Wave energy is the energy harnessed
from sea or ocean waves. It is also known as sea wave energy or ocean energy,
used for electricity generation, water desalination, pumping of water, and
various other tasks. Tidal energy is a type of hydropower which converts the
energy from the tides to generate electricity. Both wave and tidal energy are
recognized as the potential green technologies as they generate a precise
source of renewable energy. Wave and tidal energy are used for decarbonizes the
energy supply, increase energy security and reduce the consumer’s dependence on
fossil fuels.
According to study, “Global
Wave and Tidal Energy Market Information Report by Industry Type (Wave Energy
and Tidal Energy) and by Regions - Global Forecast to 2023” the key
companies operating in the global wave & tidal energy market are Ocean
Power Technologies Inc., Atlantis Resources Ltd, IHI Corporation, Aquamarine
Power Ltd., Pelamis Wave Power, Carnegie Wave Energy Limited, Tenax Energy,
Ocean Renewable Power CO., AW Energy Oy Ltd., YAM PRO Energy, S.D.E. Energy
Ltd. (WERPO Wave Energy), Simec Atlantis Energy, Andritz Hydro Hammerfest,
BioPower Systems Pty Ltd. Orbital Marine Power.
Based on type, global wave &
tidal energy market is segmented into tidal energy and wave energy. Based on
category of wave energy, market is segmented into overtopping device,
oscillating wave surge converter, point absorber/buoy, surface attenuator, and
oscillating water column. Based on technology, market is segmented into tidal
stream technology, tidal range technology and wave stream technology. Tidal
stream technology includes horizontal-axis turbine, oscillating hydrofoil
(reciprocating device), vertical-axis turbine, archimedes’ screw, ducted
turbine or enclosed tips and tidal kite. Based on generation of tidal energy,
market is segmented into tidal stream generator, dynamic tidal power, tidal
lagoon, and tidal barrage. In addition, based on end-user, market is segmented
into commercial, residential and industrial.
The wave and tidal energy market is
driven by rise in demand for clean energy, followed by increase in investments
in renewable energy sector, rise in demand for energy generation, augment in
technological advancement, longevity of the barrages, rise in public funding,
and favorable government initiatives & environmental regulations. However,
high cost of construction and restrictive growth of electricity demand in OECD
countries may impact the market. Moreover, an ongoing development within the
wave & tidal industries is a key opportunity for market.
Based on geography, the
Asian-Pacific region holds major share in wave and tidal energy market owing to
increase in awareness amongst the population, substantial growth of the
economy, rise in availability of resources, growth in marine energy technology
and developments in open test sites in the region. North-American region is expected
to witness higher growth rate due to increase in expansion of the projects
across countries, which results in huge electricity cost reduction. Europe is
also expected to witness higher growth rate caused by existing infrastructure
and the presence of major players over the forecast period. It is estimated
that the market will be reached at US $15,291.2 million, by 2023.
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