Wave and Tidal Energy Market Insights:
Europe wave and tidal energy market with a robust ecosystem supporting renewable energy development. The region's extensive coastline and strong regulatory framework make it conducive for the growth of wave and tidal energy projects. Countries like the United Kingdom, France, and Scotland are at the forefront, investing in research, development, and deployment of wave and tidal technologies. Collaborative initiatives between governments, industry, and research institutions drive innovation and market expansion. Favorable policies, such as feed-in tariffs and renewable energy targets, incentivize investments in wave and tidal energy across Europe. Technological advancements, including improved efficiency and reliability of devices, contribute to the competitiveness of wave and tidal energy in the region's energy mix. With growing emphasis on decarbonization and energy security, the European wave and tidal energy market present lucrative opportunities for stakeholders aiming to capitalize on sustainable energy solutions.
The wave and tidal energy market size was estimated to be around USD 0.26 billion in 2022. The wave and tidal energy market is expected to expand at a compound annual growth rate (CAGR) of 25.0% between 2024 and 2032, from USD 0.325 billion in 2023 to USD 1.54 billion.
The Wave and Tidal Energy market refers to the market for energy generation from ocean waves and tidal currents. This market includes the development, production, and deployment of technologies that can convert the kinetic energy of waves and tides into usable electricity. The market is driven by factors such as increasing demand for clean energy, government support for renewable energy development, and advancements in technology for wave and tidal energy conversion.
The COVID-19 pandemic had a significant impact on the Wave and Tidal Energy market. The pandemic has disrupted supply chains, delayed project development timelines, and reduced investment in the sector.
The pandemic has caused delays in the construction and installation of wave and tidal energy projects as well as in the development of new technologies. Many projects have faced supply chain disruptions and labor shortages due to lockdowns and travel restrictions. This has led to delays in the delivery of critical components and the deployment of equipment.
Key Players
Some of the key market players are:
- Ocean Power Technologies Inc. (US)
- Simec Atlantis Energy (Singapore)
- Carnegie Clean Energy (Australia)
- OPRC Inc. (US)
- Yam Pro Energy (Israel)
- AW Energy OY (Finland)
- Aquanet Power (Taiwan)
- Andritz Hydro Hammerfest (UK)
- Orbital Marine Power (UK)
Regional Analysis
The largest region of the Wave and Tidal Energy market is Europe. Europe has been at the forefront of wave and tidal energy development for many years, with several countries in the region, such as the UK, France, and Portugal, having favorable wave and tidal energy resources and supportive policies for renewable energy development.
The European Union has set ambitious targets to increase the share of renewable energy in the region's energy mix, which has led to significant investment in wave and tidal energy projects. According to the European Commission, the wave and tidal energy sector in Europe has the potential to provide up to 10% of the region's electricity demand by 2050.
Market Segmentation
The Wave and Tidal Energy Market have been segmented into type and technology.
Based on the type, the market has been segmented into wave energy and tidal energy.
Based on the technology, the market has been segmented into tidal stream generator, oscillating water columns and barrage.
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