MarkNtel Advisors recently published a detailed industry analysis of the Wave and Tidal Energy Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Wave and Tidal Energy Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The Wave and Tidal Energy Market size is valued at around USD 483 million in 2023 and is estimated to grow at a CAGR of around 29.01% during the forecast period, i.e., 2024-30.
What are the major Driver the Wave and Tidal Energy industry?
Rising Investments to Drive the Market Growth in Wave and Tidal Energy Solutions – The growth of the Wave and Tidal Energy Market is being propelled by increased investments in clean energy sources from various nations, such as the US, China, and others. This surge in investment is driven by the desire to develop sustainable energy solutions, reduce dependence on imported fossil fuels, enhance energy security, and mitigate exposure to global energy market fluctuations. Consequently, governments are actively channeling funds into wave and tidal energy projects within their respective countries. For instance:
In 2023, the US Department of Energy (DOE) allocated USD 35 million in funding, made available through the Bipartisan Infrastructure Law, to advance tidal and river current energy systems.
These strategic investments in energy projects are fueling market growth and stimulating the demand for cleaner energy solutions in the foreseeable future.
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What segments define the Wave and Tidal Energy market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
- By Type
- Wave Energy- Market Size Forecast 2018-2028F, USD Million
- Tidal Energy- Market Size Forecast 2018-2028F, USD Million
According to report, Tidal energy has garnered relatively more attention and demand.
- By Application
- Power Generation- Market Size Forecast 2018-2028F, USD Million
- Desalination- Market Size Forecast 2018-2028F, USD Million
According to report, Power generation held a greater share of the Wave and Tidal Energy Market.
- By Technology
- Tidal Stream Generator- Market Size Forecast 2018-2028F, USD Million
- Oscillating Water Columns- Market Size Forecast 2018-2028F, USD Million
- Tidal Turbines- Market Size Forecast 2018-2028F, USD Million
- Tidal Barrages- Market Size Forecast 2018-2028F, USD Million
- Tidal Fences- Market Size Forecast 2018-2028F, USD Million
Explore the Complete Wave and Tidal Energy Market Analysis Report – https://www.marknteladvisors.com/research-library/wave-tidal-energy-market.html
Geographical Analysis: Wave and Tidal Energy Market
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
Wave and Tidal Energy Market Share Competitive Landscape:
The Wave and Tidal Energy Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Wave and Tidal Energy Market are:
- Aquagen Technologies
- Pelamis Wave Power Ltd.
- Carnegie Wave Energy Ltd.
- Tenax Energy
- SIMEC Atlantis Energy Ltd.
- Corpower Ocean AB
- Mocean Energy
- SSE
- OceanEnergy
- Eco Wave Power
- Verdant Power Inc.
- SINN Power
- Orbital Marine Power
- Ricardo
- Tacardo BV
Wave and Tidal Energy Industry Recent Development:
- 2023: Mocean Energy secured USD 3.7 million in EU funding to develop and deploy a 250 kW wave energy device in Orkney, Scotland.
- 2023: SSE, secured USD 120 million investment in the Coire Glas project, that could hold 30 gigawatt hours of long-term storage of water-based renewable energy.
Questions Addressed in this Study
1.What factors are driving the Wave and Tidal Energy Market growth?
2.How is the Wave and Tidal Energy Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Wave and Tidal Energy Market?
4.What is the current size of the Wave and Tidal Energy Market, and how is it projected to change in the future?
6.What is the future outlook for the Wave and Tidal Energy Market in terms of technological advancements and market expansion?
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MarkNtel Advisors is a leading research, consulting, data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, individuals, among others.
Our specialization in niche industries emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing forecasting, trend analysis, among others, for 15 diverse industrial verticals.
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