Wave energy is referred to as ocean surface wave energy that is generated for the purpose of desalination, electricity generation, and pumping of water into reservoirs. Marine energy is known to be the most sustainable and green technology as they generate renewable energy. Oceans are inexhaustible energy sources. Countries all around the globe are likely to use such energy to offer a continuous source of green energy.
The growing requirements of sustainable and clean energy sources due to the growing concerns regarding the environment are likely to steer the growth of the global marine power (wave and tidal) market. Green energy holds zero greenhouse emissions. Therefore, several companies all around the globe are engaged in the wave energy market using innovative strategies to make optimum utilization of the advanced technology to meet the surging requirement for sustainable energy.
Furthermore, the government is also fueling its investment in the market to discover the untapped potential in the global market. However, it is expected that there will be a significant reduction in the cost as the industry is focusing on large-scale deployment instead of prototype testing and project administration. Therefore, the economies of scale are projected to help the manufacturers of on-shore grid connections, energy converter devices, and power take-off system infrastructure. Companies are also likely to share the fixed cost that will further help in lowering the overall tariffs and production cost.
The global marine power (wave and tidal) market can be segmented into end-user, technology, type, and region.
By end-user, the market can be segmented into industrial, commercial, and residential.
By technology, the market can be segmented into the barrage, oscillating water columns, pendular devices, tidal stream generators, and others.
By type, the market can be segmented into tidal and wave power plants.
Europe accounts for the largest share in the global marine power (wave and tidal) market due to the growing efforts of the government to lower the carbon footprint along with the growing technological advancements in the region.
Asia Pacific is also likely to register a significant growth rate over the forecast period due to the presence of a large number of energy sources.
Some of the significant players in the global marine power (wave and tidal) market are Marine Current Turbines (MCT), BioPower Systems, Carnegie Wave Energy, Ocean Power Technologies, Tidal Generation Limited, Pelamis, ORPC, Verdant Power, OpenHydro, and Wello Oy. To cite, SIMEC Atlantis Energy Limited in October 2019 announced that the company agreed to a contract with Kyuden Mirai Energy of Japan to offer tidal generation equipment and offshore construction services for a demonstration project in Japan.