What is Wave and Tidal Energy Market?
Wave energy is those type of energy which is used to transport of energy by ocean surface waves. There are three main categories namely oscillating water columns, oscillating body converters and overtopping converters. According to SIMCelt, In the Celtic Seas, the growth of wave and tidal energy is mainly driven by the prevalence of strong marine currents from the Atlantic. In addition, this type of renewable energy is advantageous as it is more stable than other renewable energy sources such as wind. In the last few years, the government has taken steps regarding wave and tidal energy, For instance, In 2012 The Crown Estate has released a study of the United Kingdom potential for wave & tidal energy resources. It provides a set of maps illustrating areas of the wave as well as tidal key resources. In addition, it helps to find seabed areas that possibly will be suitable for wave & tidal energy projects in the future.
The market study is being classified by Type (Wave Power plants {Electricity Generation, Water Desalination, Pumping Water} and Tidal Power Plants) and major geographies with country level break-up.
Marine Current Turbines (United Kingdom), Pelamis Wave Power (United Kingdom), Carnegie Wave Energy (Australia), Aquamarine Power (United Kingdom), Aquagen Technologies (India), Ocean Power Technologies (United States), Ocean Renewable Power Company (United States), Tenax Energy (United States) and Atlantis Resources (United Kingdom) are some of the key players profiled in the study.
Research Analyst at AMA predicts that United Kingdom Manufacturers will contribute to the maximum growth of Global Wave and Tidal Energy market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Wave and Tidal Energy market by Type, Application and Region.
On the basis of geography, the market of Wave and Tidal Energy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increased Investments in Renewable Energy Sector Worldwide
- Government Initiative Regarding Wave and Tidal Energy Project Development
Market Trend
- Technology Advancement regarding Wave and Tidal Energy
Restraints
- Problem Regarding Limiting the growth of electricity demand in OECD countries
Opportunities
- Rising Requirement for Limiting Dependency on Fossil Fuel
- Growing Demand from Emerging Economics such as China, India, and Others
Challenges
- Issue related to Very Particular Site Requirements to Produce Tidal Electricity
Key Target Audience
Manufacturers of Automotive Wave and Tidal Energy, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others