Wave and Tidal Energy Market Report 2019-2029
Forecasts by Type (Wave Power Plants and Tidal Power Plants), Technology (Tidal Steam Generator, Pendulor Device, Oscillating Water Columns, Barrage and Others), End-User (Residential, Commercial and Industrial), by Region and Analysis of Leading Companies
Factors Driving the Market Growth:
– Increased R&D investments
In contrast to wave technology, the tidal stream, which transforms kinetic energy into electricity, saw greater R&D investments. Factors such as ease of growth and technological know-how linked to the horizontal axis turbines used in the wind industry have resulted in its global elevated acceptance. Technology of tidal range has attained extensive recognition. Barrage tidal range technology has seen higher advances in R&D and in the near future it is estimated that it will stay dominant.
– Government investments in project expansion
The worldwide wave and tidal energy market is experiencing the greatest demand due to an rise in project development across nations, resulting in a huge decrease in electricity costs. Increased investment and fresh local government policies are also promoting technology developers to market their energy converter equipment quickly. Technology development for both types of energy is still in the development stage. By introducing fresh and advanced technologies, this leaves ample room for fresh players to join the market. There is an improved opportunity to develop new technology-based tidal stream power plants. In terms of their installed capacity and investment, both industries are anticipated to witness enormous market growth.
Factors Restraining the Market Growth:
– Immature technology
The intermittent nature of certain wave and tidal power sources is the major restraint recognized in the wave and tidal energy market. In addition, immature technology in wave and tidal power generation and absence of financing channels and project business implementation hinders market growth. In addition, the danger of tidal turbine blades affecting marine mammals and fish is another factor that somehow restricts market development.
Market Segmentation 2019-2029:
The Wave and Tidal Energy Market is segmented on Type, Technology, End user, and Regional basis.
– Wave Power plants
– Tidal Power Plants
– Tidal Stream Generator
– Pendulor Device
– Oscillating Water Columns
– Others (Lagoon and Turbine)
Focused regional forecasts and analysis explore the future opportunities:
– North America
– Global wave and tidal energy competitive environment is expected to be moderate over the period ranging 2019 – 2029 by virtue of limited manufacturers operating in this industry
– The market competition is expected to be on the basis of new product development and product pricing.
Major Market Players:
Aquamarine Power ltd, Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantis Resources Ltd., S.D.E. Energy Ltd. (WERPO Wave Energy), and Marine Current Turbines Ltd.
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CCR Ref number: KD4R6
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