Global Wave and Tidal Energy Market Expected to Worth USD 15 billion by the year 2027 at a CAGR of 24% during 2019- 2027
Global Wind and Tidal Energy Segmented by Production into wave energy and tidal energy; By End-User Industry into Automotive, Marine, Industrial, Power and Others and by regions.
Generating electricity from solar, wind and tidal effect is called wave and tidal energy system. Wave and tidal energy system is the cleanest source of energy that do not emits CO2 gases.
Some of the equipment used in wave energy technologies are attenuates, pitching devices, tapered channel and terminator device while equipment such as barrages, tidal fences and tidal turbines are used in tidal energy technologies.
Market Forecast and trends
Global wave and Tidal Energy Market is expected to account for a market value of USD 15 billion by the year 2027 with a CAGR of 24% over forecast period i.e. 2019-2027. Declining preference towards non-renewable energy is resulting in an increase in adoption of alternate energy generation practices.
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Europe is slated to account for the largest market share for wave and tidal energy market on the account of application of stringent initiatives for environmental protection and safety purpose by the governments in several countries such as Germany, the United Kingdom, and France to avoid global warming due to emission of CO2 gas on burning of fossils.
Asia pacific is also expected to showcase the modest growth for wave and tidal energy market over the forecast period with rising competition and government initiatives for subsidies. Additionally, declining usage of fossil fuel for energy generation in countries like China and India is expected to positively impact the growth of market.
Government regulations for restricting CO2 gas emission on the back of increasing global warming is expected to drive the growth of wave and tidal energy market in future. Additionally, investments from government organizations and private industries has led the growth of wave and tidal energy market in forecasted period. Moreover, rise in the number of projects for wave and tidal energy in countries such as China and India within the Asia Pacific region is expected to drive the growth of market.
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High initial cost for installing the wave and tidal energy panel is hampering the growth of market in forecasted period 2019-2027.
The report titled “Global wave and tidal energy market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global wave and tidal energy in terms of market by production, by end user industry and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the gl0bal wave and tidal energy market which includes company profiling of Wave Power Ltd, Carnegie Wave Energy Ltd, Ocean Power Technologies, Inc, Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantis Resources Ltd., S.D.E. Energy Ltd, Marine Current Turbines Ltd and Aquamarine Power Lt. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of global wave and tidal energy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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