A study recently released by Market Research Future provides an overview of the global wave and tidal energy market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region.
The report finds the global energy industry is rapidly transitioning to a low carbon future and wave energy is expected to contribute 10% of world electricity need by 2050. It is expected to grow further, owing to stable government policies, steady investment and increased collaboration from energy industry, which will develop the wave and tidal energy into more mature renewable energy technology. The energy generated from wave is determined by several factors, including wave height, wave speed, and wave length and water density.
The major players operating in wave and tidal energy market are Pelamis Wave Power. (UK), Tenax Energy (Australia), Atlantis Resources Ltd (UK), Aquamarine Power Ltd. (UK), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc., (U.S.), Marine Current Turbines Ltd, (U.K), Ocean Renewable Power CO Llc (U.S.) and Yam Pro Energy (Israel).
The Europe region is expected to dominate the overall market with an increasing number of proposed wave and tidal energy projects across U.K., France and Scotland. In the Asia-Pacific region, South Korea is expected to witness the fastest growth rate in the market, owing to high harnessing of wave and tidal energy by large scale installation of tidal barrages. Also, in the Asia Pacific region, Australia is projected to drive the wave and tidal energy market and it expected to deploy generating capacity of about 25 MW by 2020.