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Pulished Date April, 2021
ID: 9054
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Global Waves and Tidal Energy market segmented by Type (Tidal Energy, Wave Energy), by End Use (Industrial, Automotive, Marine, Residential, Commercial and Others), by Technology (Oscillating Water Columns, Tidal Steam Generator, Pendulor Device, Barrage and Others), Regional analysis- Global Industry Analysis, Forecast, Trends and Market Size.(2021 – 2026)

Pulished: April, 2021
ID: 9054
Pages: 175

wave and tidal energy Market Overview:

The global wave and tidal energy market was valued at USD 314.5 million in 2020, and it is likely to grow with a CAGR of 4.7% during the foreseen period. Wave energy is defined as the energy of waves from the ocean surface, which is captured for power generation, desalination, and pumping water to reservoirs. Wave and tidal energy is considered to be the most promising green technologies, generating the most concentrated renewable energy source. The oceans are an unlimited source of clean energy. Harnessing tidal and wave energy from ocean surfaces should therefore be the most sustainable source of energy. Wave and tidal energy are the sustainable methods of harnessing energy from the oceans for the production of electricity. Countries around the world tend to use these forms of renewable energy because they provide a constant source of clean energy. The abundance of ocean surface and power generation capacity in various countries has prompted governments to pursue ocean power generation as a major source of renewable energy in the future.

wave and tidal energy Market Growth:

The global wave and tidal energy market has the highest demand due to the increased expansion of projects in all countries resulting in massive reduction in the cost of electricity. In addition, increased investment and new policies from local government are encouraging technology developers to bring their energy converting devices to market quickly. Technological progression is still in the development phase for both forms of energy. This leaves a lot of leeway for new players to enter the market by introducing new and advanced technologies. There is a greater opportunity for the development of tidal power stations based on new technologies. Both sectors are expected to experience considerable market growth in terms of installed capacity and investments.

Recent Developments and Trends:

  • In December 2019, Nova Innovation, a Scotland-based tidal energy company, announced that it had won a contract to develop an innovative subsea electrical connector for Wave Energy Scotland.
  • In October 2019, SIMEC Atlantis Energy Limited announced the acquisition by SIMEC Energy of the project development, asset management, operations and maintenance activities of Green Highland Renewables (“GHR”). The project includes more than 65 hydropower projects and has built more than 45 hydropower projects. The project also provides operation and maintenance services for more than 45 hydropower projects in the UK.
  • In September 2019, MAKO Energy Pte. Ltd launched the MAKO Tidal Energy site on the Sentosa waterfront in Singapore.

Wave and tidal energy Market Drivers:

The acceleration of electricity consumption around the world, as well as the increase in environmental pollution due to the use of conventional energy resources, are some of the major drivers of the global wave and tidal energy market. The main driver recognized in the wave and tidal energy market is government initiatives to boost the source of wave and tidal energy. Due to the benefits of the Wave and Tidal Power Project as a cleaner source of energy, countries around the world are opting for various initiatives, such as grants for wave and tidal power projects, limiting the expansion conventional energy projects and growth based on these goals. Projects. Countries like China and India aim to meet a significant portion of the energy needs of wave and tidal power projects, which in turn drive market growth.

Restraints:

The main limitation identified in the global wave and tidal energy market is the intermittent nature of some wave and tidal energy sources. In addition, the immature technology in generating electricity through wave and tidal power sources, and the lack of funding channels and commercial deployment of projects are hampering the growth of the market. Additionally, the risk of marine mammals and fish being affected by tidal turbine blades is another factor that is slowing the market growth to some extent.

wave and tidal energy Market Segmentation:

By Type

The energy type segment includes tides and waves. The tidal power segment has been the fastest growing in the worldwide market. Increased investment in emerging economies is driving market growth. The MeyGen project to commercialize tidal technology is the most important step. Technological development in the tidal power segment promotes commercialization, leading to growth of the segment.

By Technology

The technological segment includes turbines, ponds and dams, oscillating water columns, pendulum device and tidal current generator. Oscillating water columns are the fastest growing in the wave energy market. It is a type of wave energy converter that is used to generate electrical energy. This is done by the oscillation of waves inside a chamber. It has a low environmental impact and is the preferred source of renewable energy. Companies focus on increasing the efficiency of oscillating water columns.

wave and tidal energy Regional Analysis:

The North American market has seen several developments in recent years. In 2020, renewable sources accounted for about 16% of total electricity production in the United States. Canada has a significant market for ocean technology in the region. Nova Scotia is estimated to be a major market in Canada at the provincial level, where $ 60.0 million has been committed in marine energy since 2015.

In 2020, over 92.0% of all ocean technology operational capacity was represented by two tidal barrier facilities, namely the Sihwa power station in the Republic of Korea with a capacity of 255 MW and the La Rance power station de France with a capacity of 245 MW. The other projects are in the pre-commercialization and development phase.

 Europe is expected to lead the pack during the forecast period. Growth is being driven by the substantial efforts by governments of various economies to support the transition to a low carbon economy and the great strides that the energy sector is making across the region.

