Wave and Tidal Energy Market Analysis
Wave and Tidal Energy Market is projected to reach USD 1.54 billion by 2030, with CAGR of 25% during the forecast period 2022-2030, due to increasing focus on the development of cleaner power generation technologies.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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COVID-19 Impact on the Worldwide Market
While the globe continues to mourn the loss of lots of things, the COVID-19 period does not appear to be coming to an end—and sitting back and waiting for this time to pass is not an option. Businesses are experiencing financial losses.
There is an urgent global need to get them out of it, and what has been provided for them is an updated wave & tidal energy market size to make them aware of what is going on in the market where they stand. Managing physical, mental, and financial stress is a difficult task. It requires a lot of courage and genuine mentorship, and the reports made by the professionals provide them with both.
Market Segmentation
The worldwide wave and tidal energy market has been segmented into type and technology.
- By type, the worldwide wave and tidal energy market has been segmented into Wave Energy and Tidal Energy.
- By technology, the worldwide wave and tidal energy market has been segmented into Tidal Stream Generator, Oscillating Water Columns, Barrage, and others.
Regional Analysis
North America to Dominate the Global Market
Due to the abundance of rivers and coastal waters in the region, North America dominates the wave & tidal energy market size. It has a large potential for hydro and marine power generation, which is growing rapidly. Furthermore, the government in the area has supported the market Share through incentives and lenient laws.
Industry News
In March 2020, ABB and CorPower Ocean inked a collaboration agreement in which CorPower Ocean agreed to employ ABB's two medium voltage motors. One of them would be in charge of driving the test rig, while the other would assist in energy storage.
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Key Players
Ocean Power Technologies Inc. (US), Simec Atlantis Energy (Singapore), Carnegie Clean Energy (Australia), OPRC Inc. (US), Yam Pro Energy (Israel), AW Energy OY (Finland), Aquanet Power (Taiwan), Andritz Hydro Hammerfest (UK), Orbital Marine Power (UK), and BioPower Systems Pty Ltd (Australia).
