Global Wave and Tidal Energy Market: Favorable Policies and Incentive Schemes to Drive Market at 64.1% CAGR 2014-2020

A recent research report published by Transparency Market Research projects the global wave and tidal energy market to expand robustly at a CAGR of 64.1% during the period between 2014 and 2020. The report, titled “Wave and Tidal Energy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” estimates the global wave and tidal energy market to reach a valuation of U$10.1 bn by 2020. The overall market was worth US$25 mn in 2013.

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Wave and tidal energy are a constant and steady source of clean energy and are an important part of the future renewable energy mix. The report points out that strong government policy framework and incentive schemes across various nations will boost the growth of the global wave and tidal energy market. Further, wave and tidal energy can be used to generate power for remote locations where drawing grid connections is not cost-effective or feasible. This will also augment the growth of the market during the forecast horizon. However, high capital investments and the lack of commercial deployment of projects will restrain the overall market. The global wave and tidal energy market has a huge scope to grow through technological innovations and capacity up-scaling.

On the basis of energy type, the global wave and tidal energy market has been segmented into tidal energy and wave energy. Tidal energy has been further segmented into tidal stream energy and tidal range energy. In terms of application in electricity generation, tidal range energy is relatively mature and requires the construction of tidal barrages. The report discusses the Sihwa Lake Tidal Power Station, which holds a capacity of 254 MW and has emerged as the largest tidal power plant across the globe. Tidal stream power generation is comparatively new and has a high potential to grow during the forecast horizon. In 2013, the aggregate installed capacity of wave energy power plants stood at 5.77 MW.

The report studies the global wave and tidal energy market across three key regions: Asia Pacific, North America, and Europe. Europe dominates the overall market with a record number of proposed wave and tidal energy projects across the U.K., France, and Scotland. During the forecast period, South Korea is expected to witness the fastest growth in the market owing to the nation’s potential for harnessing tidal energy through the installation of large-scale tidal barrages. Australia is projected to drive the wave and tidal energy market in Asia Pacific by creating a capacity of almost 25 MW before 2020.

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Describing the competitive landscape, the report profiles some of the key players in the global wave and tidal energy market such as Pelamis Wave Power, S.D.E Energy Ltd., Atlantis Resources Ltd., Aquagen Technologies, Ocean Renewable Power Company LLC, Tenax Energy, Ocean Power Technologies Inc., Marine Current Turbines Ltd., Aquamarine Power Ltd., and Carnegie Wave Energy. The report further provides insightful information about the players, including their product portfolio, financial overview, business strategies, and recent developments. More than 200 companies are presently working in the global wave and tidal energy market and most of them use the energy converter technology.

Key segments of the Global Wave and Tidal Energy Market:

Wave and tidal power generation market: Type analysis

Wave energy
Tidal energy

Wave and tidal power generation market: Geography analysis

North America
Europe
Asia Pacific

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Name: Rohit Bhisey
Organization: Transparency Market Research
Website: http://www.transparencymarketresearch.com/wave-tidal-energy-market.html

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