Wave and Tidal Energy Market Overview
Major trend being witnessed in the global wave and tidal energy market is the increased investment in the development of power projects associated with wave and tidal energy. Owing to the limited availability of conventional fuels such as oil, gas, and coal along with associated pollution released by the consumption of these fuel sources, a large number of countries are investing in cleaner energy sources, including wave and tidal energy. These energy resources are abundant in nature and are environment-friendly. Owing to advantages of wave and tidal energy source, there has been a rising trend of increased investment in wave and tidal energy projects.
Wave energy is the energy harnessed from ocean or sea waves. It is also known as ocean energy or sea wave energy that is used for water desalination, electricity generation, pumping of water, and various other tasks. Tidal energy is a type of hydropower that converts the energy from the tides to generate electricity. Wave and tidal energy help to increase energy security, decarbonizes the energy supply and reduce the consumer’s dependence on fossil fuels.
On the basis of type, the wave and tidal energy market has been categorized into tidal energy and wave energy. On the basis of generation of tidal energy, the market has been categorized into dynamic tidal power, tidal stream generator, tidal lagoon, and tidal barrage. Tidal stream generator uses kinetic energy of moving water to power turbines, but tidal barrage uses potential energy in the difference in height between low and high tides to power turbines.
In wave and tidal energy market, the wave energy category has been categorized into oscillating wave surge converter, surface attenuator, point absorber/buoy, overtopping device, and oscillating water column. Point absorber/buoy floats on the surface of water and uses rise and falls of swells to drive hydraulic pumps and generate electricity. Oscillating water column devices are located on shore or in deeper water offshore. With an air chamber integrated into the device, swells compress air in the chambers forcing air through an air turbine to create electricity.
Based on region, the wave and tidal energy market has been categorized into Europe, North America, Asia-Pacific, Latin America, and Middle East and Africa. Among all the regions, Asia-Pacific held a significant share in the market, driven by growing large-scale development of wave and tidal power generation projects in countries such as China, Japan, South Korea, and other APAC countries. The large-scale deployment of these projects is expected to boost the growth of the market during the forecast period.
Wave and Tidal Energy Market Dynamics
Major driver identified in the wave and tidal energy market is governments’ initiatives to promote the wave and tidal energy source. Owing to the advantages of wave and tidal energy project as a cleaner power source, countries across the world are opting for various initiatives such as subsidies to wave and tidal power projects, restricting the expansion of conventional power projects, and target-based growth of these projects. Countries such as China and India aim to meet a significant proportion of energy requirements from wave and tidal energy projects, which in turn, are boosting the market growth.
Major restraint identified in the wave and tidal energy market is the intermittent nature of certain wave and tidal power source. Also, immature technology in power generation through wave and tidal power source, and lack of funding channels and commercial deployment of projects hinder the market growth. Moreover, the risk of marine mammals and fish being struck by tidal turbine blades is another factor restraining the growth of the market to some extent.
Aggressive initiatives such as allowing large project development in phases, strong government policy framework and incentive schemes, and predictable and constant source of renewable energy are offering huge growth opportunities for players operating in the wave and tidal energy market.
Wave and Tidal Energy Market Competitive Landscape
The wave and tidal energy market is characterized by the presence of large- and medium-scale renewable energy projects. Also, companies engaged in producing advanced wave and tidal energy technologies are start-ups backed by venture capitalist firms as well as from the government agencies. Some of the major players competing in the global wave and tidal energy market include Ocean Renewable Power Company LLC, Atlantis Resources Limited, Marine Current Turbines Limited, S.D.E Ltd., Ocean Power Technologies Inc., AquaGen Technologies, Carnegie Wave Energy Limited, Pelamis Wave Power Ltd., Tenax Energy Solutions LLC, and Aquamarine Power Limited.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.