San Francisco, California, May 03, 2017: A report by TMR Research, titled “Wave and Tidal Energy Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” offers insights into the key opportunities and trends in the market. It assesses the competitive scenario of the global wave and tidal energy market.
The ever-rising demand for energy in the form of electricity across the world is the primary factor behind the development of the global wave and tidal energy market. The exhausting deposits of conventional sources of energy such as coal, oil, and natural gas are also creating a shift towards renewable energy sources, thereby propelling the market. This is coupled with the soaring demand for clean energy sources. Unlike fossil fuels, wave and tidal energy do not emit harmful gasses and fit as a solution to the rising concerns regarding environmental pollution. However, the lack of highly efficient synthesis technologies for wave and tidal energy is restraining the growth of the market. Nevertheless, rapid technological advancements are paving way for the brighter future of the market.
The key segments analyzed in the research report on the basis of geography are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Europe will account for a substantial share in the global arena. Europe is home to the world’s oldest power plant for tidal energy, which gives it an edge over other regions. Besides the presence of many old projects, favorable regulatory framework in the region is encouraging new projects. The presence of several potential sites to house large-scale wave and tidal energy projects is also contributing to the growth of Europe.
Asia Pacific, on the other hand, is expected to progress at a tremendous pace, thanks to South Korea, which is a sight of high growth rate. South Korea boasts about being home to the world’s largest tidal power plant, Shiwa Lake Tidal Power Station. Australia and China are anticipated to be new areas of tidal energy development in APAC.
The global wave and tidal energy market is a highly fragmented arena. The market is still at its nascent stage and is estimated to witness an influx of players, entering the market through strategic alliances with special purpose project companies. Some of the key players in the market are Tenax Energy, Pelamis Wave Power Ltd., Marine Current Turbines Ltd., Atlantis Resources Ltd., Ocean Renewable Power Company LLC, AquaGen Technologies, Carnegie Wave Energy Ltd., Aquamarine Power Ltd, Ocean Power Technologies Inc., and S.D.E. Energy Ltd. (WERPO Wave Energy).