Press release
Global wave and tidal energy market size is anticipated to witness significant growth during the Forecast period 2017 – 2024
Efficient monitoring capability coupled with its smart architecture will augment the global wave and tidal energy market. The technology has only one-third of the variability as compared to wind power and can be forecasted three times further ahead of it. High predictability and reliability index will make it one of the most preferred technology over its conventional counterparts.
Higher lifespan will drive the global wave and tidal energy market. Tidal energy technology is more mature, does not have visible impact on the surrounding and immune to noise pollution due to underwater installation of turbines. Wave energy technology is relatively new but increasing investment in R & D will improve the technology. Moreover, it is area efficient and can be installed onshore which will positively influence the industry outlook.
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Increasing exploration and production of crude oil across offshore seabed has raised electricity demand which will positively influence the global wave and tidal energy market. In 2017, 30 to 50 active oil and gas companies are drilling on an average 30 to 50 explorations well per year in the Gulf of Mexico and North Sea. High capital investments and lack of commercial deployment will restrain the industry outlook over the forecast timeframe.
The U.S. wave and tidal energy market will witness attractive growth prospects. The growth attributed to the increasing investment in exploration of natural resources. In 2013, Energy Department announced USD16 million for 17 projects to efficiently capture tidal and wave energy.
Australia wave and tidal energy market will witness significant growth subject to growing investments towards replacing fossil fuels to renewable energy sources. Australia Climate Change Authority recently proposed a target to meet 65% of total electricity through emission-free source by 2030.
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For Europe, UK wave and tidal energy market holds the dominant position in the across the region with more than 50% share. In 2016, government decided to phase out most polluting source of electricity and replace it with alternative sources to reduce carbon footprint. The country is targeting to close all the last power station by end of 2025. In 2003, EU launched an Intelligent Energy Europe programme for funding the initiatives for ocean energy to eliminate the barricades of commercialization and deployment of this technology.
China wave and tidal energy market anticipated to experience considerable growth opportunities subject to their extensive action plans to bolster research activities pertaining marine renewable energy technologies. In January 2017, the country planned to invest USD 440 million on tidal and geothermal energy sources. Japan wave and tidal energy market will witness substantial growth subject to stringent target set by country to reduce greenhouse gas emission level to 26 per cent below 2013 levels by 2030.
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