Wave and Tidal Energy Market: Snapshot
Growing need for clean energy source is projected to push the growth of the global wave and tidal energy market during forecast period. Tidal energy is considered as green energy source owing to its zero greenhouse gas emissions. Many companies engaged in the global wave tidal market are using diverse strategies to make the maximum use of the available advanced technologies to fulfill the rising need for sustainable energy. In addition, many government and private companies have increased investments to discover alternative clean energy sources. This is a big positive for the global wave and tidal energy market.
Several vendors representing the global wave and tidal energy are chasing the tactics of collaborations. The main motive of this move is to trim down the high amount of initial investment required for projects. As a result, they are successfully bringing tariff rates down. At the same time, key players are focused on setting commercial deployment of projects to develop wave and tidal energies. All these efforts are pegged to offer long-term benefits and support the growth of the wave and tidal energy market.
The wave and tidal energy market is projected to gather significant amount of revenues in the upcoming period. This success can be attributed to growing efforts from developed and developing economies to introduce additional tidal power plants. Many vendors in the wave and tidal energy market are using strategies of partnerships to advance their products and fulfill the potential market demands. A case in point here is recent announcement by Ocean Power Technologies. The firm stated that it has entered into a new common stock purchase agreement with Aspire Capital Fund, LLC. Through this agreement, the firm aims to increase its research activities and advance production capabilities. Thus, this move by the firm is projected to help in propelling the global wave and tidal energy market during upcoming years.
Global Wave and Tidal Energy Market: Overview
The worsening energy crisis has urged governments, consumers, and manufacturers to focus on alternative sources of energy. This has put the wave and tidal energy that can be harnessed from the oceans in a spotlight. The development of wave and tidal energy sector is gaining an accelerated momentum due to growing initiatives by several governments and developing countries to reduce the consumption of fossil fuels and reducing their carbon footprint. The research report states that the global wave and tidal energy market is expected to be worth US$ 17,535.30 Mn by the end of 2027 from US$ 3,244.44 Mn in 2018. During the forecast period of 2019 and 2024, the global market is expected to rise at a CAGR of 23.5%.
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Tidal Power Plants Dominate the Global Wave and Tidal Energy Market
Oceans are estimated to be inexhaustible sources of clean energy. Harnessing tidal and wave energy from the ocean surfaces is expected to be the next sustainable source of energy. Currently, tidal energy is expected to dominate the global market. The tidal energy segment is further divided into tidal range and tidal stream energy. Though both the concepts are new to the market, the tidal range energy sub-segment is known to be more developed than the other. Both the sub-segments are expected to undergo tremendous development with increasing investments in finding alternative sources of energies.
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Collaboration between Companies will bring down Fixed Costs and Tariff Rates
With a raft of companies experimenting with the development of wave and tidal energy sector, there isn’t single leading technology. However, the fact that both tidal and wave energy sources will reap phenomenal benefits remains for certain. Presently, the market requires a high initial cost of investments in wave and tidal stream power plants in order to achieve better output and higher penetration. If the both these factors are achieved, the market will be able to offer wave and tidal energy at competitive and affordable prices.
The future is likely to be witness to cost cuts as the overall industry is emphasizing on large-scale array deployment instead of project demonstration and prototype testing. Thus, the economies of scale are expected to benefit the manufacturers of energy converter devices and on-shore grid connection and power take-off systems infrastructure. Companies are also expected to collaborate to share fixed costs, which will further bring down the cost of production and overall tariffs.
Europe Leads the Pack as Region Witnesses Tremendous Technological Advancements
Geographically, the global wave and tidal energy market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The report suggests that Europe will be at the forefront of the wave and tidal energy 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. Meanwhile, the tidal barrage operations in South Korea are expected to put Asia Pacific on the global map in the coming years. Furthermore, Australia is also expected to make a significant contribution to the soaring revenue of the Asia Pacific wave and tidal energy market.