Tidal Energy Sector is Expected to Dominate the Global Wave and Tidal Energy Market at CAGR 24.35%
The
rapid increase in power generation with the help of renewable energy sources to
meet the global demand and rising power generation capacity globally are key
factors expected to drive the growth.
According to TechSci
Research report, “Global Wave and Tidal Energy Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Wave and Tidal
Energy is anticipated to project robust growth in the forecast period with a
CAGR of 24.35% through 2028, In addition, factors such as high technological
advancements and ease of development deployed along with growing funding from
the public & private sectors in the wind and tidal industry have resulted
in higher adoption of the market worldwide. For instance, in October 2022, the
U.S. Department of Energy, announced the funding of USD 35 million, for the
advancements of the existing river and tidal energy systems. Various structure and
component developers in the market are undertaking several cost-cutting
initiatives, which include the use of advanced materials, environmental
monitoring, and better control of software and systems. Moreover, various
upcoming development activities in the global market especially in developed
countries like France, Canada, United Kingdom, and Sweden are likely to propel
the market growth. For instance, in June 2021, Eco Wave Power announced the
installation of a wave conversion device at Jaffa, Israel. The project is
funded by Israel’s Energy Ministry & EDP project collaborates with the EDF
renewables IL. It will be located on land, which has enabled better and easy
access for operations and maintenance. The outbreak of the COVID-19 pandemic
has disrupted the impact on market growth. During the pandemic, many countries
around the world have imposed lockdowns and stringent regulations to get
control the spread of the coronavirus, which has significantly impacted the
global supply chain and economic activities, transportation of energy from one
place to another was highly halted, that has impacted the global market
negatively.
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Figures spread through 188 Pages and an in-depth TOC on " Global Wave and Tidal Energy Market"
Based on Power Generation
Method, Floating Wave and
Tidal Energy Platform segment is expected to dominate the market during the
forecast period. Tidal energy uses tidal currents consistent in volume and
direction throughout the year, making it an incredibly efficient renewable
energy source with a high power output. The Wave and Tidal Energy market
recently witnessed increased floating power production system deployments. In
the system, the turbines are aligned in a particular way and attached to a
standard moving beam. They produce more energy as compared to fixed structures.
According to the International Renewable Energy Agency, the estimated global
marine energy capacity accounted for 524 MW in 2022, which includes the ocean
energy derived from the kinetic energy of ocean waves, tides, salinity, and
differences in ocean temperatures. Most of this was due to the added capacity
from floating Wave and Tidal Energy stations and wave energy. The industry is
expected to grow even more in the coming years, parallel with the net-zero
emission goals in many countries. Thus, several upcoming projects are lined up
to harness the technology for power production. The US Department of Energy has
a Water Power Program to develop marine energy and technologies. In October
2022, the US Department of Energy agreed to fund USD 35 million to advance
tidal and river current energy systems as part of measures to boost a sector
whose current impact is negligible. Such developments will likely significantly
boost the market due to the expansion of floating/instream tidal energy
platform installations.
Based on Region, Europe
plays a significant role in the global Wave and Tidal Energy market, Europe
planned a series of Wave and Tidal Energy plants coming into operation or
getting grid-connected recently. Countries like the United Kingdom and Denmark
are the most highlighted parts of the region. According to a 2021 study
conducted by experts at Edinburgh University, tidal stream alone has the
potential to produce 11% of the United Kingdom's current annual electricity
demand, which is the same as the combined contribution of solar and biomass over
the previous year. The British Hydropower Association adds that tidal range
projects under development, which are now delayed, would provide 10 GW of extra
capacity by 2030 if permission and enough funding were granted. These projects
throughout the United Kingdom include Swansea Bay, Merseyside, the North
Somerset Coast, and the North Wales Coast.
In March 2023, authorities
in Liverpool wanted the River Mersey to be the site of a massive Wave and Tidal
Energy plant that could power up to 1 million homes while creating thousands of
employment in the region. If constructed, the plant would have a capacity of at
least one gigatonne and use Mersey's tidal range. Moreover, in May 2022,
Minesto completed the first week of commissioning the Dragon 4 Wave and Tidal
Energy plant in Vestmanna, Faroe Islands, Denmark, including energy production
and verification of all critical operations. Minesto's Deep Green Kite
technology is cost-effective in places with low-flow tidal streams and ocean
currents. Such developments will likely boost the region's position in the Wave
and Tidal Energy market’s Growth.
Key market players in the
Global Wave and Tidal Energy Market are following:-
- Andritz AG
- Nova Innovation Ltd
- Orbital Marine Power Ltd
- MAKO Turbines Pty Ltd
- SIMEC Atlantis Energy Ltd
- Hydroquest SAS
- Sustainable Marine Energy
Ltd
- Lockheed Martin Corporation
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“The global Wave and Tidal
Energy market is driven by several key factors. Firstly, growing environmental
concerns and the need for sustainable energy sources are pushing countries to
invest in Wave and Tidal Energy as a clean and renewable energy option.
Secondly, technological advancements in turbine design and grid integration are
increasing the efficiency and reliability of tidal energy generation.
Additionally, government incentives and favorable policies are encouraging
investments in Wave and Tidal Energy projects. Lastly, the predictability and
consistency of tidal patterns make it an attractive baseload energy source.
These drivers collectively contribute to the expansion of the global Wave and
Tidal Energy market, positioning it as a promising component of the renewable
energy landscape.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Wave And Tidal Energy Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Wave Energy,
Tidal Energy), By Technology (Tidal stream generator, Oscillating Water
Columns, Tidal turbines, Tidal barrages, Tidal fences), By Application (Power
generation, Desalination) By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Wave and Tidal Energy Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Wave and Tidal Energy Market.
Contact
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Techsci Research LLC
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