Wave and Tidal Energy Market 2022-2028

Description

List of Tables

Global Wave and Tidal Energy Market Size, Share & Trends Analysis Report by Technology (Tidal Stream Generator, Oscillating Water Columns, Barrage and Others), and by End-User (Residential, Commercial and Industrial) Forecast Period (2022-2028).

The global wave and tidal energy market are anticipated to grow at a substantial CAGR of 17% during the forecast period. Wave and tidal energy are produced by the sudden movement of ocean waters during the rise and fall in the tides. Companies use special generator machines that convert one type of energy to another such as mechanical energy to electrical energy. Moreover, countries around the world use such type of renewable energy as it is a permanent source of energy and is considered to be one of the purest forms of energy. The market players are showing interest in investing in the projects for developing wave and tidal energies, and this trend is expected to expedite over the years and help in the growth of the wave and tidal energy market. For instance, in November 2021, Sea based, a wave energy company in Norway signed an agreement with Bermuda Government for the development of a 40 MW commercial ocean wave power park. The wave power park is anticipated to power Bermuda's grid, providing about 10% of the island's energy demands. Sea based has been working with Bermuda stakeholders on an Environmental Impact Report, which is expected to complete shortly.

The global wave and tidal energy market is segmented based on the technology and end-user. Based on the technology, the market is segmented into tidal stream generator, oscillating water columns, barrage and others. Based on the end-user, the market is sub-segmented into the residential, commercial and industrial.

Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market in the wave and tidal energy market followed by Europe and Asia-Pacific. The growth of the market can be mainly attributed to increasing smart energy projects, and focus on rapid exhaustion of fossil fuels. Asia-Pacific is expected to hold a lucrative share in the market owing to the growth of marine energy. The growth of marine energy technologies in the region is anticipated to be aided by public financing programs, environmental restrictions, government policies, and competition. To meet the growing need for sustainable energy, the companies have been active in the development of innovative designs and production processes.

The major companies operating in the global wave and tidal energy market include Ocean Power Technologies, Sea based, Verdant Power Inc., Blue Water, and Bigmoon Power among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, Minesto one of a leading marine energy developer, launched a new range of power plant including, The Dragon Class. It is installed in the Faroe Islands' and generates electricity from low-flow tidal streams and ocean currents. Other feature includes low manufacturing cost and high energy conversion rate. Along with Dragon Class, Minesto, is currently working on five Dragon Class power plants for utility-scale and smaller micro grid installations.

Research Methodology

The market study of the global wave and tidal energy market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

Financial reports of companies involved in the market.

Whitepapers, research papers, and news blogs.

Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Global Wave and Tidal Energy Market Research and Analysis by Technology

2. Global Wave and Tidal Energy Market Research and Analysis by End-User

The Report Covers:

Comprehensive Research Methodology of the global wave and tidal energy market.

This report also includes a detailed and extensive market overview with key analyst insights.

An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.

Analysis of regional regulations and other government policies impacting the global wave and tidal energy market.

Insights about market determinants that are stimulating the global wave and tidal energy market.

Detailed and extensive market segments with the regional distribution of forecasted revenues.

Extensive profiles and recent developments of market players.

Product Code: OMR2025642

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
Impact of COVID-19 on the Global Wave and Tidal EnergyMarket
Recovery Scenario of GlobalWave and Tidal Energy Market
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
- 3.1.1 Ocean Power Technologies
  - 3.1.1.1. Overview
  - 3.1.1.2. Financial Analysis
  - 3.1.1.3. SWOT Analysis
  - 3.1.1.4. Recent Developments

3.2.Key Company Analysis

3.2.1 Seabased

3.2.2.1 Overview

3.2.2.2 Financial Analysis

3.2.2.3 SWOT Anlaysis

3.2.2.4 Recent Developments

3.3 Key Company Analysis

3.3.1 Verdant Power. Inc

3.3.3.1 Overview

3.3.3.2 Financial Analysis

3.3.3.3 SWOT Anlaysis

3.3.3.4 Recent Developments

3.4 Key Company Analysis

3.4.1 Blue Water

3.4.4.1 Overview

3.4.4.2 Financial Analysis

3.4.4.3 SWOT Anlaysis

3.4.4.4 Recent Developments

3.5 Key Company Analysis

3.5.1 Bigmoon Power

3.5.5.1 Overview

3.5.5.2 Financial Analysis

3.5.5.3 SWOT Anlaysis

3.5.5.4 Recent Developments

3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players

4. Market Segmentation

4.1. Global Wave and Tidal EnergyMarket by Technology
- 4.1.1. Tidal Stream Generator
- 4.1.2. Oscillating Water Columns
- 4.1.3. Barrage
- 4.1.4. Others
4.2. GlobalWave and Tidal EnergyMarket by End-User
- 4.2.1. Residential
- 4.2.2. Commercial
- 4.2.3. Industrial

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World

6. Company Profiles

6.1. AAWW - Energy Oy
6.2. ANDRITZ AG.
6.3. Aquanet Power
6.4. Biopower Systems Pty. Ltd.
6.5. Blue Water
6.6. Carnegie Clean Energy
6.7. CorPower Ocean AB
6.8. Eco Wave Power Global AB
6.9. European Marine Energy Centre Ltd.
6.10. Minesto AB
6.11. Nova Innovation Ltd.
6.12. Orbital Marine Power
6.13. Pacific Northwest National Laboratory
6.14. SIMEC Atlantics Energy
6.15. Tidal Lagoon Power Ltd
6.16. TOCARDO B.V
6.17. Verdict Media Ltd.
6.18. Wello OY
6.19. Yam Pro Energy