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wave and tidal energy Market to Witness the Highest Growth Globally in Coming Years
Wave and Tidal Energy Market, Wave and Tidal Energy Market Trends, Wave and Tidal Energy Market Research, Wave and Tidal 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.
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