Market Highlights

The global energy industry is rapidly transitioning to a low carbon future and wave energy is expected to contribute 10% of world electricity need by 2050. It is expected to grow further, owing to stable government policies, steady investment and increased collaboration from energy industry, which will develop the wave and tidal energy into more mature renewable energy technology. The energy generated from wave is determined by several factors, including wave height, wave speed, and wave length and water density.

The wave and tidal technology is increasingly implemented in generating power for remote regions that cannot be connected to the grid. Large scale deployment of wave and tidal energy will result in increased cost reduction and wide deployment. With the development of energy converter technology, wave and tidal stream technologies have significant potential of reaping benefits of large-scale deployment. There is a wide variety of wave and tidal energy technologies resulting from the different ways, in which energy can be absorbed from the waves and depending on the water depth and the location such as shoreline, near-shore and offshore.

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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.

Industry Segmentation

The market has been analyzed based on types, and by regions.

On the basis of type, the global tidal and wave energy market has been segmented as wave and tidal energy. The global tidal energy is further segmented into tidal stream energy and tidal range energy. The tidal energy is a mature form of energy and requires construction of tidal barrages.

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Regional Outlook

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.

Key Players

The major players operating in wave and tidal energy market are Pelamis Wave Power. (UK), Tenax Energy (Australia), Atlantis Resources Ltd (UK), Aquamarine Power Ltd. (UK), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc., (U.S.), Marine Current Turbines Ltd, (U.K), Ocean Renewable Power CO Llc (U.S.) and Yam Pro Energy (Israel).

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