Global Wave and Tidal Energy Market
According to the latest report by Market Research Future (MRFR), is slated to acquire a significant market valuation at a substantial growth rate over the review period.
This remarkable growth market to several influential factors such as the increasing investment in the market towards research and development activities in order to raise the commercial usage of equipment that harness wave and tidal energy. The growing focus on the expansion of cleaner power generation technologies that have a minor environmental impact is expected to fuel the global wave & tidal market over the assessment period. furthermore, as the global economy continues to witness intense growth and restructuring, natural resources are diminishing at alarming rates and irreparable damage is being done to the environment. As a strategy to enhance the production of clean energy, several government authorities are considering the adoption of ocean energy as a long-term method to meet the rising energy demand.
Segmental analysis
The global Wave and Tidal Energy Market are bifurcated on the basis of type and technology.
Based on the type, the market has been divided into wave energy and tidal energy.
The technologies adopted in the global market for wave and tidal energy are barrage, oscillating water columns, and tidal steam generator, among others.
Regional Analysis
On the basis of the region, the market has been segmented into Europe, Asia Pacific, North America, and the rest of the world (including the middle east, Africa, and Latin America).
North America accounts for the largest regional market share for wave and tidal energy and is likely to retain its dominance in terms of value over the review period. Several factors that have a significant impact on the market share are the established energy and power industry, stable economic dynamics,early adoption of technological advancements. Moreover, the large-scale investments by major market players towards enhancing fuel efficiency in the region are predicted to create a new scope of opportunities for growth in the region.
Europe is the second-largest region for the global wave and tidal energy market and is expected to retain its substantial growth over the review period. The market is driven by the decision of government authorizes to focus on reducing fossil fuel consumption and focus on the development and adoption of renewable resource fuels. This is a major driving factor for wave and tidal energy market In the region. The presence of advanced technologies and the availability of funds is also expected to contribute towards the growth of the market over the review period.
The Aisa Pacific is also one of the most significant regions, in terms of growth rate, in the global wave and tidal energy market and is likely to account for a substantial growth rate over the review period. The middle east follows behind the Asia Pacific region in terms of growth rate. varying economic scenarios have led to an increase in the modernization, digitization, and industrialization, subsequently leading to the growth of the energy and power industry, along with growing research and development projects for technological advancements. The availability of fuel in these regions is also expected to attract significant foreign investment, which is expected to open up new avenues for global market players. These factors are expected to contribute notably towards the market share acquired from the Asia Pacific over the assessment period.
Competitive Landscape
The major market players identified by MRFR are Simec Atlantis Energy (Singapore), Ocean Power Technologies Inc. (US), Carnegie Clean Energy (Australia), Yam Pro Energy (Israel), OPRC Inc. (US), AW Energy OY (Finland), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), Aquanet Power (Taiwan), and BioPower Systems Pty Ltd (Australia).
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