The energy captured from ocean surface waves is utilized to pump water into reservoirs, create power, and desalinate water. Wave and tidal energies are regarded as the most promising green technology since they produce the most concentrated kind of renewable energy. The oceans contain an infinite amount of renewable energy. Thus, the most sustainable energy source is expected to be generated by using wave and tidal energy from the ocean's surface. These are the environmentally friendly methods of generating electricity from ocean energy. These renewable energy sources are widely employed by nations around the world because they provide a continuous and stable supply of clean energy.
Global Wave and Tidal Energy Market Driving Factors and Challenges
Drivers: To fulfill global demand, the rapid expansion in global power consumption has boosted power producing capacity. Because of their availability and environmental friendliness, renewable energy sources (RES) are the best alternative choice. Among RESs, ocean wave energy conversion is recognized as one of the top technologies capable of generating more than 1,000 - 10,000 GW of electrical power, which is predicted to meet rising electricity demand while also boosting the possibility of producing electricity with wave power.
Furthermore, Due to the increasing depletion of fossil fuels and rising environmental concerns, the global energy transition is advancing the renewable sector with technological advances, development priorities, and others. With the necessary infrastructural resources, the government seeks for cheap and scalable solutions that go beyond total energy supply.
Challenges: Lack of technology improvements and environmental issues will stymie market expansion. The power inherent in the water is captured and converted into electricity using wave and tidal devices. Power extraction from waves and tides is not a new phenomenon; academics have been investigating various concepts or solutions since the 1970s. This technology is currently evolving to the point where demonstration wave projects are being erected. However, the technology has not yet converged with any design science and technology, and the sector's complexity has expanded as a result of the research.
Impact of COVID-19 on Global Wave and Tidal Energy Market
The COVID-19 epidemic has halted the flow of people, goods, and technologies all throughout the world, including most of the regions where wave and tidal energy devices are mass-produced. As part of increasing attempts to stem the spread of COVID-19, a number of municipal, state, and national governments have implemented various business and travel restrictions, such as orders to stay home and quarantines, resulting in a considerable number of business slowdowns and shutdowns.
Wave and Tidal Energy Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Aquagen Technologies, Pelamis Wave Power, TENAX ENERGY, Verdant Power, Inc., Carnegie Wave Energy Ltd., SIMEC Atlantis Energy, Eco Wave Power, Ocean Power Technologies, Inc, Ocean Renewable Power Company, Corpower Ocean AB.
Global Wave and Tidal Energy Market Segmentation:
By Type: Based on the Type, Global Wave and Tidal Energy Market is segmented as; Organic, Inorganic.
By Technology: Based on the Technology, Global Wave and Tidal Energy Market is segmented as; Tidal Stream Generator, Oscillating Water Columns, Tidal turbines, Tidal barrages, Tidal fences.
By Application: Based on the Application, Global Wave and Tidal Energy Market is segmented as; Power Generation, Desalination.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.