Market Analysis
Market Research Future (MRFR) projects the global wave and tidal energy market to reach USD 9.65 Billion at a CAGR of 25% from 2020 to 2027 (forecast period).
Multiple Factors to Bolster Market Growth
Government support for the use of renewable resources such as tidal and wave energy to produce energy is one of the major drivers of wave & tidal energy market growth. Furthermore, there has been an increase in the need for renewable energy. This is due to rising pollution, which is wreaking havoc on the health of living creatures and the environment. With improved understanding, the demand for such energy sources has surged, encouraging wave & tidal energy market growth.
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COVID-19 Impact on the Worldwide Market
While the globe continues to mourn the loss of lots of things, the COVID-19 period does not appear to be coming to an end—and sitting back and waiting for this time to pass is not an option. Businesses are experiencing financial losses. There is an urgent global need to get them out of it, and what has been provided for them is an updated wave & tidal energy market size to make them aware of what is going on in the market where they stand. Managing physical, mental, and financial stress is a difficult task. It requires a lot of courage and genuine mentorship, and the reports made by the professionals provide them with both.
Market Segmentation
The worldwide wave and tidal energy market has been segmented into type and technology.
By type, the worldwide wave and tidal energy market has been segmented into Wave Energy and Tidal Energy.
By technology, the worldwide wave and tidal energy market has been segmented into Tidal Stream Generator, Oscillating Water Columns, Barrage, and others.
Regional Analysis
North America to Dominate the Global Market
Due to the abundance of rivers and coastal waters in the region, North America dominates the wave & tidal energy market size. It has a large potential for hydro and marine power generation, which is growing rapidly. Furthermore, the government in the area has supported the market Share through incentives and lenient laws.
Key Players
Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems Pty Ltd (Australia).
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Industry News
In March 2020, ABB and CorPower Ocean inked a collaboration agreement in which CorPower Ocean agreed to employ ABB's two medium voltage motors. One of them would be in charge of driving the test rig, while the other would assist in energy storage.
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