The Asia-Pacific region accounted for a 41.0% revenue share of the global market in 2020. Manufacturers in this area have participated in the development of new designs and production processes to meet the growing demand for clean energy. Substantial growth of the economy, awareness of the population, availability of resources and development of open test sites are expected to drive the market growth during the forecast period.

Competitive Landscape:

Currently, more than 250 companies are operating in the market, most of which are engaged in the development of energy conversion technologies. It is difficult to predict whether or not the competitive landscape will consolidate in the near future. However, for small businesses to gain traction in the global marketplace, strategic alliances with special purpose project companies would be imperative.

Key Players:

  • Ocean Renewable Power Company
  • LLC, Pelamis Wave Power Ltd.
  • AquaGen Technologies,
  • Tenax Energy
  • Carnegie Wave Energy Ltd.,
  • Atlantis Resources Ltd.
  • Ocean Power Technologies, Inc.

Impact of COVID-19 on Waves and Tidal Energy Market:

The coronavirus pandemic has resulted in travel, work and market constraints in 2020. Due to this pandemic, the wave and tidal energy market around the world is facing significant challenges. The lack of availability of raw materials, components and technical support had a significant impact on the development of the project, causing delays.

 

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 By End Use                 

                                5.1.1 Introduction           

                                5.1.2 Industrial 

                                5.1.3 Automotive            

                                5.1.4 Marine      

                                5.1.5 Commercial            

                                5.1.6 Residential              

                                5.1.7 Other Uses             

                                5.1.8 Y-o-Y Growth Analysis        

                                5.1.9 Market Attractiveness Analysis      

                                5.1.11 Market Share Analysis     

                5.2 By Type                        

                                5.2.1 Introduction           

                                5.2.2 Tidal Energy            

                                5.2.3 Wave Energy          

                                5.2.4 Y-o-Y Growth Analysis        

                                5.2.5 Market Attractiveness Analysis      

                                5.2.6 Market Share Analysis       

                5.3 By Technology                           

                                5.3.1 Introduction           

                                5.3.2 Oscillating Water Columns

                                5.3.3 Tidal Steam Generator       

                                5.3.4 Pendulor Devise   

                                5.3.5 Barrage     

                                5.3.6 Others      

                                5.3.7 Y-o-Y Growth Analysis        

                                5.3.8 Market Attractiveness Analysis      

                                5.3.9 Market Share Analysis       

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Technology

                                                6.1.3.3 By Type

                                                6.1.3.4 By End Use

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Technology

                                                6.1.4.3 By Type

                                                6.1.4.4 By End Use

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Technology

                                                6.1.5.3 By Type

                                                6.1.5.4 By End Use

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy            

                                6.2.6 France       

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan         

                                6.3.5 Australia   

                                6.3.6 South Korea           

                6.5 Latin America                             

                                6.4.1 Introduction           

                                6.4.2 Brazil          

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America          

                6.6 Middle East & Africa                               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8. Market Leader Analysis                                           

                8.1 Aquamarine Power ltd                          

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Carnegie Wave Energy Ltd                   

                8.3 Tenax Energy                             

                8.4 Atlantis Resources Ltd.,                         

                8.5 Marine Current Turbines Ltd.                             

                8.6  Pelamis Wave Power Ltd.,                  

                8.7 Ocean Power Technologies,                                

                8.8 Ocean Renewable Power Company LLC,                       

                8.9 AquaGen Technologies,                        

                8.10 S.D.E. Energy Ltd. (WERPO Wave Energy)                   

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

Global Waves and Tidal Energy Market Market By Region, From 2020-2025 ( USD Billion )

  1. Global Waves and Tidal Energy Market By Type, From 2020-2025 ( USD Billion )
  2. Global Wave Energy Market By Region, From 2020-2025 ( USD Billion )
  3. Global Tidal Energy Market By Region, From 2020-2025 ( USD Billion )
  4. Global Waves and Tidal Energy Market By End Use, From 2020-2025 ( USD Billion )
  5. Global Industrial Market By Region, From 2020-2025 ( USD Billion )
  6. Global Automotive Market By Region, From 2020-2025 ( USD Billion )
  7. Global Marine Market By Region, From 2020-2025 ( USD Billion )
  8. Global Residential Market By Region, From 2020-2025 ( USD Billion )
  9. Global Commercial Market By Region, From 2020-2025 ( USD Billion )
  10. Global Others Market By Region, From 2020-2025 ( USD Billion )
  11. Global Waves and Tidal Energy Market By Technologies, From 2020-2025 ( USD Billion )
  12. Global Oscillating Water Colomns Market By Region, From 2020-2025 ( USD Billion )
  13. Global Tidal Steam Generator Market By Region, From 2020-2025 ( USD Billion )
  14. Global Pendulor Device Market By Region, From 2020-2025 ( USD Billion )
  15. Global Barrage Market By Region, From 2020-2025 ( USD Billion )
  16. Global Others Market By Region, From 2020-2025 ( USD Billion )

 

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