Wave energy is the energy harnessed from sea or ocean waves. It is also known as sea wave energy or ocean energy, used for electricity generation, water desalination, pumping of water, and various other tasks. Tidal energy is a type of hydropower which converts the energy from the tides to generate electricity. Both wave and tidal energy are recognized as the potential green technologies as they generate a precise source of renewable energy. Wave and tidal energy are used for decarbonizes the energy supply, increase energy security and reduce the consumer’s dependence on fossil fuels.
According to study, “Global Wave and Tidal Energy Market Information Report by Industry Type (Wave Energy and Tidal Energy) and by Regions – Global Forecast to 2023” the key companies operating in the global wave & tidal energy market are Ocean Power Technologies Inc., Atlantis Resources Ltd, IHI Corporation, Aquamarine Power Ltd., Pelamis Wave Power, Carnegie Wave Energy Limited, Tenax Energy, Ocean Renewable Power CO., AW Energy Oy Ltd., YAM PRO Energy, S.D.E. Energy Ltd. (WERPO Wave Energy), Simec Atlantis Energy, Andritz Hydro Hammerfest, BioPower Systems Pty Ltd. Orbital Marine Power.
Based on type, global wave & tidal energy market is segmented into tidal energy and wave energy. Based on category of wave energy, market is segmented into overtopping device, oscillating wave surge converter, point absorber/buoy, surface attenuator, and oscillating water column. Based on technology, market is segmented into tidal stream technology, tidal range technology and wave stream technology. Tidal stream technology includes horizontal-axis turbine, oscillating hydrofoil (reciprocating device), vertical-axis turbine, archimedes’ screw, ducted turbine or enclosed tips and tidal kite. Based on generation of tidal energy, market is segmented into tidal stream generator, dynamic tidal power, tidal lagoon, and tidal barrage. In addition, based on end-user, market is segmented into commercial, residential and industrial.
The wave and tidal energy market is driven by rise in demand for clean energy, followed by increase in investments in renewable energy sector, rise in demand for energy generation, augment in technological advancement, longevity of the barrages, rise in public funding, and favorable government initiatives & environmental regulations. However, high cost of construction and restrictive growth of electricity demand in OECD countries may impact the market. Moreover, an ongoing development within the wave & tidal industries is a key opportunity for market.
Based on geography, the Asian-Pacific region holds major share in wave and tidal energy market owing to increase in awareness amongst the population, substantial growth of the economy, rise in availability of resources, growth in marine energy technology and developments in open test sites in the region. North-American region is expected to witness higher growth rate due to increase in expansion of the projects across countries, which results in huge electricity cost reduction. Europe is also expected to witness higher growth rate caused by existing infrastructure and the presence of major players over the forecast period. It is estimated that the market will be reached at US $15,291.2 million, by 2023.
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Ankur Gupta, Head Marketing & Communications