Press release
Wave Tidal Energy Market Leading Countries, Companies, Consumption, Drivers, Trends, Forces Analysis, Revenue, Challenges and Forecast to 2023
Wave and Tidal Energy Market – Overview
The alarming carbon emission level globally has fast-tracked the development of many renewable energy tech sources one of which is wave and tidal energy. Market reports related to the energy and power industry have been presented by Market Research Future which produces reports on other industry verticals that outlines the current market scenarios. The market is set to show potential earnings worth USD 15,291.2 Million while expanding at a CAGR of 17.84% in the forecast period.
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Tidal energy is a mature form of energy, that has many takers which has led to an accelerated pace of development of the market. The wave and tidal stream technologies have demonstrated substantial benefits of economies of scale, which is one of the key factors that is promoting the entry of new competitors in the market. Additional breakthroughs in the research and development are expected to fortify the market growth in the forecast period.
Segmental Analysis
The tidal energy market, is largely segmented into tidal range energy and tidal stream that is contained by construction of barrages. On the other hand, the wave energy is a comparatively novel concept and the sector is expected to observe important market growth through the forecast period in terms of capital investment and installed capacity. The wave and tidal stream technologies have considerable potential of gaining benefits of the economies of scale. The large-scale commercial array deployments of wave and tidal power plants are likely to be followed by significant cost reductions.
Detailed Regional Analysis
The wave and tidal energy market have been segmented into regions such as Europe, North America, Asia Pacific and Rest of the World. The European region is observed presently to be a significant contributor of revenue in the global market and is anticipated to observe noteworthy developments in the next few years. The European region is the global leader in the progress of ocean energy technologies, hosting most of the global developers (52% of tidal stream and 60% of wave energy developers). Though, the installation of ocean energy devices is taking place at a sluggish pace. This can be attributed to the fact that only 14MW of ocean energy fitted capacity was achieved at the end of 2016, instead of 641MW as declared by the EU Member States in their national renewable energy action plans earlier. Meanwhile, the tidal barrage operations in South Korea are anticipated to put the Asia Pacific region on the global map in the approaching years. Also, Australia is expected to make a significant contribution to the increasing revenue of the Asia Pacific wave and tidal energy market.
Competitive Analysis
The market is also well prepared to meet the challenges and keep up with the active progress trends efficiently. The changes seen in terms of strategy execution and creation are altering the expansion pace of the market. The context for development plans also has stimulated the market for possible new participants. The market competitors are making substantial modifications to lessen the incidence of competitive disadvantage. The leadership trends in the market are reinforcing the level of growth that can be realized in the present market scenario. The plan formulation process in the market has become meaningfully easier in which deviations are well accounted for; this method increases the overall success of these plans in the market. The evolution patterns are reviewed in tandem to the customer likings to meet abundant growth, and in the long run, feasibility.
The significant companies in the wave & tidal energy market are Aquamarine Power Ltd (U.K.), Pelamis Wave Power (Scotland), Carnegie Wave Energy Limited (Australia), Atlantis Resources Ltd (London), YAM PRO Energy (Israel), Ocean Power Technologies Inc. (U.S.), Ocean Renewable Power CO Llc (Portland), IHI Corporation (Japan), Tenax Energy (Australia) and AW Energy Oy Ltd (Vantaa).
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Industry Updates:
Oct 2018 Scotrenewables Tidal Power Ltd has changed its name as it begins the build of its next-generation floating tidal stream turbine, a change for which the company is seeking to raise up to GBP 7 million. The Scottish marine energy-focused engineering firm declared that it is rebranding to Orbital Marine Power Ltd. Orbital Marine Power is looking to raise the amount on peer-to-peer finance platform Abundance Investment to fund the construction of the Orbital O2
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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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