Market Drivers and Restraints:

The augmentation in demand for renewable energy sources to meet the upsurge in conventional energy consumption is acting as one of the major drivers of the global wave and tidal energy market. The rapid exhaustion of fossil fuels such as coal, oil, and gas is inclining the investors towards wave and tidal energy sources, which, in turn, is fueling the expansion of the Global Wave and Tidal Energy Market. The increasing research and development expenditure on the tidal range technology is impacting positively on the growth of the global wave and tidal energy market.

The high demand for next-generation technology to harvest energy from renewable sources is anticipated to fuel the expansion of the Global Wave and Tidal Energy Market during the forecast period. The introduction of efficient wave energy converter technologies by the prominent players of the global market is boosting the wave and tidal energy market.

The increasing awareness regarding the environmental hazards due to high carbon emission by the combustion of fossil fuels is one of the important factors that are inducing the demand for wave and tidal energy, leading to the proliferation of the Global Wave and Tidal Energy Market. The rise in expenditure by the public and private sector for research and development in the field of renewable energy sources is thrusting the global market for wave and tidal energy towards brisk expansion. The governmental initiative for ocean energy development such as investment in marine infrastructural development, inclination towards advanced research and increasing capital grants for equipment developers are significantly fueling the expansion of The Global Wave and Tidal Energy Market.

However, the high initial investment and maintenance cost, unsuitable environmental and socio-economic conditions are likely to hinder the expansion of the global wave and tidal energy market.

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Competitive Analysis:

The major aim of players of the global wave and tidal energy market is to expand their business by investing in research and development in order to improve the product design and lower the capital cost by utilizing alternative materials. In April 2018, Simec Atlantis Energy announced the completion of the construction phase of the MeyGen Phase 1A project and its official entry n the 25 years operation phase. MeyGen is currently the world’s largest tidal stream array with 6MW capacity.

Some of the leading players in the global wave and tidal energy market are Atlantis Resources Ltd (London), Aquamarine Power Ltd (U.K.), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc.( U.S.), IHI Corporation (Japan), Pelamis Wave Power (Scotland), Ocean Renewable Power CO Llc (Portland), YAM PRO Energy (Israel), Tenax Energy (Australia) and AW Energy Oy Ltd (Vantaa).

Regional Analysis

The global wave and tidal energy market is segmented based on regions, namely North America, Europe, Asia Pacific (APAC) and the Rest of the World (Row).

Europe generates maximum revenue in the global market

Among these regions, Europe is currently the leading contributor of revenue and is presumed to witness significant developments in coming years. The region has been a global leader in the development of ocean energy technologies and is in possession of a number of global developers (52% of tidal stream and 60% of wave energy developers). Continuous technological development and innovations have nourished the tidal and wave sector in the region.

On the other hand, the barrage of tidal projects in South Korea is estimated to put Asia Pacific on the global map in coming years. Also, Australia is anticipated to contribute significantly to the increasing revenue of the Asia Pacific wave and tidal energy market.

The North America region is not much behind Europe, generating substantial revenue as well. The market performance can be attributed to presence of market players in the region who are constantly making tremendous efforts to enhance their technologies and also deploy novel and improved equipment. The regional market growth also benefits from rising research and development (R&D) along with accelerated project development in the region.

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Industry Updates:

Oct 2018 Scotrenewables Tidal Power Ltd has changed its name as it begins the build of its next-generation floating tidal stream turbine, a change for which the company is seeking to raise up to GBP 7 million. The Scottish marine energy-focused engineering firm declared that it is rebranding to Orbital Marine Power Ltd. Orbital Marine Power is looking to raise the amount on peer-to-peer finance platform Abundance Investment to fund the construction of the Orbital O2.