Wave and Tidal Energy Market Size, Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1236
Wave and Tidal Energy Market size will witness significant growth from 2021 to 2027 with escalating demand for natural and renewable energy sources. It is considered to be a sustainable method of harnessing energy from oceans for power generation. Economies around the globe are looking forward to making use of such sources as they offer a constant and steady source of clean energy.
Constant government support toward use of renewable resources like wave and tidal energy is likely to fuel the expansion of wave and tidal energy market in the upcoming years. Moreover, the rising demand for clean energy has been increasing with rising pollution levels which has been causing ill-effects to health of living beings and environment. The demand for such energy sources has dramatically risen with increased awareness, thus promoting the market expansion.
Increased oil drilling and exploration activities globally has been stimulating the market statistics for a while now. The world consumed about 96.2 million barrels of petroleum and liquid fuels per day in April 2021, an increase of 15.8 million barrels daily from April 2020. In fact, EIA forecasts the global consumption of petroleum to reach an average of 97.7 million barrels daily by 2021 end.
High capital investment and cost of producing energy through these sources is depicted to challenge the growth of wave and tidal energy industry in the ensuing years. Nevertheless, increasing carbon footprint in the world is demanding the use of natural energy sources like tidal and wave energy. These attributes would thus influence the growth curve of the industry.
Ongoing strategic efforts by various central and state governments are also complementing the expanding profile of wave and tidal energy market worldwide. For instance, the European Commission had in the last year introduced an offshore energy strategy that was likely to boost other ocean energy sources like tidal and wave energy sources. It was also presented in EURACTIV draft that ocean energy technologies is poised to make a significant contribution to the continent’s energy system and industry from 2030.
Regionally, Europe is anticipated to emerge out as a potential growth promoter for wave and tidal energy market in the years ahead. This can be attributed to the presence of numerous prominent energy leaders in the region.
Meanwhile, the APAC region would also stand tall in the regional hierarchy of wave and tidal energy industry owing to the elevating population and subsequent rise in electricity demands in some of the leading countries like India, China, and Japan. In 2020, energy consumption in Chinese provinces continued to increase at 2.2% despite the COVID-19 outbreak. Such trends have been enunciating huge demand for sources that are not only eco-friendly but also renewable.
AW Energy OY, Ocean Power Technologies, Inc., Simec Atlantis Energy, Carnegie Clean Energy, BioPower Systems Pty Ltd, Andritz Hydro Hammerfest, and others are some of the prominent faces of wave and tidal energy market. These industry conglomerates have been pushing their limits to develop and bring in novel advancements in the global business sphere.
On February 2021, Simec Atlantis Energy had successfully mounted its Scottish built tidal turbine and generating equipment in Japan. Official reports suggest that the equipment would now be responsible for producing clean electricity between islands of Hisaka and Naru.
Similarly, AW Energy Oy had recently announced debuting the commercial hydrogen market by launching its new and advanced wave energy device which could enable significant green hydrogen cost reductions and stand as a viable solution in the drive to execute the globe’s clean energy hydrogen roadmap.
COVID-19 analysis on wave and tidal energy market growth
The daunting effects of coronavirus pandemic has been felt across almost all the industries and wave and tidal market is no exception. The business space of wave and tidal energy is witnessing a slumping growth currently due to movement and transport restrictions imposed by various countries. However, gradual ease on lockdown protocols is touted to bring about decent growth in the overall market from 2021 to 2027.
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