The
global wave and tidal energy market size is expected to
reach USD 3.9 billion by 2025, according to a new report by Grand View
Research, Inc., exhibiting a 42.5% CAGR during the forecast period. Need to
reduce dependency on fossil fuels, increasing investments, and supportive
government regulations are likely to fuel market growth over the coming years.
The
renewable energy sector has witnessed significant expansion in terms of
installations worldwide in 2016. The capacities in wind, marine, solar,
waste-to-energy, small geothermal and hydro sources, and biomass combined added
up to 138.5 GW in 2016, up from 127.5 GW in 2015. Investments in electricity
generation through novel renewable sources was twice in comparison to fossil
fuels.
Ocean
energy is witnessing significant development in terms of new projects in
various economies including U.K., Ireland, Sweden, Portugal, Thailand, India,
Japan, China, Canada, and U.S., which is likely to fuel market growth over the
coming years. However, high cost and socio-economic and environmental barriers
are likely to restrain the development of the market over the forecast period.
Browse full
research report on Wave And Tidal Energy Market: www.grandviewresearch.com/industry-analysis/wave-energy-market
Further
Key findings from the study suggest:
- The wave energy segment is likely to register
significant growth in the coming years on account of extensive R&D and
new project developments in numerous economies including Ireland, Sweden,
Portugal, U.S., China, and New Zealand
- The tidal segment dominated the market on
account of high technological know-how. However, environmental concerns
related to the technology are likely to restrain its growth
- Asia Pacific is expected to be a lucrative
market for the technology on account of supportive government initiatives
- The number of companies in the global wave and
tidal energy market has registered an increase in recent years. These
companies are constantly making significant efforts to advance their
technologies and deploy novel and improved equipment
- R&D, new project developments,
partnerships, and acquisitions are some of the major strategies being
adopted by companies in the industry. In November 2016, BPS developed an
ocean wave forecasting system for efficient operation of wave energy
projects. This technology can also be used for fishing, aquaculture,
diving, and oil and gas operations.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the global wave and tidal energy market
on the basis of energy type and region:
Wave and
Tidal Energy Type Outlook (Installed Capacity, Megawatt; Revenue, USD Million,
2014 - 2025)
- Wave
- Tidal
Wave and
Tidal Energy Regional Outlook (Installed Capacity, Megawatt; Revenue, USD
Million, 2014 - 2025)
- North
America
- Canada
- Europe
- U.K.
- France
- Asia
Pacific
- China
- South
Korea
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-wave-tidal-energy-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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