Wave and Tidal Energy Market to Perceive Substantial Growth During 2024
The
global wave and tidal energy market is presently fragmented at large.
The player ecosystem features an upward of 200 companies, with a
large number of these are increasingly harping on adopting advances
in wave energy converter technology, observes Transparency Market
Research (TMR). A growing number of players are aiming at the
commercial deployment of wave and tidal energy power plants in
various regions which have largely enabled them to reap the benefits
of economies of scale. TMR notes that over the years, consolidation
might be a possibility. A number of small technology developers are
making a foray into the global market with the backing of
special-purpose entities. Moreover, these players are capitalizing on
the opportunities brought forth by strategic alliances to get a
foothold in the market.
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Leading
players operating in the wave and tidal energy market include
Aquamarine Power Ltd., Marine Current Turbines Ltd., Atlantis
Resources Ltd., AquaGen Technologies, Tenax Energy, Ocean Renewable
Power Company LLC, Ocean Power Technologies, Inc., Carnegie Wave
Energy, and Pelamis Wave Power.
The
global wave and tidal energy market stood at US$ 497.7 million in
2014 and is projected to touch a valuation of US$ 11345.0 million by
the end of 2024. This represents the market rising at a spectacular
CAGR of 23.2% during the forecast period of 2016–2024.
The
various types of energy generated can be broadly classified as wave
and tidal. Both the segments are poised to rise at equally promising
pace over the assessment period. However, tidal energy is expected to
lead the market through 2024. The assortment of technologies brought
by companies to leverage the potential of this type of energy will
account for the attractive growth.
Of
the various regional segments, Europe is expected to lead the pack
over the forecast period. The growth is fueled by substantial efforts
being made by the governments in various economies to support
transition to low-carbon economy and the vast strides being taken by
the energy sector across the region.
Companies
aim for unleashing Potential of Ocean in generating Clean Energy
boost Market
World
over, the massive interest in harvesting wave and tidal energy stems
from the need for leveraging the limitless potential of ocean in
meeting the rising demand for sustainable energy. The notable demand
for next-generation technologies for harnessing renewable sources of
energy at scale is a notable factor boosting the market. Advances in
wave energy converter technologies has enabled market players to
better realize the potential of wave and tidal energy sources.
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Sizeable
investment being made by governments and private players in finding
alternative sources of clean energy is imparting a notable momentum
for the rapid expansion of market. A growing number of companies are
collaborating and working in concert to reduce the high initial cost
of investment by aiming at bringing down tariff rates. To this end,
industry players are embarking on strategies to set commercial
deployment of projects for developing wave and tidal energies. The
trend is expected to gather steam over the years and will help in
propelling the growth of the wave and tidal energy market.
Lack
of Grid Parity key Concern for Energy Producers
The
growing efforts to set more tidal stream power plants in developing
and developed regions is also catalyzing the market growth.
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However,
the growth of the wave and tidal energy market is constrained by
several factors. Tidal stream and wave power plants have still not
been able to achieve grid parity. This is essential for the wider
commercialization of wave and tidal energies and is also necessary to
sustain a sizeable return on investment. World over, companies seek
long-term power purchase agreements (PPAs). The shift to private
equity and debt financing models by players will also create new,
exciting avenues in the market.
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