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In 2022, it is predicted that the market for wave and tidal energy will be worth $0.26 billion. Over the five-year projection period (2023-2030), the value of the wave and tidal energy market is projected to increase from $0.325 billion in 2023 to $1.54 billion in 2030, at a CAGR (compound annual growth rate) of 26.0%. Increased investment in the construction of power plants connected to wave and tidal energy is one of the primary market factors fueling industry progress.
To generate power, desalinate seawater, and pump water into storage reservoirs, humans harness wave energy, which is the energy of ocean surface waves. The renewable energy produced by wave and tidal energies is the highest concentrated of any green technology. The oceans can provide renewable energy indefinitely. Because of this, it is anticipated that tidal and wave energy from ocean surfaces will be the most sustainable energy source. These ways of generating electricity from the energy of the ocean are sustainable. As a result of the reliability and consistency of these renewable energy sources, they are increasingly being used by nations of all sizes. Several countries' governments have prioritised ocean energy development as a future renewable energy source due to the abundance of ocean surface and energy generation capacity. In addition, a wind-like turbine is used to harness tidal energy, with its blades turning anywhere from 12 to 18 times per minute, depending on the tide's intensity. A gearbox is coupled to the turbine, which spins a generator to produce power. Additionally, a subset of tidal power is wave-driven power. Wind-driven waves are used to generate energy, rather than the tidal motions of enormous bodies of water. One of its potential uses is in power generation.
Numerous projects have reached key milestones, secured funding, and tested prototypes, all of which have contributed to the market's rapid development. Reaching cost-competitiveness in a given niche market is the best method to build up and present expertise with wave and tidal power, as well as the critical utility scale development phases, and this is almost the case for these projects. Using a variety of methods for wave and tidal power generating increases the possibility for system development. From 2020 through 2032, the market's regulatory framework and revenue support structure factor in the impact of technology. For instance, EMEC and Perpetuus Tidal Energy Centre (PTEC) aim to set up a tidal site in England by the year's end of 2020. The initiative's stated goal is to increase investment in tidal energy research and commercialization in the United Kingdom. The partnership also creates the TIGER project, which uses USD 46.75 million in financing from Interreg Channel to build five sites for the research and development of tidal energy in France and the United Kingdom. In addition, in February 2020, with the help of Seabased and the European Marine Energy Centre Limited (EMEC), a test programme for the wave-to-grid energy park technology was designed and implemented. Rapid technological progress, simple implementation, and increasing public and private investment in the wind and tidal business have all contributed to the industry's rapid rise in popularity. For instance, in October of 2022, the United States Department of Energy stated that it would invest USD 35 million in improving river and tidal energy infrastructure. As a result, the wave and tidal energy market has seen a higher compound annual growth rate (CAGR) in recent years due to the prevalence of cervical spondylosis.
Another factor contributing to the expansion of the wave and tidal energy market is the rising trend of investment in wave and tidal energy projects due to the benefits of these energy sources. Major firms in the industry are investing heavily in R&D to extend their product offerings, which bodes well for the future of the wave and tidal energy business. In addition to these major key changes, market participants are also implementing a variety of strategic initiatives, such as the introduction of new products, the signing of new contracts, the completion of mergers and acquisitions, the increase of investments, and the partnership with other organisations. Offering competitively priced solutions is essential for success in the rising and increasingly competitive wave and tidal energy market.
The market is split into the wave technology sector and the tidal technology sector. Tidal turbines, barrages, and other technologies fall within this category, which commanded a large share of the market. The tidal turbine is similar to wind turbines in that it harnesses the energy of moving water. The turbines use blades to spin a rotor, which in turn generates electricity. The turbine is submerged in an area with heavy tidal flow; the resulting rotation of the rotors about a horizontal axis is what generates electricity. Another tidal technology solution uses a barrage, which is essentially a dam or barrier, to collect energy from the difference in water level between high and low tide. The barrage is built across a tidal basin formed by an inlet of oceans. The tidal basin fills with incoming high tides and empties through an electrical generation system, with water levels and flow level controlled by sluice gates on the barrage. Fencing, lagoons, hydrofoils, and so on make up the other part.
