Trends of Wave and Tidal Energy Market Reviewed for 2021 with Industry Outlook to 2031 
                     Trends of Wave and Tidal Energy Market Reviewed for 2021 with
Industry Outlook to 2031 
Wave and Tidal Energy Market: Snapshot
Growing need for clean energy source is projected to push the growth of
the  global  wave and tidal  energy market  during  forecast  period.  Tidal
energy is considered as green energy source owing to its zero greenhouse
gas emissions. Many companies engaged in the global wave tidal market
are using diverse strategies to make the maximum use of the available
advanced technologies to fulfill the rising need for sustainable energy. In
addition,  many  government  and  private  companies  have  increased
investments to discover alternative clean energy sources. This is  a big
positive for the global wave and tidal energy market.
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Several  vendors  representing  the  global  wave  and  tidal  energy  are
chasing the tactics of collaborations. The main motive of this move is to
trim down the high amount of initial investment required for projects. As a
result, they are successfully bringing tariff rates down. At the same time,
key players are focused on setting commercial deployment of projects to
develop wave and tidal  energies.  All  these efforts  are pegged to  offer
long-term benefits and support the growth of the wave and tidal energy
market.
The  wave  and  tidal  energy  market  is  projected  to  gather  significant
amount  of  revenues  in  the  upcoming  period.  This  success  can  be
attributed to growing efforts from developed and developing economies to
introduce additional  tidal power plants. Many vendors in the wave and
tidal energy market are using strategies of partnerships to advance their
products and fulfill the potential market demands. A case in point here is
recent announcement by Ocean Power Technologies. The firm stated that
it has entered into a new common stock purchase agreement with Aspire
Capital Fund, LLC. Through this agreement, the firm aims to increase its
research activities and advance production capabilities. Thus, this move
by the firm is projected to help in propelling the global wave and tidal
energy market during upcoming years.
Global Wave and Tidal Energy Market: Overview
The  worsening  energy  crisis  has  urged  governments,  consumers,  and
manufacturers to focus on alternative sources of energy. This has put the
wave  and  tidal  energy  that  can  be  harnessed  from  the  oceans  in  a
spotlight. The development of wave and tidal energy sector is gaining an
accelerated momentum due to growing initiatives by several governments
and developing countries to reduce the consumption of fossil fuels and
reducing their carbon footprint. The research report states that the global
wave and tidal energy market is expected to be worth US$ 17,535.30
Mn by  the  end  of 2027 from US$  3,244.44  Mn in 2018.  During  the
forecast period of 2019 and 2024, the global market is expected to rise
at a CAGR of 23.5%.
Tidal Power Plants Dominate the Global Wave and Tidal Energy
Market
Oceans  are  estimated  to  be  inexhaustible  sources  of clean  energy.
Harnessing tidal and wave energy from the ocean surfaces is expected to
be  the  next  sustainable  source  of  energy.  Currently,  tidal  energy  is
expected to  dominate  the  global  market.  The  tidal  energy  segment  is
further divided into tidal range and tidal stream energy. Though both the
concepts are new to the market, the tidal range energy sub-segment is
known to be more developed than the other. Both the sub-segments are
expected  to  undergo  tremendous  development  with  increasing
investments in finding alternative sources of energies.
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Collaboration  between  Companies  will  bring  down  Fixed  Costs
and Tariff Rates
With a raft of companies experimenting with the development of  wave
and tidal energy sector, there isn’t single leading technology. However,
the fact that both tidal and wave energy sources will  reap phenomenal
benefits remains for certain. Presently, the market requires a high initial
cost of  investments in wave and tidal stream power plants in order to
achieve better output and higher penetration. If the both these factors are
achieved,  the  market  will  be  able  to  offer  wave  and  tidal  energy  at
competitive and affordable prices.
The future is likely to be witness to cost cuts as the overall industry is
emphasizing  on  large-scale  array  deployment  instead  of  project
demonstration and prototype testing. Thus, the economies of scale are
expected to benefit the manufacturers of energy converter devices and
on-shore  grid  connection  and  power  take-off  systems  infrastructure.
Companies are also expected to collaborate to share fixed costs, which
will further bring down the cost of production and overall tariffs.
Europe  Leads  the  Pack  as  Region  Witnesses  Tremendous
Technological Advancements
Geographically,  the global  wave and tidal energy market is segmented
into North America, Europe, Asia Pacific, and Rest of the World. The report
suggests that Europe will be at the forefront of the wave and tidal energy
market. The ongoing efforts by the governments in the region to cut down
the carbon footprint, smaller region with surrounded by the coastline, and
the rapid pace of technological advancements are expected to be the key
contributors  to  the  regional  market’s  growth  in  the  near  future.
Meanwhile, the tidal barrage operations in South Korea are expected to
put  Asia  Pacific  on  the  global  map in  the  coming  years.  Furthermore,
Australia is also expected to make a significant contribution to the soaring
revenue of the Asia Pacific wave and tidal energy market.