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Wave and tidal energy is the energy generated from waves on the ocean surface. Countries prefer to use this form of energy as it considered to be one of the purest forms of renewable sources. It is effective at low speed, as water is denser than air, which enables it to produce electricity at low speeds. By mobilizing tidal energy on a large scale, one can reduce the dependencies on the import of foreign fuel for the consumption of energy.
On the basis of type, wave and tidal energy can be bifurcated into the wave-based energy power plants and tidal based energy power plants. On the basis of technology, wave and tidal energy market can be segmented as tidal steam generator, pendulor device, oscillating water columns, barrage, and others. Amongst these technologies, Tidal Steam Generator and Tidal Barrage are the commonly used technologies across the globe. On the basis of end-users, the market can be segmented by residential users, commercial users, and industrial users.
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The key market driver for wave and tidal energy market is the rapid exhaustion of fossil fuels which has inclined the investors towards the utilization of wave and tidal energy. The growing awareness of environmental hazards caused by high carbon emissions from the combustion of fossil fuels is one of the key factors inducing demand for wave and tidal energy. The rise in spending of the public and private sector in the field of renewable energy sources is driving the global wave and tidal energy market towards rapid expansion.
The factor that is expected to inhibit the growth of the market is the high construction costs. Specialized equipment and technical knowledge are needed to install a wave and tidal energy harvesting system which is very expensive and may restrict the growth of the market. Companies are investing heavily on the research and development programs to make the wave and tidal system a cheaper source of renewable energy.
Some of the major companies that are present in the global wave and tidal energy market are Aquamarine Power Ltd., Siemens, Atlantis Resources Ltd., AquaGen Technologies, Tenax Energy, Ocean Renewable Power Company LLC, Ocean Power Technologies, Carnegie Wave Energy, Pelamis Wave Power, AWS Ocean Energy Ltd., ABB Ltd., Tidal Lagoon Plc, Nova Innovations Ltd., Openhydro, and Andritz Hydro- Hammerfest.
· Wave Energy
· Tidal Energy
· Tidal Stream Generator
· Pendulor Device
· Oscillating Water Columns
By End User
· North America (the USA and Canada)
· Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global wave and tidal energy market have been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The major focus of the US is to explore more on wave energy. There are only a few tidal plants present in the country as there is legal concern about underwater land ownership due to which investors are not enthusiastic about tidal energy. European government is focused on low carbon economy and is making high investments for research and developments in wave and tidal energy, which shows that there is high potential in the region. South Korea is the leader in the global market with the highest number of plants, which makes it a dominant player. Countries like Mexico, Argentina, and Brazil are actively participating in the Latin America region. Whereas the Middle East & Africa tend to have more potential in the upcoming future, the region has many under construction plants lined up which will boost the wave and tidal energy market in the forecast period.
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