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Wave and Tidal Energy Market Latest Trend, Growth, Size, Application & Forecast 2025

Author : Rahul Sankrityayan | Published Date : 2019-10-16 

Global wave and tidal energy market size is anticipated to witness significant growth owing to stringent norms coupled with favourable incentive policies. Government across the globe are taking numerous measures to increase awareness regarding clean technologies for reducing carbon footprints. As per American Recovery and Reinvestment Act 2009, a federal funding of USD 3.1 billion was given to state energy programs for supporting energy efficient and renewable energy technologies.

Efficient monitoring capability coupled with its smart architecture will augment the global wave and tidal energy market. The technology has only one-third of the variability as compared to wind power and can be forecasted three times further ahead of it. High predictability and reliability index will make it one of the most preferred technology over its conventional counterparts.

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Higher lifespan will drive the global wave and tidal energy market. Tidal energy technology is more mature, does not have visible impact on the surrounding and immune to noise pollution due to underwater installation of turbines. Wave energy technology is relatively new but increasing investment in R & D will improve the technology. Moreover, it is area efficient and can be installed onshore which will positively influence the industry outlook.

Increasing exploration and production of crude oil across offshore seabed has raised electricity demand which will positively influence the global wave and tidal energy market. In 2017, 30 to 50 active oil and gas companies are drilling on an average 30 to 50 exploration well per year in the Gulf of Mexico and North Sea. High capital investments and lack of commercial deployment will restrain the industry outlook over the forecast timeframe.

Australia wave and tidal energy market will witness significant growth subject to growing investments towards replacing fossil fuels to renewable energy sources. Australia Climate Change Authority recently proposed a target to meet 65% of total electricity through emission-free source by 2030.

For Europe, UK wave and tidal energy market holds the dominant position in the across the region with more than 50% share. In 2016, government decided to phase out most polluting source of electricity and replace it with alternative sources to reduce carbon footprint.  The country is targeting to close all the last power station by end of 2025. In 2003, EU launched an Intelligent Energy Europe programme for funding the initiatives for ocean energy to eliminate the barricades of commercialization and deployment of this technology.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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