The
global wave and tidal energy market stood at US$25 mn in 2013 and is
predicted to reach US$10.1 bn in 2020 at a whopping CAGR of 64.10%
from 2014 to 2020 , As per the report, the installed capacity of the
market for wave and tidal energy will reach 3712 MW by 2020, rising
at an extraordinary CAGR of 34.50% between 2014 and 2020.
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the full Wave and Tidal Energy Market report at
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According
to the report, there are a number of factors stimulating the market
for wave and tidal energy. The prime factors include benefits such as
power generation provided by wave and tidal energy in remote
locations where power connections aren’t feasible or
cost-effective. Furthermore, factors such as robust incentive schemes
and favorable government policies have also stimulated the market for
wave and tidal energy. The prime opportunity seen in the market
include great cost reduction via capacity up-scaling and
technological innovations. On the other hand, factors such as absence
of commercial deployment of projects owing to less technological
maturity may impede the growth of the market. In addition, the
absence of funding channels may also impose a negative effect on the
growth of the market for wave and tidal energy.
The
report segments tidal energy into tidal stream energy and tidal range
energy. Tidal energy is relatively mature on the basis of application
for electricity generation and needs the making of tidal barrages.
The examples of Sihwa Lake Tidal Power Station, which was
commissioned in 2011 is also presented in the report. This plant
carries a capacity of 254 MW and has emerged as the biggest tidal
power plant in the world surpassing by an appreciable margin the
Rance Tidal Power Station in France. As per the report,
commercialization is of major importance in the market for wave and
tidal energy as it will improve the scope of infrastructure and
research. Commercialization will also bring in healthy competition
and will reduce labor costs. On the other hand, wave energy is a
totally new concept that has emerged in the market and wave energy’s
global aggregate installed capacity in 2013 was just 5.77 MW.
However, the overall wave and tidal energy market is predicted to
rise at a swift pace in the coming years.
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On
the basis of geography, the market is segmented into North America,
Asia Pacific, and Europe. Amongst these, Europe leads the market for
wave and tidal energy and will be competing against South Korea in
the Asia Pacific region. The tidal energy market, in particular, will
grow exponentially in South Korea through the forecast horizon. On
the other hand, Australia is poised to take the biggest share within
Asia Pacific in the market for wave and tidal energy and will create
a capacity of approximately 25 MW before the end of 2020.As per the
report, the prime players operating in the wave and tidal energy
market include Marine Current Turbines Ltd., Aquamarine Power,
Pelamis Wave Power Ltd., and Carnegie Wave Energy Ltd., among others.
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