Wave and Tidal Energy

Wave and Tidal Energy

Wave and Tidal Energy is energy generated by harnessing the energy of ocean waves and converting it into electricity. Additionally, this involves a device called the wave energy converter WLC), which is placed on the ocean floor and uses waves to turn turbines and generate electricity. The energy from tidal currents, driven by the gravity of the Moon and the Sun, is used to generate electricity. This is typically done using a device called a tidal turbine, which is placed in the ocean and uses the movement of tidal flows to turn a turbine and generate electricity.

The Wave and Tidal Energy Market are expected to grow at a skyrocketing rate of around 23% owing to the growing demand for energy along with the ability to reduce greenhouse gas emissions. Major launchers are taking place in the market and offering to create more advanced features of Wave and Tidal Energy. For instance, in Jan 2023, USD 11.30 million project was launched to create the ‘world’s largest tidal turbine blades’ by the European Union and UK Research and Innovation.

• Based on energy type, the market is bifurcated into wave and tidal. The tidal energy type category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to a source of renewable energy; technological progress has made wave and tidal energy more viable. In addition, their efficiency and costs have been improved by the new designs of wave converters and tidal turbines. Additionally, it has made wave and tidal energy more competitive with other renewable sources such as solar or wind power. Thus, increasing the use of tidal energy type has resulted in the growing demand for wave and tidal energy market in the coming years.
• On the basis of technology, the market is categorized into power generation, desalination, and others. Among these, power generation is expected to grow with a significant CAGR during the forecast period. Due to the rapid growth of electricity consumption worldwide and technological progress. The conventional and high availability compared to other traditional sources of renewable energy, electricity generation from the ocean has been growing in a market leading to show domination in the future time. Thus, power generation wave and tidal energy offer better control capability and performance in the field.
• Based on application, the wave and tidal energy market have been classified as oscillating water columns, oscillating body converter, tidal turbine, tidal barrages, and others. The tidal turbine category is expected to grow with a significant CAGR during the forecast period. This is mainly used to generate electricity by harnessing the power of ocean tides. They're working by using tidal forces to rotate the rotor on top of a generator that generates electricity. Additionally, it is an increasingly important role in meeting the world's energy needs while reducing greenhouse gas emissions and mitigating the impacts of climate change. For instance, in Jan 2023, USD 11.53 million in projects were launched to create the ‘world’s largest tidal turbine blades.
• For a better understanding of the market adoption of the wave and tidal energy industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the growing demand for clean energy, advancements in technology, significant investments, and supportive policies. Moreover, the region's dependence on fossil fuels and achieving its climate targets, there has been an increasing demand for renewable energy sources. The EU's target of reducing greenhouse gas emissions to 55% by 2030 is set, and renewables such as wind and wave energy are expected to be an important factor in meeting this objective. Also, major projects in the market continue to invest in launching large-scale wave energy. For instance, in Oct 2022, A new four-year project was launched to test the viability of large-scale wave energy in Europe with an investment of USD 19.3 million.
• Some of the major players operating in the market include CorPower Ocean; Eco Wave Power Global AB; Orbital Marine Power; Nova Innovation; Ocean Power Technologies, Inc.; Mocean Energy; SSE; Blue Energy Canada Inc.; Verdant Power, Inc.; and SAE.