Wave and Tidal Energy Global Market – Overview
The ocean energy conversion to electricity could play an important role in meeting the rising global energy demand, mitigating climate change, diversifying global energy supply and boosting energy industry economic activity. Wave energy is generated when the wind blows over the ocean’s surface, which itself is a function of temperature and pressure differences across the globe caused by the distribution of solar energy from the Sun. Wave energy carries both kinetic and gravitational potential energy, the level of which is a function of both the height and period of the wave. Harnessing this energy using a wave energy convertor (WEC) can in turn generate electricity that can be supplied to remote coastal regions that cannot be connected to the grid.
On the other hand, oceanic tides are the function of the motion of the moon and sun relative to the earth. These gravitational forces in combination with the rotation of the earth on its axis cause periodic movements of the oceans and seas. The energy potential of tidal currents is typically located in areas with the greatest tidal range.
Global wave & tidal market is expected to reach market size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.
The key players of global wave & 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)
Wave and Tidal Energy Global Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Wave and Tidal Energy appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position.
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January 09, 2018 – The Nova Scotia Department of Energy (NSDOE) allotted the Offshore Energy Research Association (OERA) with a task to commission a study into the feasibility of using dry ports to support the Canadian province’s tidal energy industry. OERA is seeking an organisation to look into the possibilities and economic implications of using the dry ports of Hantsport and Parrsboro to service the tidal industry in Nova Scotia, particularly during operations and maintenance (O&M).
January 10, 2018 – Brunel University London (UK) launched one of their innovations – a lightweight wave device mooring system connector made from the new multi-material connector useful to control the costs in the renewables industry especially off-shore energy. Basaltium, the new connector is made from recycled aluminium strengthened by tiny basalt fibres. The Basaltium core is coated in another innovative material called Oilon – a low-friction nylon – Nylacast. Together, these new materials, Basaltium and Oilon, make connectors lighter and tougher, and mean moorings can last longer and cost less to manufacture and maintain
Europe region is expected to dominate the market
Based on the regions, the market is analyzed across four key regions, North America, Europe, Asia-Pacific and Rest of the World. The Europe region is expected to dominate the overall market with increasing number of proposed wave and tidal energy projects across U.K., France and Scotland. In the Asia-Pacific region, South Korea is expected to witness the fastest growth rate in the market, owing to high harnessing of wave and tidal energy by large scale installation of tidal barrages. Also, in the Asia Pacific region, Australia is projected to drive the wave and tidal energy market and it expected to deploy generating capacity of about 25 MW by 2020.
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