Global Wave and Tidal Energy Market expected to rise at a CAGR of 23.2% during the forecast period of 2016 and 2024

Posted on 2018-06-04 by Mark Hub in Energy // 0 Comments

Albany, USA, 2018-Jun-04 — /EPR Network/ —An insightful study, titled “Wave and Tidal Energy Market” has been freshly broadcasted to the vast research repository of Market Research Reports Search Engine (MRRSE). This research study provides detailed comprehensions and forecasts future growth of the global market with an in-depth study of the factors impacting revenue growth throughout the mentioned forecast period. Further, a deep analysis on the major players from diverse regions is also present in the report.

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The worsening energy crisis has urged governments, consumers, and manufacturers to focus on alternative sources of energy. This has put the wave and tidal energy that can be harnessed from the oceans in a spotlight. The development of wave and tidal energy sector is gaining an accelerated momentum due to growing initiatives by several governments and developing countries to reduce the consumption of fossil fuels and reducing their carbon footprint. The research report states that the global wave and tidal energy market is expected to be worth US$11345.0 mn by the end of 2024 from US$497.7 mn in 2014. During the forecast period of 2016 and 2024, the global market is expected to rise at a CAGR of 23.2%.

Oceans are estimated to be inexhaustible sources of clean energy. Harnessing tidal and wave energy from the ocean surfaces is expected to be the next sustainable source of energy. Currently, tidal energy is expected to dominate the global market. The tidal energy segment is further divided into tidal range and tidal stream energy. Though both the concepts are new to the market, the tidal range energy sub-segment is known to be more developed than the other. Both the sub-segments are expected to undergo tremendous development with increasing investments in finding alternative sources of energies.

With a raft of companies experimenting with the development of wave and tidal energy sector, there isn’t single leading technology. However, the fact that both tidal and wave energy sources will reap phenomenal benefits remains for certain. Presently, the market requires a high initial cost of investments in wave and tidal stream power plants in order to achieve better output and higher penetration. If the both these factors are achieved, the market will be able to offer wave and tidal energy at competitive and affordable prices.

The future is likely to be witness to cost cuts as the overall industry is emphasizing on large-scale array deployment instead of project demonstration and prototype testing. Thus, the economies of scale are expected to benefit the manufacturers of energy converter devices and on-shore grid connection and power take-off systems infrastructure. Companies are also expected to collaborate to share fixed costs, which will further bring down the cost of production and overall tariffs.

The market size for wave and tidal power generation has been estimated by studying the possible future technology trends in the market. Detailed research of countries and region-specific wave and tidal energy associations has been undertaken to estimate and forecast the installed capacity and investments in the wave and tidal energy sector. Regionally, the market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. An important aspect of this report is the upcoming project details for both wave and tidal energy. This provides a clear idea of country wise projects planned and the tentative timeline by which the industry would achieve commercial deployment of its technologies.

Wave and tidal power plant technologies are likely to experience significant changes in terms of individual market share from 2014 to 2024. The technology development is still in the initial phase for both wave and tidal energy. This leaves ample scope for new players to enter the market by introducing new and advanced technologies. Detailed cost breakdown analysis of wave and tidal energy plants has been provided in the study. Cost projections of individual cost components have been done for the forecast period, supported by qualitative analysis. Major players in the wave and tidal energy business have been profiled in the study to identify market penetration strategies and winning imperatives for them.

Read Comprehensive Overview of Report with List of Tables and Figures @ https://www.mrrse.com/wave-tidal-energy-market

Key players in the global wave and tidal energy market include Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantis Resources Ltd., S.D.E. Energy Ltd. (WERPO Wave Energy), Marine Current Turbines Ltd., and Aquamarine Power Ltd. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, SWOT analysis, and recent developments. The global wave and tidal energy market has been segmented as follows:

Wave and Tidal Energy Market: Type analysis

Wave energy
Tidal energy

Wave and Tidal Energy Market: Geography analysis

North America
- U.S.
- Canada
- Mexico
Europe
- U.K.
- Scotland
- France
- Norway
- Russia
- Others
Asia Pacific
- South Korea
- Australia
- China
- Others
Rest of the World
- South Africa
- Ghana
- Others

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