According to the research report, the global wave and tidal energy market was valued at USD 527.7 million in 2021 and is expected to reach USD 4,541.8 million by 2030, to grow at a CAGR of 27.4% during the forecast period.
The global wave and tidal energy market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Wave and Tidal Energy Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
Continuously growing penetration of renewable energy sources & fast depletion of non-renewable energy sources driving the market forward. To exploit ocean energy systems favorable legislation is required, in line with this, the Australian government in 2021, introduced the “Offshore Electricity Infrastructure Bill” to develop ocean energy technologies. Moreover, effective policies, public and private investments are also needed for the inclusive and sustainable future of energy systems that drives the market.
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Moreover, an increasing number of wave power plants developed across the developed economies are expected to favor market growth. For instance, in April 2022, EcoWave Power, a producer of electricity from ocean waves, announced its plans to build tidal energy power plants with a capacity of up to 2 megawatts in Spain. This well-written market research report provides a comprehensive view of the market by analyzing key Wave and Tidal Energy Market trends, drivers, challenges, opportunities, and competitive landscape. It provides a framework for classifying and summarizing research findings in a way that is clear and succinct, making it simple for readers to comprehend and use the knowledge. This study provides fundamental information and actual data about the market and its prospects for the future.
List of Top Key Players:
- Eco Wave Power
- Mocean Energy
- Aquamarine Power
- SSE Renewables
- Wello Oy
- SINN Power GmbH
- Ocean Power Technologies
- Orbital Marine Power
- Tacardo B.V.
- SIMEC Atlantis Energy
- Tidal Lagoon Plc
- Andritz Hydro Hammerfest
- Tenax Energy
- CorPower Ocean AB
- OceanEnergy
Report Explore:
- Historical and recent key insights
- Market size by company, key regions/countries
- Driving forces and roadblocks
- Value chain analysis with price analysis and forecast
- New prospects and targeted marketing methodologies
- R&D and the demand for new product launches and applications.
- New Project Investment Feasibility Analysis
The market is a relatively underexplored technology of renewable power generation, and many companies across the globe are still working on their pilot projects, and numerous researchers are focusing on different parameters corresponding to the viability and ways to bring down the cost without compromising efficiency, which is likely to impact the global market.
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According to a report published by European Marine Energy Center, in October 2022, WEDUSEA, a collaboration that includes 14 partners from academia and industry with a funding of USD 19.3 million is set to last for four years. In its initial phase, the project is concentrating on the designing of OE35, 1-megawatt version, and is coordinated by Ocean Energy.
Wave and Tidal Energy Market Report Highlight:
- Tidal energy accounted to have significant growth of global revenue share in 2021 due to rapid increase in awareness about green energy and acceptance of tidal energy as a sustainable alternative to fossil fuels
- Power generation segment held the largest market share in 2021 on account of the growing consumption of electrical power and technological development in power generation processes
- Tidal stream generator segment is expected to grow fastest during the projected period, which is mainly attributed to growth in tidal energy infrastructure
- Asia Pacific region dominated the global market, which is mainly attributed to environmental regulations, several government policies, and increasing focus on technological advancements to enhance the power generation methods
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