wave and Tidal Energy Market Trends, Wave and Tidal Energy Market Research, Wave and Tidal Energy

The Wave And Tidal Energy Market ​is expected to grow at a significant rate in the coming years due to substantial cost reduction opportunities through capacity up-scaling and technological innovations. As wave and tidal energy are renewable forms of energy, almost all countries around the world are trying to develop wave and tidal energy because they provide a constant and steady source of clean energy.

Plenty of ocean surfaces and considerable potential of energy generation in the countries around the world has led operators to engage in ocean energy generation. The wave and tidal energy technology development is in its initial phase, so there is a sufficient scope for new entrants in the wave and tidal energy market by bringing up advanced technologies.

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Wave energy is transport of energy by ocean surface waves and uses that energy for water desalination, electricity generation, pumping of water and various other tasks. Tidal energy is a type of hydropower that converts the energy from the tides to generate electricity. Wave and tidal energy help to increase energy security, decarbonizes the energy supply and reduce the consumer’s dependence on imported fossil fuels.

the wave and tidal energy market can be categorized as oscillating wave surge converter, surface attenuator, point absorber buoy, overtopping device and oscillating water column. Point absorber buoy floats on the surface of water and uses rise and falls of swells to drive hydraulic pumps and generate electricity.

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The risk of marine mammals and fish being struck by tidal turbine blades is a major factor restraining the growth of the wave and tidal energy market to some extent. As it is an immature technology, so there is a lack of funding channels and commercial deployment of projects which is also hindering the wave and tidal energy market growth.

Some of the competitors in the wave and tidal energy market are Ocean Renewable Power Company LLC, Atlantis Resources Limited, Marine Current Turbines Limited, S.D.E Ltd., Ocean Power Technologies Inc., AquaGen Technologies, Carnegie Wave Energy Limited, Pelamis Wave Power Ltd., Tenax Energy Solutions, LLC, and Aquamarine Power Limited.

About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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