The global wave and tidal energy market size is expected to reach USD 3.9 billion by 2025, exhibiting a 42.5% CAGR during the forecast period. Need to reduce dependency on fossil fuels, increasing investments, and supportive government regulations are likely to fuel market growth over the coming years.
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The renewable energy sector has witnessed significant expansion in terms of installations worldwide in 2016. The capacities in wind, marine, solar, waste-to-energy, small geothermal and hydro sources, and biomass combined added up to 138.5 GW in 2016, up from 127.5 GW in 2015. Investments in electricity generation through novel renewable sources was twice in comparison to fossil fuels.
Ocean energy is witnessing significant development in terms of new projects in various economies including U.K., Ireland, Sweden, Portugal, Thailand, India, Japan, China, Canada, and U.S., which is likely to fuel market growth over the coming years. However, high cost and socio-economic and environmental barriers are likely to restrain the development of the market over the forecast period.
Further key findings from the report suggest:
- The wave energy segment is likely to register significant growth in the coming years on account of extensive R&D and new project developments in numerous economies including Ireland, Sweden, Portugal, U.S., China, and New Zealand
- The tidal segment dominated the market on account of high technological know-how. However, environmental concerns related to the technology are likely to restrain its growth
- Asia Pacific is expected to be a lucrative market for the technology on account of supportive government initiatives
- The number of companies in the global wave and tidal energy market has registered an increase in recent years. These companies are constantly making significant efforts to advance their technologies and deploy novel and improved equipment
- R&D, new project developments, partnerships, and acquisitions are some of the major strategies being adopted by companies in the industry. In November 2016, BPS developed an ocean wave forecasting system for efficient operation of wave energy projects. This technology can also be used for fishing, aquaculture, diving, and oil and gas operations.
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