01 November 2023
A rise in the investments by public and private sectors on the field of renewable energy resources is one of the driving forces of the global wave and tidal energy market. According to a report by Fortune Business Insights, titled, “Wave and Tidal Energy Market Size, Share and Global Trend by Type (Wave Energy, Tidal Energy), by Technology (Tidal Stream Generator, Pendulor Device, Oscillating Water Columns, Barrage, Others), by End User (Residential, Commercial, Industrial), and Geography Forecast till 2026,” a rise in the awareness regarding environmental hazards due to the emission of carbon dioxide from burning fossil fuels is projected to boost the global wave and tidal energy market during the forecast period. Also, an increasing exhausting of fossil fuels across the globe is anticipated to drive the global wave and tidal energy market.
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Several Under Construction Plants to Drive Market in the Middle East and Africa
The global wave and tidal energy market is divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Fortune Business Insights states that the U.S. in North America is focusing mainly on the exploration of wave energy. However, there is a legal concern about underwater land ownership in the continent. That’s why, only a few tidal plants exist there. This is resulting in the lack of investments by prominent investors as they are not so enthusiastic about exploring tidal energy. The government of Europe, on the other hand, is investing huge amounts on the research and development in wave and tidal energy and it is also concentrating on low carbon economy. Wave and tidal energy has a very high potential in this region. In Asia Pacific, South Korea is leading the global wave and tidal energy market. This is because the region has the highest number of plants.
Furthermore, countries namely, Brazil, Mexico, and Argentina are persistently contributing to the growth of the wave and tidal energy market in Latin America. According to the report, the Middle East and Africa are expected to grow in the forthcoming years. This is likely to occur because the continent has many plants that are either currently under construction or are planned to be constructed. This will help in driving the growth of the wave and tidal energy market.
European Marine Energy Centre, Siemens, and Other Key Players Embrace Strategic Investments to Boost Wave and Tidal Energy Market Growth
Tidal turbine engineers from European Marine Energy Centre, based on Scotland, announced in March 2019, that it will support Qingdao Pilot National Laboratory for Marine Science and Technology in developing their first wave and tidal test centre for marine renewables in China. The test centre will offer a model of the future test facilities that can be set up across China. The European Marine Energy Centre will provide technical specifications and design to build the test centre including connectors, microgrid, subsea cables, and substation to allow integrated environmental monitoring at the test site.
Edinburgh Wave Energy, based in Scotland, announced in April 2019, that it has raised $3.79 million to develop PLAT-I tidal energy platform system. The amount will also aid Scotland in strengthening its position and remain in the leading position in the global wave and tidal energy market. Earlier, in February 2012, Siemens, a multinational conglomerate company, headquartered in Germany, announced that it has successfully acquired the majority stake in Marine Current Turbines, a U.K. based developer of tidal power systems. Marine Current Turbines generate electricity by using water, such as tidal currents. Siemens will continue to propel the commercialization of this technology as it has good future prospects.
List of the Key Companies in the Wave and Tidal Energy Market:
Ocean Renewable Power Company LLC
Aquamarine Power Ltd.
Nova Innovations Ltd.
Pelamis Wave Power
Atlantis Resources Ltd.
Ocean Power Technologies
Tidal Lagoon Plc
AWS Ocean Energy Ltd.
Andritz Hydro- Hammerfest
Carnegie Wave Energy