Wave and Tidal Stream Energy Market Analysis
Wave and Tidal Stream Energy Market is projected to have CAGR of 25% during the forecast period 2022-2030, due to increasing focus on the development of cleaner power generation technologies.
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Report Attribute/Metric | Details |
CAGR | 25% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type and Technology |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Multiple Factors to Bolster Market Growth
Government support for the use of renewable resources such as tidal and wave energy to produce energy is one of the major drivers of wave tidal energy market growth. Furthermore, there has been an increase in the need for renewable energy. This is due to rising pollution, which is wreaking havoc on the health of living creatures and the environment. With improved understanding, the demand for such energy sources has surged, encouraging wave tidal energy market growth.
Market Segmentation
The worldwide Wave and Tidal Stream Energy Market has been segmented into type and technology.
- By type, the worldwide Wave and Tidal Stream Energy Market has been segmented into Wave Energy and Tidal Energy.
- By technology, the worldwide Wave and Tidal Stream Energy Market has been segmented into Tidal Stream Generator, Oscillating Water Columns, Barrage, and others.
Regional Analysis
North America to Dominate the Global Market
Due to the abundance of rivers and coastal waters in the region, North America dominates the wave tidal energy market size. It has a large potential for hydro and marine power generation, which is growing rapidly. Furthermore, the government in the area has supported the market Share through incentives and lenient laws.
Industry News
In March 2020, ABB and CorPower Ocean inked a collaboration agreement in which CorPower Ocean agreed to employ ABB's two medium voltage motors. One of them would be in charge of driving the test rig, while the other would assist in energy storage.
Key Players
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), and BioPower Systems Pty Ltd (Australia).
