Wave and Tidal Energy Market Trends & Opportunities by 2024 | Top Key players: ORPC, SIMEC Atlantis Energy Limited, Marine Current Turbines Ltd, Ocean Power Technologies, Carnegie Clean Energy, Pelamis Wave Power, Tenax Energy Solutions, LLC,

Major trend being witnessed in the global wave and tidal energy market is the increased investment in the development of power projects associated with wave and tidal energy. Owing to the limited availability of conventional fuels such as oil, gas, and coal along with associated pollution released by the consumption of these fuel sources, a large number of countries are investing in cleaner energy sources, including wave and tidal energy. These energy resources are abundant in nature and are environment-friendly. Owing to advantages of wave and tidal energy source, there has been a rising trend of increased investment in wave and tidal energy projects.

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Wave energy is the energy harnessed from ocean or sea waves. It is also known as ocean energy or sea wave energy that is used for water desalination, electricity generation, pumping of water, and various other tasks.

On the basis of type

The wave and tidal energy market have been categorized into tidal energy and wave energy. On the basis of generation of tidal energy, the market has been categorized into dynamic tidal power, tidal stream generator, tidal lagoon, and tidal barrage. Tidal stream generator uses kinetic energy of moving water to power turbines, but tidal barrage uses potential energy in the difference in height between low and high tides to power turbines.
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Based on region

The wave and tidal energy market have been categorized into Europe, North America, Asia-Pacific, Latin America, and Middle East and Africa. Among all the regions, Asia-Pacific held a significant share in the market, driven by growing large-scale development of wave and tidal power generation projects in countries such as China, Japan, South Korea, and other APAC countries. The large-scale deployment of these projects is expected to boost the growth of the market during the forecast period.

In wave and tidal energy market, the wave energy category has been categorized into 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. Oscillating water column devices are located on shore or in deeper water offshore. With an air chamber integrated into the device, swells compress air in the chambers forcing air through an air turbine to create electricity.

Major driver identified in the wave and tidal energy market is governments’ initiatives to promote the wave and tidal energy source. Owing to the advantages of wave and tidal energy project as a cleaner power source, countries across the world are opting for various initiatives such as subsidies to wave and tidal power projects, restricting the expansion of conventional power projects, and target-based growth of these projects. Countries such as China and India aim to meet a significant proportion of energy requirements from wave and tidal energy projects, which in turn, are boosting the market growth.

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