Wave and Tidal Energy Market 2019 Key Country Players: Atlantis Resources Ltd, Aquamarine Power Ltd, Carnegie Wave Energy Ltd, Ocean Power Technologies, IHI Cor, Pelamis Wave Power, Ocean Renewable Power CO Llc, YAM PRO Energy, Tenax Energy

Wave and Tidal Energy Market – Highlights

The global Wave and Tidal Energy 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. Wave and Tidal energy are the two major forms of ocean energy and have huge market dynamics. Wave and tidal energy contribute a lot in generating power in distant remote sites where grid connections can be neither cost-effective nor feasible. Wave and tidal energies are obtained by harnessing the power of tides and waves and they are a constant source of energy due to the gravitational forces of Earth, Sun and Moon.

Key Players

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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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.

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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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.

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.

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