October 23, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Wave and Tidal Energy Market Size, Status and Forecast 2019-2025’, the worldwide wave and tidal energy market is predicted to expand substantially by the year 2025.
Wave power is the apprehension of energy of wind waves so that it can be used in activities such as water desalination, pumping water and electricity generation. Tidal power which is also known as tidal energy is type of hydropower that transforms the energy gained from tides into power and electricity. Wind blowing over the surface of ocean creates waves, while tides are formed by earth-moon gravitational pull. Both waves and tides are sustainable energy resources, hence becoming a vital part of energy segment.
Growing investment in the development of power projects linked with tidal and wave energy are fueling the market growth. Restricted availability of conventional fuels like gas, coal, and oil, coupled with associated pollution caused by the consumption of these fuels are compelling the adoption of waves & tidal energy. Moreover, the need to reduce carbon oxides emission and ever rising demand for power will further aid the market growth.
Information encompassing revenue shares and growth rates for each segment, alongside the concentration ratio and expansion for each manufacturer is given. The study also offers a comprehensive insight about the top trends, drivers, and opportunities impacting the industrial growth.
As per the report, wave and tidal energy market is analyzed on the basis of application spectrum, product type and regional landscape. Speaking of the application spectrum, the market is fragmented as residential, commercial and others.
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Based on the product type, the market is segmented as tidal energy and wave energy. While considering the regional landscape, the wave & tidal energy market is divided into geographies, namely, United States, India, Japan, Europe, China, Southeast Asia, and Central & South America.
The prominent manufacturers operating in wave and tidal energy market include Seabased AB, Atlantis Resources Corp, Pelamis Wave Power Limited, AW-Energy, Ocean Power Technologies, AWS Ocean Energy, Minesto, Andritz Hydro Hammerfest, Kepler Energy Limited, BioPower Systems, Openhydro, Trident Energy, Nautricity Limited, Wave Dragon, and CorPower Ocean AB among others.
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