Wave and Tidal Energy Market is Rapidly Growing With High Demand by 2031

Wave and Tidal Energy Market by Type (Wave Energy, Tidal Energy), by Technology (Tidal stream generator, Oscillating Water Columns, Tidal turbines, Tidal barrages, Tidal fences), by Application (Power generation, Desalination): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global wave and tidal energy industry generated $0.5 billion in 2020, and is anticipated to generate $1.3 billion by 2030, witnessing a CAGR of 9.4% from 2021 to 2030.

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Wave energy is defined as the energy of the ocean surface waves, which is captured for electricity generation, desalination, and the pumping of water into reservoirs. Wave and tidal energy are considered to be the most promising green technologies as they generate the most concentrated source of renewable energy. Oceans are an inexhaustible source of clean energy. Therefore, harnessing tidal and wave energy from the ocean surfaces is expected to be the most sustainable source of energy. Wave and tidal energy are the sustainable methods of harnessing energy of oceans for power generation.

Countries across the world tend to utilize these forms of renewable energy as these provide a constant and steady source of clean energy. Abundance of ocean surface and energy generation capacity in several nations has promoted governments to pursue ocean energy generation as an important source of their renewable energy in future. In addition, tidal energy works via a turbine works like a wind turbine, with blades rotating 12-to-18 times a minute depending on tide strength. The turbine is connected to a gearbox that turns a generator, creating electricity. Moreover, Wave-driven power is a type of power generation related to tidal power. Rather than relying on the tidal movements in large bodies of water, wave energy is derived from wind-driven waves. It can be used to generate electricity.

The global Wave and Tidal Energy market is segmented on the basis of Type, Technology, Application, Application and region.
Based on type, the wave energy segment held the highest market share in 2020, accounting for nearly three-fifths of the global wave and tidal energy market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 9.5% from 2021 to 2030, owing to the fact that it is renewable form of energy, it has high energy potential, and most importantly, it has low dependency on fossil fuel. The report also analyzes the tidal energy segment.

Based on application, the power generation segment accounted for the largest share in 2020, contributing to more than four-fifths of the global wave and tidal energy market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 9.5% from 2021 to 2030, owing to its wide usage to produce electricity. The research also analyzes the desalination segment.

Based on region, Europe held the highest market share in terms of revenue 2020, accounting for more than half of the global wave and tidal energy market. Almost half of hydropower plants are in the Balkans and Eastern Mediterranean, where many plants are financed by the EU. This shows the high opportunity for the wave and tidal energy infrastructure in the region. However, the LAMEA region is expected to witness the fastest CAGR of 10.0% during the forecast period, owing to rise in desalination dependency on electricity.

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The key players operating and profiled in the report Include Aquagen Technologies, Carnegie Wave Energy Ltd., Corpower Ocean AB., Eco Wave Power, Ocean Power Technologies, Inc, Ocean Renewable Power Company, Pelamis Wave Power, SIMEC Atlantis Energy, Tenax Energy and Verdant Power, Inc.

Covid-19 Scenario
• The manufacturing of wave and tidal energy system equipment was stopped, due to high peak of COVID-19 situation, which hampered the sales of wave and tidal energy system, especially in the initial period.
• Furthermore, import and export activities were significantly impacted, which in turn, adversely affected the industries using wave and tidal energy system and thereby, affecting the global wave and tidal energy market.
• However, the market has already started to recover and is expected to boom back soon.

Key findings of the study
• On the basis of type, the wave energy segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period
• Depending on technology, the tidal stream generator segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• As per application, the power generation segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• Region wise, Europe region registered the highest market share and is projected to maintain the same during the forecast period.

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