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The wave and tidal energy market size is forecast to increase by USD 1.25 billion, at a CAGR of 27.47% between 2023 and 2028.
The wave and tidal energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Tidal and wave energy represent promising segments of renewable power generation, harnessing the natural movements of the Earth's oceans. Tidal energy is derived from the gravitational pull of the moon and sun, causing a rise and fall of ocean levels. This results in tidal currents, which can be utilized to generate electricity through specialized turbines or barrages. Wave energy, on the other hand, is derived from wind-driven ocean surface waves. Both tidal and wave energy offer significant potential for sustainable power generation, contributing to economic positioning, employment, and energy security. Moreover, these green technologies can be employed in various applications, including desalination, pumping of water, and electricity generation.
Tidal and wave energy projects can be integrated with water engineering and management development, creating opportunities for water infrastructure and water management solutions. Key technologies for tidal energy include oscillating water columns, tidal barrages, tidal stream generators, and tidal fences. Wave energy converters are used for ocean energy generation. Tidal and wave energy are crucial renewable energy sources, contributing to the reduction of greenhouse gas emissions. As governments and organizations invest in sustainable projects, the market for tidal and wave energy is expected to grow. The technology segment is witnessing significant advancements, with companies focusing on improving efficiency and reducing costs.
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The tidal energy segment was valued at USD 143.80 million in 2018 and showed a gradual increase during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The European Union (EU) energy sector witnessed significant shifts in 2020, with coal production declining by 20% and renewable energy sources reaching an all-time high. This transition was driven by the EU's commitment to the Paris Agreement on Climate Change and its goal to generate 35% of electricity from renewables by 2050. Renewable energy sources, including wave and tidal energy, are increasingly being prioritized as green technologies for sustainable power generation. Wave energy harnesses the power of ocean surface waves, while tidal energy utilizes tidal movements. Both wave and tidal energy contribute to electricity generation, desalination, pumping of water, and water management development.
Our wave and tidal energy market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rise in global energy demand is the key driver of the market.
The rising popularity of clean energy technologies is the upcoming market trend.
High capital costs associated with wave and tidal energy projects is a key challenge affecting the industry growth.
The wave and tidal energy market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the wave and tidal energy market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, wave and tidal energy market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market represents a significant opportunity for the global energy sector as the world continues to explore sustainable power generation alternatives. Earth's surface, particularly the oceans, is a vast and largely untapped resource for generating electricity through wave and tidal movements. This segment of renewable energy is gaining traction due to its potential to contribute to energy security, economic positioning, and environmental sustainability. Wave energy is derived from the kinetic and potential energy of ocean surface waves. Harnessing this energy involves the use of wave energy converters (WECs) that convert the energy of the waves into electricity. WECs operate on various principles, including oscillating water columns, tidal stream generators, and tidal fences.
Further, these technologies are continually evolving, with ongoing research and development aimed at improving efficiency and reducing costs. Tidal energy, on the other hand, is generated by the kinetic energy of tidal movements. Tidal energy can be harnessed through tidal barrages, which use the rise and fall of tides to generate electricity, or through tidal stream generators that use the kinetic energy of moving water to generate electricity. Tidal energy has the potential to provide a more consistent power output compared to wave energy due to the predictability of tidal movements. Both wave and tidal energy have the potential to contribute to various sectors, including desalination, water management development, and power generation.
Desalination can be achieved through the use of wave energy, which can be used to power reverse osmosis desalination plants. Wave energy can also be used for pumping water into reservoirs or for other water infrastructure projects. Tidal energy, on the other hand, can be used for power generation, particularly in areas with significant tidal movements. The market is expected to grow significantly In the coming years due to various factors. Renewable energy sources, including wave and tidal energy, are becoming increasingly important as the world seeks to reduce its reliance on coal and oil. Additionally, the economic benefits of wave and tidal energy are significant, including employment generation and energy security.
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Wave And Tidal Energy Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 27.47% |
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Market growth 2024-2028 |
USD 1.25 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
26.72 |
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Key countries |
UK, France, China, Italy, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this wave and tidal energy market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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