Wave and Tidal Energy Market is Predicted to Grow at Approximately 10.2% by 2023

Market Highlights and Forecast:

Market Research Future (MRFR) published a Half Cooked Research Report on Wave and Tidal Energy Market. The Global Wave and Tidal Energy Market is expected to grow over the CAGR of around 10.2% during the period 2017 to 2023.

The ocean energy conversion to electricity could play an important role in meeting the rising global energy demand, mitigating climate change, diversifying global energy supply and boosting energy industry economic activity. Wave energy is generated when the wind blows over the ocean’s surface, which itself is a function of temperature and pressure differences across the globe caused by the distribution of solar energy from the Sun. Wave energy carries both kinetic and gravitational potential energy, the level of which is a function of both the height and period of the wave. Harnessing this energy using a wave energy convertor (WEC) can in turn generate electricity that can be supplied to remote coastal regions that cannot be connected to the grid.

On the other hand, oceanic tides are the function of the motion of the moon and sun relative to the earth. These gravitational forces in combination with the rotation of the earth on its axis cause periodic movements of the oceans and seas. The energy potential of tidal currents is typically located in areas with the greatest tidal range.

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The Global Energy Industry is rapidly transitioning to a low carbon future and wave energy is expected to contribute 10% of world electricity need by 2050. It is expected to grow further, owing to stable government policies, steady investment and increased collaboration from energy industry, which will develop the wave and tidal energy into more mature renewable energy technology. The energy generated from wave is determined by several factors, including wave height, wave speed, and wave length and water density.

The Major Players profiled in Wave and Tidal Energy Market Report are Pelamis Wave Power. (UK), Tenax Energy (Australia), Atlantis Resources Ltd (UK), Aquamarine Power Ltd. (UK), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc., (U.S.), Marine Current Turbines Ltd, (U.K), Ocean Renewable Power CO LLC (U.S.) and Yam Pro Energy (Israel).

Europe Region is Expected to Dominate the Market:

Based on the regions, the market is analyzed across four key regions, North America, Europe, Asia-Pacific and Rest of the World. The Europe region is expected to dominate the overall market with increasing number of proposed wave and tidal energy projects across U.K., France and Scotland. In the Asia-Pacific region, South Korea is expected to witness the fastest growth rate in the market, owing to high harnessing of wave and tidal energy by large scale installation of tidal barrages. Also, in the Asia Pacific region, Australia is projected to drive the wave and tidal energy market and it expected to deploy generating capacity of about 25 MW by 2020.

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Scope of Report:

The scope of the study segments the global wave and tidal energy storage market by industry type, by application, by drone type and by region.

Global Wave and Tidal Energy Market, By Type:

• Wave Energy
• Tidal Energy

Global Wave and Tidal Energy Market, By Region:

• Europe
• North America
• Asia-Pacific
• Rest of the world

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This release was published on openPR.