Wave and Tidal Energy - Global Market Outlook (2021 - 2028)

Wave and Tidal Energy - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global Wave and Tidal Energy Market is accounted for $0.69 billion in 2021 and is expected to reach $4.41 billion by 2028 growing at a CAGR of 30.3% during the forecast period. Wave energy is the energy of the ocean surface waves, which is captured for electricity generation, desalination, and the pumping of water into reservoirs. Wave and tidal energy are considered to be the most promising green technologies as they generate the most concentrated source of renewable energy.

Market Dynamics:

Driver:

Power generation by renewable energy sources

The rapid growth of power consumption globally has enhanced the power generation capacity to meet the global demand. Power generation by renewable energy sources (RESs) is the best alternative solution due to its availability and environment-friendly. Among RESs, the energy conversion by ocean wave is considered one of the leading technologies to generate more than 1,000 – 10,000 GW of electrical power, which is anticipated to meet rising electricity demand, and propelling opportunities for producing electricity with wave power.

Restraint:

Lack of technological developments and environmental

Wave and tidal devices are used in capturing the power contained in ocean for the generated electricity. Power extraction from waves and tide is not a recent occurrence, as researchers have been studying different concepts or solutions since the 1970s. Currently, this technology is evolving to a phase where demonstration of wave projects is being deployed. However, the technology has not converged with any design technology and the exploration of this technology has added complexity in the sector.

Opportunity:

Rapid development in renewable energy sector

The transformation of energy across the globe is accelerating the renewable sector with technological progress, development priorities, and others due to the rapid exhaustion of fossil fuels, and rising environmental concerns. With the necessary infrastructure resources, the government looks beyond the total energy supply with economic and scalable solutions. However, to assess the viability of a new form of power, countries such as the U.K. have initiated strategies for the growth of clean energy, including cost reduction in technology, reduction in carbon emission, and development of leading technology. Several technologies such as wind, solar, wave and tidal, and others have stood out for their importance in reducing carbon emissions.

Threat:

Lack of industrial coherence

The lack of industrial coherence is bounded by supply chains for various planning and technological development components. In addition to the technical barrier, the higher cost associated with building and maintaining the structures is considerably higher than other forms of renewable sources as operating and maintaining any facility in the open sea has many challenges affecting the economics of scale, including the current and projected cost. However, as per IRENA wave energy technology brief, synergies with other industries such as oil and gas and wind are being pursued, reducing the cost of installations, operations, and maintenance, which accounts for 41% of project life costs.

The tidal energy segment is expected to have the highest CAGR during the forecast period

The tidal energy segment is growing at the highest CAGR in the market during the forecast period owing to the steady progression of development of converters and a significant step toward the commercialization of tidal technology.

Region with highest share:

Asia Pacific is projected to hold the largest share in the market due to the growing large-scale development of wave and tidal power generation projects in countries such as China, Japan, South Korea, and other APAC countries. The large-scale deployment of these projects is expected to boost the growth of the market during the forecast period.

Region with highest CAGR:

Europe is projected to have the highest CAGR in the market. The ongoing efforts by the governments in the region to cut down the carbon footprint, smaller region with surrounded by the coastline, and the rapid pace of technological advancements are expected to be the key contributors to the regional market’s growth in the near future.

Key players in the market:

Some of the key players profiled in the Wave and Tidal Energy Market include Aquagen Technologies, Aquamarine Power Ltd., Atlantis Resources, BioPower Systems, Carnegie Wave Energy, Kepler Energy Limited, Marine Current Turbines, Minesto, Nova Innovation, Ocean Power Technologies, Ocean Renewable Power Company, Pelamis Wave Power, Seabased AB, SIMEC Atlantis Energy Limited, Tenax Energy, Tidal Power Limited, Tocardo International BV, Trident Energy, Wave Dragon, and Wave Star Energy A/S.

Key developments:

In December 2019: Nova Innovation announced that the company was expanding its presence in North America region. The company had received a permit to develop a 1.5MW tidal array in Petit Passage, in the Bay of Fundy area of Nova Scotia. The company has planned to install a single turbine in 2020, and then installation of 15 tidal stream turbines in three phases of 0.5MW by 2023. The project is expected to create enough energy to power 600 homes in the region.

In October 2019: SIMEC Atlantis Energy Limited announced that the company has signed a contract with Kyuden Mirai Energy of Japan, to provide tidal generation equipment and offshore construction services for a demonstration project in Japan. The Atlantis Turbine and Engineering Services Division would provide and install an AR-Series turbine. The system was to be deployed in the Nagasaki Prefecture for demonstration and was expected to be operating at a reduced generation output of around 500 kW.

Types Covered:
Tidal Energy
Wave Energy

Technologies Covered:
Barrage
Dynamic Tidal Power
Oscillating Water Columns
Oscillating Wave Surge Converter
Overtopping Device
Pendulor Device
Pitching Devices
Point Absorber/Buoy
Surface Attenuator
Tidal Fences
Tidal Steam Generator
Underwater Tidal Turbines
Other Technologies

End Users Covered:
Residential
Power
Marine
Industrial
Commercial
Automotive

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances