Wave and Tidal Energy Market 2018 | Global Industry Size Key Players, Growth Rate, Opportunities and Analysis Forecast to 2023

Market Overview:-
The harvesting of energy from waves and tides has been in practice since last few decades. The recent advancement in research for introducing energy alternatives and the significant evolution in technology is driving the paradigm shift from dependence on conventional energy sources to the acceptance of wave and tidal energy.
Market Research Future (MRFR) has recently availed a detailed report asserting the global wave and tidal energy market is anticipated to expand at a significant CAGR of 17.84% during the forecast period of 2015-2023 and is projected to reach USD 15,291.2 Mn by the end of 2023.
 
Competitive Analysis:-
The major aim of players of the global wave and tidal energy market is to expand their business by investing in research and development in order to improve the product design and lower the capital cost by utilizing alternative materials. In April 2018, Simec Atlantis Energy announced the completion of the construction phase of the MeyGen Phase 1A project and its official entry n the 25 years operation phase. MeyGen is currently the world’s largest tidal stream array with 6MW capacity.
Some of the leading players in the global wave and tidal energy market are Atlantis Resources Ltd (London), Aquamarine Power Ltd (U.K.), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc.( U.S.), IHI Corporation (Japan), Pelamis Wave Power (Scotland), Ocean Renewable Power CO Llc (Portland), YAM PRO Energy (Israel), Tenax Energy (Australia) and AW Energy Oy Ltd (Vantaa).
 
Get Sample Report @ https://www.marketresearchfuture.com/sample_request/3885 
 
Market Segmentation:-
The global wave and tidal energy market have been segmented on the basis of type and region. On the basis of type, the global market is segmented into wave energy and tidal energy. Among these, the tidal energy segment is anticipated to be dominating the global wave and tidal energy market due to the increased investment for research and development on this segment and the widespread acknowledgment of tidal range technology. The wave technology is comparatively new than the tidal range technology and is anticipated to project rapid improvement during the forecast period.
On the basis of region, the global wave and tidal energy market are segmented into four major regions such as North America, Europe, Asia-Pacific and the rest of the world.
 
Market Drivers and Restraints:-
The augmentation in demand for renewable energy sources to meet the upsurge in conventional energy consumption is acting as one of the major drivers of the global wave and tidal energy market. The rapid exhaustion of fossil fuels such as coal, oil, and gas is inclining the investors towards wave and tidal energy sources, which, in turn, is fueling the expansion of the global wave and tidal energy market. The increasing research and development expenditure on the tidal range technology is impacting positively on the growth of the global wave and tidal energy market.
The high demand for next-generation technology to harvest energy from renewable sources is anticipated to fuel the expansion of the global wave and tidal energy market during the forecast period. The introduction of efficient wave energy converter technologies by the prominent players of the global market is boosting the wave and tidal energy market.
 
Scope of the Report:-
This study provides an overview of the global Wave & Tidal Energy market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Wave & Tidal Energy market by its component type, by location and by region.

• By Type
• Wave Energy
• Tidal Energy 

By Regions
 

• North America 
• Asia Pacific 
• Europe

 
Complete Detailed Report @ https://www.marketresearchfuture.com/reports/wave-tidal-energy-market-3885 
 
Detailed Regional Analysis:-
Geographically, the global wave and tidal energy market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is presently the leading contributor of revenue to the global market and is expected to witness significant developments in the next few years. Europe is the global leader in the development of ocean energy technologies, hosting most of global developers (52% of tidal stream and 60% of wave energy developers). However, the installation of ocean energy devices is taking place at a slower pace than expected. This is because there is only 14MW of ocean energy installed capacity at the end of 2016, instead of 641MW declared by the EU Member States in their national renewable energy action plans. Meanwhile, the tidal barrage operations in South Korea are expected to put Asia Pacific on the global map in the coming years. Furthermore, Australia is also expected to make a significant contribution to the rising revenue of the Asia Pacific wave and tidal energy market.
A number of new wave and tidal energy projects are being established, across the globe, and will start contributing in the global energy mix on a consistent basis in the next few years. Some national and regional governments are supporting ocean energy development through a range of initiatives. Those initiatives include R&D and capital grants to device developers, performance incentives for produced electricity and marine infrastructure development. Furthermore, the growing use of tidal energy for power generations, and the increasing research and development (R&D) activities are driving the market growth.