Global Wave and Tidal Energy Market Set to Soar to Reach US$ 10,064 Million by 2031: Astute Analytica
The wave and tidal energy market is poised for significant growth in the coming years, driven by technological advancements, increased investments, and favorable government policies. The market's projected capacity of over 2,238 MW by 2031 highlights the potential of wave and tidal energy as a critical component of the global renewable energy mix. International collaboration and the integration of wave and tidal energy with other renewable sources will play a vital role in the market's success.
New Delhi, April 13, 2023 (GLOBE NEWSWIRE) -- Global wave and tidal energy market was valued at USD 477.81 million in 2022 and is projected to generate a revenue of USD 10,064 million by 2031 at a CAGR of 43% during the forecast period.
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The wave and tidal energy market represents a significant opportunity for sustainable and clean energy production. This analysis focuses on the current and projected total energy production capacity, government investments, segmental analysis, challenges, competitive landscape, and market trends. As of 2021, the global installed capacity for wave and tidal energy was approximately 530 MW. While this figure might seem small compared to other renewable energy sources such as wind and solar, wave and tidal energy projects have seen consistent growth over the past few years, with the market still in its infancy.
The wave and tidal energy market is projected to grow at a CAGR of around 43% from 2023 to 2031, reaching a total installed capacity of over 2,238 MW by 2031. This growth is driven by technological advancements, increased investments, and favorable policies to promote the adoption of renewable energy sources.
*Government Investments Outlook:*
Governments across the globe are increasing their investments in wave and tidal energy projects to meet their renewable energy targets and reduce carbon emissions.
· European Union: The EU has allocated €300 million for wave and tidal energy projects between 2021 and 2027 under the Horizon Europe program, focusing on research, innovation, and market uptake.
· United States: The U.S. Department of Energy (DOE) has provided more than $100 million in funding for wave and tidal energy projects in recent years, with plans to further support research and development initiatives.
· United Kingdom: The UK government has set aside £160 million for the development of tidal and wave energy projects, aiming to generate 30% of the country's electricity from offshore renewable sources by 2030.
· Australia: The Australian Renewable Energy Agency (ARENA) has invested over AUD 50 million in various marine energy projects, including wave and tidal power.
*Top Trends Shaping the Global Wave and Tidal Energy Market *
· Technological advancements: New and innovative technologies are being developed to increase the efficiency and cost-effectiveness of wave and tidal energy systems, such as floating platforms, advanced energy converters, and improved energy storage solutions.
· International collaboration: To accelerate the growth of the wave and tidal energy market, countries and organizations are collaborating on research, development, and deployment initiatives. Notable examples include the International Energy Agency's Ocean Energy Systems (IEA-OES) and the European Marine Energy Centre (EMEC).
· Pilot projects and commercialization: Several pilot projects and early-stage commercial deployments are underway, showcasing the potential of wave and tidal energy as a reliable and sustainable energy source. These projects also provide valuable insights for further technology development and cost reduction.
· Integration with other renewable energy sources: Wave and tidal energy projects are being integrated with other renewable energy systems, such as offshore wind farms, to create hybrid renewable energy systems that can deliver more reliable and consistent power generation.
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*Tidal Technology Set to Ride Higher with Robust CAGR of 43.3% in Wave and Tidal Energy Market *
The tidal energy segment's impressive CAGR of 43.3% and its market dominance can be attributed to a combination of factors, including technological advancements, predictability, energy density, government support, and favorable environmental impact. These factors have created a strong foundation for the tidal energy market to continue its rapid growth in the coming years.
As the global wave and tidal energy market continues to expand, tidal energy's potential to become a significant contributor to the global renewable energy mix becomes increasingly apparent. This growth is not only crucial for meeting the rising global energy demand but also for mitigating the environmental challenges posed by climate change and carbon emissions. The success of tidal energy in the renewable energy sector will further encourage research and development efforts, paving the way for even more efficient and cost-effective technologies.
Moreover, the growth of the tidal energy market is expected to create new opportunities for investment and job creation in coastal regions, leading to positive economic impacts in addition to the environmental benefits. This progress will also encourage international collaboration, as countries and organizations work together to share expertise, resources, and best practices in the development and deployment of tidal energy projects.
*Europe is the Largest Wave and Tidal Market with More Than 46% Revenue *
Europe's leadership in the wave and tidal energy market can be attributed to its strong commitment to renewable energy sources, significant coastal area, and the presence of major industry players. With a current installed capacity of approximately 245 MW and an expected capacity of over 2,200 MW by 2030, the region continues to lead the global market. The active involvement of European governments, the presence of key industry players, and promising locations for wave and tidal energy production will ensure the region's continued growth and success in the renewable energy landscape.
Europe has a total coastal area of approximately 66,000 kilometers, offering ample opportunities for the development and implementation of wave and tidal energy projects.
Several leading companies in the wave and tidal energy market are based in Europe, contributing to the region's strong market position. Some of the major players include:
· SIMEC Atlantis Energy (UK)
· Orbital Marine Power (UK)
· Tidal Lagoon Power (UK)
· OpenHydro (France)
· Andritz Hydro Hammerfest (Norway)
· Minesto (Sweden)
· Ocean Energy Europe (Belgium)
Europe's extensive coastline and favorable ocean conditions make it an ideal location for wave and tidal energy production. Some of the most promising locations include:
· United Kingdom: Pentland Firth (Scotland), Orkney Islands, and the Bristol Channel
· France: Raz Blanchard and Raz de Sein
· Ireland: Shannon Estuary and the West Coast
· Portugal: The Azores and Madeira Islands
· Spain: Galician Coast and Canary Islands
*Some of the Top Market Players Are:*
· Applied Technologies Company, Ltd.
· Aquagen Technologies
· BioPower Systems Pty. Ltd.
· Blue Energy Canada Inc.
· Carnegie Clean Energy Ltd.
· Corpower Ocean AB
· Eco Wave Power AB
· Nova Innovation Ltd.
· Ocean Power Technologies Inc.
· Ocean Renewable Power Company, LLC
· Orbital Marine Power
· Pelamis Wave Power
· SIMEC Atlantis Energy Ltd
· Tidal Lagoon Plc
· Verdant Power, Inc.
· Other Prominent Players
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