Wave and tidal energy are among the major renewable resources and to generate electricity, both of them refer to the extraction of kinetic energy from the ocean. Wave and tidal energy have the potential to provide all the power that is required, eradicating the need for fossil fuels. Nowadays several programs and initiatives are undertaken to grab definite opportunities that are associated with wave and tidal stream technologies that have the potential to provide solutions to fight against the global climate crisis.
Some of the crucial factors that are augmenting the growth of the global wave and tidal energy market include growing necessity of renewable energy sources and increase in environmental concerns. In addition to this, in developing countries, industrialization growing at a rapid rate has led to the rise in demand for electricity. Also, government of most of the countries is heavily investing in the development of methods & equipment required for the establishment of wave and tidal energy plants to generate electricity. All such factors coupled with rise in awareness regarding the benefits of wave & tidal energy and rise in implementation of key business strategies to expand their business are fueling the growth of the global market. Furthermore, advancement in the technology for testing offshore renewable technologies will have ample opportunities for the growth of the global wave and tidal energy market over the forecast period.
The global wave and tidal energy market is divided into type, technology, and end-user. Based on the type, the global market is split into tidal power plants and wave power plants. The technology segment includes barrage, oscillating water columns, pendulor device, tidal stream generator, and others. The end-user segment consists of industrial, commercial, and residential.
Europe is anticipated to be the highest revenue generating region in the global wave and tidal energy market. This is attributed to the presence of prominent leaders, high capital investments, and constant support from the government for use of renewable resources like a wave and tidal energy. Asia Pacific is predicted to grow at a speedy rate owing to a rise in electricity demand with rise in urbanization, environmental regulation, and growing awareness for the use of renewable sources of energy. North America is also expected to grow at a healthy rate.
Aquamarine Power ltd, Marine Current Turbines Ltd., S.D.E. Energy Ltd. (WERPO Wave Energy), Atlantis Resources Ltd., AquaGen Technologies, Tenax Energy, Ocean Renewable Power Company LLC, Ocean Power Technologies, Inc., Carnegie Wave Energy Ltd., Eco Wave Power, and Aquamarine Power ltd are some of the major players that are operating in the global wave and tidal energy market.
In June 2021, Eco Wave Power, a Swedish Company, has set up a subsidiary in Portugal and has initiated the process of licensing for the initial 1MW of a 20MW concession agreement.