Wave And Tidal Energy Market Size Overview
There are many large and medium scale wave and tidal energy projects in different countries. Companies which are engaged in producing advanced wave and tidal energy equipment’s and technology are backed by the government as well as many firms in order to increase the energy generation capacity from the same. The manufacturers and developers of the equipment’s are undertaking cost cutting initiatives which involves the use of advanced materials, software, and environmental monitoring. Power generated from these technologies is clean and does not emit any gases that could harm the environment. As an approach to increase the production of clean energy and to meet the growing energy demand, governments are considering the use of ocean energy as a substitute over fossil fuels.
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Many wave and tidal energy projects have been initiated across the world, these will contribute in fulfilling the energy demand across the globe. Governments support the development of these projects through a range of initiatives. Moreover, collaboration between the companies will bring down fixed costs and tariff rates. At present, the market requires high initial cost of investments in wave and tidal projects to achieve better output. By collaborating with other companies, the market players will be able to offer energy generated from these projects at an affordable price. Companies are expanding their presence in other regions, for instance, Nova Innovation announced that they are expanding their presence in the North America region. The company has received a permit to develop a tidal project in Nova Scotia. Countries across Europe region have been aware regarding the effects of non-renewable energy sources and have acted accordingly to facilitate newer renewable sources of energy. Significant investments have been made by governing authorities and private institutions to develop innovative wave and tidal energy solutions in Europe. The estimated amount of energy from wave tidal energy projects to be commenced in the coming years is around 3.4 MW. This amount is more than six fold the generation capacity in the year 2018. Similarly, around 8 MW of energy is expected to be generated from wave energy deployments across the region of Europe in the near future.
Key Players
Able Technologies, L.L.C., AOE Accumulated Ocean Energy Inc., AW-Energy Oy, Blue Power Energy Ltd, BPS, CalWave Power Technologies Inc., Ecomerit Technologies, LLC, Hydrocap Energy, INGINE Inc., MARINE POWER SYSTEMS, Minesto AB, OceanEnergy, Orbital Marine Power, ORPC, Inc., SIMEC Atlantis Energy, TECNALIA, The LEANCON Wave Energy Device, Verdant Power, Inc., Wave Star A/S, amongst others.
Market Segmentation
- By Device Type
- Wave Energy Devices
- Surface Attenuator
- Point Absorber
- Oscillating Wave Surge Converter
- Oscillating Water Column (OWC)
- Overtopping/Terminator Device (OTD)
- Submerged Pressure Differential
- Bulge Wave
- Rotating Mass
- Others
- Tidal Energy Devices
- Tidal Turbines
- Horizontal Axis Turbine
- Vertical Axis Turbine
- Oscillating Hydrofoil
- Enclosed Tips (Venturi)
- Archimedes Screw
- Tidal Kite
- Others
- By Application
- Shoreline
- Nearshore
- Offshore
Analysis By Region
North America
- S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Norway
- Sweden
- Benelux Union
- Belgium
- The Netherlands
- Luxemburg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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