Market Overview: Wave and Tidal Energy Market
MarkNtel Advisors, leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently published a report on Wave and Tidal Energy Market and provide your business with the latest market trends and analysis from our reports to make informed decisions and stay ahead of the competition.
Wave and Tidal Energy Market Insights 2024-30
The Wave and Tidal Energy Market is estimated to grow at a CAGR of around 29.01% during the forecast period 2024-30.
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Driving Innovation: Exploring the Wave and Tidal Energy Market and its Key Drivers
Global Wave and Tidal Energy Market Driver – 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.
Top Players in the Wave and Tidal Energy Market:
Aquagen Technologies, Pelamis Wave Power Ltd, Carnegie Wave Energy Ltd., Tenax Energy, SIMEC Atlantis Energy Ltd, Corpower Ocean AB, Mocean Energy, SSE, Ocean Energy, Eco Wave Power, Verdant Power Inc., SINN Power, Orbital Marine Power, Ricardo, Tacardo BV, and others
Global 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.
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Segmentation Analysis of Wave and Tidal Energy Market
Wave and Tidal Energy Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2024-30, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
By Type
-Wave Energyc
-Tidal Energy
By Application
-Power Generation
-Desalination
- Power generation held a greater share of the Wave and Tidal Energy Market.
By Technology
-Tidal Stream Generator
-Oscillating Water Columns
-Tidal Turbines
-Tidal Barrages
-Tidal Fences
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A Comprehensive Geographical Analysis:
By Region
-North America
-South America
-Europe
-Middle East & Africa
-Asia-Pacific
- Europe is the region with the maximum demand for wave and tidal energy.
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MarkNtel Advisors is a leading market research company, 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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