Market Research Report
Wave and Tidal Energy - Global Market Outlook (2019-2027)
|Wave and Tidal Energy - Global Market Outlook (2019-2027)|
Published: June 1, 2020
Stratistics Market Research Consulting
Content info: 156 Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Wave and Tidal Energy Market is accounted for $3,913.44 million in 2019 and is expected to reach $18,585.29 million by 2027 growing at a CAGR of 21.5% during the forecast period. Supportive measures by government bodies to promote the use of marine energy and increased investments in the renewable energy sector are propelling market growth. However, the high-cost and limiting the growth of electricity demand in OECD countries are hampering the growth of the market.
Wave energy is the energy of the ocean surface waves, which is captured for electricity generation, desalination, and the pumping of water into reservoirs. Wave and tidal energy are considered to be the most promising green technologies as they generate the most concentrated source of renewable energy.
Based on the type, the tidal energy segment is going to have a lucrative growth during the forecast period owing to the steady progression of development of converters and a significant step toward the commercialization of tidal technology. By geography, Asia Pacific is going to have a lucrative growth during the forecast period because of substantial expansion of the economy, awareness amongst the population, availability of resources, and developments in open test sites.
Some of the key players profiled in the Wave and Tidal Energy Market include Wave Star Energy A/S, Wave Dragon, Trident Energy, Ocean Renewable Power Company, Tidal Power Limited, Atlantis Resources, Seabased AB, S.D.E. Energy Ltd. (WERPO Wave Energy), Pelamis Wave Power, Ocean Power Technologies, Nautricity Limited, Tocardo International BV, Marine Current Turbines, Kepler Energy Limited, Carnegie Wave Energy, BioPower Systems, Aquamarine Power Ltd., Minesto, Aquagen Technologies, and Tenax Energy.
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