Markntel Advisors’ report, Wave and Tidal Energy Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Wave and Tidal Energy presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.
Wave and Tidal Energy Market Research Report & Market Summary:
The Global Wave and Tidal Energy Market size is valued at around USD 483 million in 2023 and is estimated to grow at a CAGR of around 29.01% during the forecast period, i.e., 2024-30. The heightened global awareness of climate change and the imperative to curb greenhouse gas emissions are pivotal drivers behind the surge in interest and investment in wave and tidal energy.
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Wave and Tidal Energy Market Dynamics:
Key Driver-
Rising Investments to Drive the Market Growth in Wave and Tidal Energy Solutions – The growth of the Wave and Tidal Energy Market is being propelled by increased investments in clean energy sources from various nations, such as the US, China, and others. This surge in investment is driven by the desire to develop sustainable energy solutions, reduce dependence on imported fossil fuels, enhance energy security, and mitigate exposure to global energy market fluctuations. Consequently, governments are actively channeling funds into wave and tidal energy projects within their respective countries. For instance:
- In 2023, the US Department of Energy (DOE) allocated USD 35 million in funding, made available through the Bipartisan Infrastructure Law, to advance tidal and river current energy systems.
These strategic investments in energy projects are fueling market growth and stimulating the demand for cleaner energy solutions in the foreseeable future.
Wave and Tidal Energy Market Segmentation Analysis:
According to MarkNtel study the market is segmented into the following categories:
By Type
- Wave Energy- Market Size & Forecast 2018-2028F, USD Million
- Tidal Energy- Market Size & Forecast 2018-2028F, USD Million
Tidal energy has garnered relatively more attention and demand. Tidal energy generated by harnessing the gravitational forces of the moon and sun on the Earth's tides has several advantages. It provides predictability and a more consistent energy source, given the regularity of tidal cycles.
By Application
- Power Generation- Market Size & Forecast 2018-2028F, USD Million
- Desalination- Market Size & Forecast 2018-2028F, USD Million
Power generation held a greater share of the Wave and Tidal Energy Market. This is primarily because power generation from wave and tidal energy aligns more closely with the urgent need for sustainable and clean energy sources to combat climate change and reduce greenhouse gas emissions.
By Technology
- Tidal Stream Generator- Market Size & Forecast 2018-2028F, USD Million
- Oscillating Water Columns- Market Size & Forecast 2018-2028F, USD Million
- Tidal Turbines- Market Size & Forecast 2018-2028F, USD Million
- Tidal Barrages- Market Size & Forecast 2018-2028F, USD Million
- Tidal Fences- Market Size & Forecast 2018-2028F, USD Million
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific.
Europe is the region with the maximum demand for wave and tidal energy. Several European countries, particularly the United Kingdom, Scotland, and Ireland have been at the forefront of wave and tidal energy development. This region has displayed a significant commitment to renewable energy targets and reducing carbon emissions, which has driven the demand for marine renewable energy sources.
As indicated in the latest market research report published by Markntel Advisors, “Wave and Tidal Energy Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the Wave and Tidal Energy industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.
Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/wave-tidal-energy-market.html
Top Companies Operating in the Wave and Tidal Energy Market:
- Aquagen Technologies
- Pelamis Wave Power Ltd.
- Carnegie Wave Energy Ltd.
- Tenax Energy
- SIMEC Atlantis Energy Ltd.
- Corpower Ocean AB
- Mocean Energy
- SSE
- OceanEnergy
- Eco Wave Power
- Verdant Power Inc.
- SINN Power
- Orbital Marine Power
- Ricardo
- Tacardo BV
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Key Report Highlights:
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.
Frequently Asked Questions (FAQs)-
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What leading factors would propel and impede the industry across the geography?
- How has the industry been evolving in terms of geography & Wave and Tidal Energy Market adoption?
- How has the competition been shaping up across the geography?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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