Report Coverage
Global Wave and Tidal Energy research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wave and Tidal Energy report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wave and Tidal Energy competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wave and Tidal Energy market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wave and Tidal Energy market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wave and Tidal Energy market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems Pty Ltd (Australia).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wave and Tidal Energy market based on the below-mentioned segments:
Global Wave and Tidal Energy Market, By Type
Wave Energy
Tidal Energy
Global Wave and Tidal Energy market, By Technology
Tidal Stream Generator
Oscillating Water Columns
Barrage
Others
Global Wave and Tidal Energy market, Regional Analysis
To generate power, desalinate seawater, and pump water into storage reservoirs, humans harness wave energy, which is the energy of ocean surface waves. The renewable energy produced by wave and tidal energies is the highest concentrated of any green technology. The oceans can provide renewable energy indefinitely. Because of this, it is anticipated that tidal and wave energy from ocean surfaces will be the most sustainable energy source. These ways of generating electricity from the energy of the ocean are sustainable. As a result of the reliability and consistency of these renewable energy sources, they are increasingly being used by nations of all sizes. Several countries' governments have prioritised ocean energy development as a future renewable energy source due to the abundance of ocean surface and energy generation capacity. In addition, a wind-like turbine is used to harness tidal energy, with its blades turning anywhere from 12 to 18 times per minute, depending on the tide's intensity. A gearbox is coupled to the turbine, which spins a generator to produce power. Additionally, a subset of tidal power is wave-driven power. Wind-driven waves are used to generate energy, rather than the tidal motions of enormous bodies of water. One of its potential uses is in power generation.
Numerous projects have reached key milestones, secured funding, and tested prototypes, all of which have contributed to the market's rapid development. Reaching cost-competitiveness in a given niche market is the best method to build up and present expertise with wave and tidal power, as well as the critical utility scale development phases, and this is almost the case for these projects. Using a variety of methods for wave and tidal power generating increases the possibility for system development. From 2020 through 2032, the market's regulatory framework and revenue support structure factor in the impact of technology. For instance, EMEC and Perpetuus Tidal Energy Centre (PTEC) aim to set up a tidal site in England by the year's end of 2020. The initiative's stated goal is to increase investment in tidal energy research and commercialization in the United Kingdom. The partnership also creates the TIGER project, which uses USD 46.75 million in financing from Interreg Channel to build five sites for the research and development of tidal energy in France and the United Kingdom. In addition, in February 2020, with the help of Seabased and the European Marine Energy Centre Limited (EMEC), a test programme for the wave-to-grid energy park technology was designed and implemented. Rapid technological progress, simple implementation, and increasing public and private investment in the wind and tidal business have all contributed to the industry's rapid rise in popularity. For instance, in October of 2022, the United States Department of Energy stated that it would invest USD 35 million in improving river and tidal energy infrastructure. As a result, the wave and tidal energy market has seen a higher compound annual growth rate (CAGR) in recent years due to the prevalence of cervical spondylosis.
Another factor contributing to the expansion of the wave and tidal energy market is the rising trend of investment in wave and tidal energy projects due to the benefits of these energy sources. Major firms in the industry are investing heavily in R&D to extend their product offerings, which bodes well for the future of the wave and tidal energy business. In addition to these major key changes, market participants are also implementing a variety of strategic initiatives, such as the introduction of new products, the signing of new contracts, the completion of mergers and acquisitions, the increase of investments, and the partnership with other organisations. Offering competitively priced solutions is essential for success in the rising and increasingly competitive wave and tidal energy market.
The market is split into the wave technology sector and the tidal technology sector. Tidal turbines, barrages, and other technologies fall within this category, which commanded a large share of the market. The tidal turbine is similar to wind turbines in that it harnesses the energy of moving water. The turbines use blades to spin a rotor, which in turn generates electricity. The turbine is submerged in an area with heavy tidal flow; the resulting rotation of the rotors about a horizontal axis is what generates electricity. Another tidal technology solution uses a barrage, which is essentially a dam or barrier, to collect energy from the difference in water level between high and low tide. The barrage is built across a tidal basin formed by an inlet of oceans. The tidal basin fills with incoming high tides and empties through an electrical generation system, with water levels and flow level controlled by sluice gates on the barrage. Fencing, lagoons, hydrofoils, and so on make up the other part.
Report Coverage
Global Wave and Tidal Energy research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wave and Tidal Energy report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wave and Tidal Energy competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wave and Tidal Energy market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems Pty Ltd (Australia). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Wave and Tidal Energy Market from 2021 to 2030.
- Market Forecast for Wave and Tidal Energy Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Wave and Tidal Energy competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Wave and Tidal Energy
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wave and Tidal Energy market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wave and Tidal Energy market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems Pty Ltd (Australia).
Primary Target Market
- Market Players of Wave and Tidal Energy
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wave and Tidal Energy market based on the below-mentioned segments:
Global Wave and Tidal Energy Market, By Type
Wave Energy
Tidal Energy
Global Wave and Tidal Energy market, By Technology
Tidal Stream Generator
Oscillating Water Columns
Barrage
Others
Global Wave and Tidal Energy market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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