Allied Market Research published a research report on the wave and tidal energy market. The findings of the report state that the global market for wave and tidal energy generated $0.5billion in 2020, and is expected to garner $1.3 billion by 2030, witnessing a CAGR of 9.4% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Yerukola Eswara Prasad, the Manager, Energy and Power at Allied Market Research, highlighted, “Rising demand of plastic products and rapid infrastructural development across the globe led to increase in the demand of paints, enamels and other which indirectly turn to increase the demand for wave and tidal energy.”
The report offers in-depth analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on potential market opportunities. The energy generation capacity in various countries and abundance of ocean surface have prompted governments to emphasize ocean energy generation as a future source of renewable energy.Furthermore, increasing reliance on electricity has resulted in increased sustainable power generation, which aids the market expansion. Moreover, government-led sustainable power generation initiatives are expected to offer lucrative opportunities in the future years.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the wave and tidal energy marketacross the globe.Due to the high peak of Covid-19, wave and tidal energy system equipment manufacturing was halted, which impeded wave and tidal energy system sales, particularly in the initial phase.Furthermore, import and export activities were severely harmed, thereby impacting industries that use wave and tidal energy systems and, as a result, the global wave and tidal energy market.However, the market has begun to rebound and is likely to resume its upward trend soon.
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The report offers detailed segmentation of the global wave and tidal energy marketbased on type, technology, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By type, the wave energy segment dominated the market share in 2020, contributing toaround three-fifths of the global wave and tidal energy market, and is expected to maintain its leadership status throughout the forecast period. Moreover, this segment is anticipated to garner the highest CAGR of 9.5% from 2021 to 2030. This is due to the fact that it is a renewable form of energy and holds high energy potential and has low dependency on fossil fuels. The report also includes an analysis of the tidal energy segment.
By application, the power generation segment held the lion’s share in 2020, accounting for more than four-fifths of the global wave and tidal energy market, and is expectedto maintain its lead position during the forecast period. Moreover, this segment is anticipatedto garner the largest CAGR of 9.5% from 2021 to 2030, owing to its wide usage to produce electricity.
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By region, Europe held the largest market share in terms of revenue in 2020, contributing to more than half of the global wave and tidal energy market, and is anticipated to continue its lead throughout the forecast period. Nearly half of all hydropower plants are in the Balkans and Eastern Mediterranean, where many are EU-funded. This demonstrates the region’s tremendous potential for wave and tidal energy infrastructure.However, the LAMEA region is anticipatedto grow with the fastest CAGR of 10.0% during the forecast period, owing to rise in desalination dependency on electricity.
Leading players in the global wave and tidal energy market analyzed in the research includeCarnegie Wave Energy Ltd., Tenax Energy,Aquagen Technologies, Corpower Ocean AB., Ocean Power Technologies, Inc, Eco Wave Power, Ocean Renewable Power Company, SIMEC Atlantis Energy, Pelamis Wave Power, and Verdant Power, Inc.
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