Wave and Tidal Energy Market to Reach $1.3 Bn, Globally, by 2030 at 9.4% CAGR: Allied Market Research
Ocean energy generation is an important source of renewable energy for the future. This factor drives the growth of the global wave and tidal energy market.
PORTLAND, Ore., May 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wave and Tidal Energy Market by Type (Wave Energy, Tidal Energy), by Technology (Tidal stream generator, Oscillating Water Columns, Tidal turbines, Tidal barrages, Tidal fences), by Application (Power generation, Desalination): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global wave and tidal energy industry generated $0.5 billion in 2020, and is anticipated to generate $1.3 billion by 2030, witnessing a CAGR of 9.4% from 2021 to 2030.
Prime determinants of growth
Abundance of ocean surface and energy generation capacity in several nations has promoted governments to pursue ocean energy generation as an important source of renewable energy in future. This factor drives the growth of the global wave and tidal energy market. Moreover, rise in governments' sustainable projects with respect to power generation presents new opportunities in the coming years.
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The wave energy segment to maintain its leadership status throughout the forecast period
Based on type, the wave energy segment held the highest market share in 2020, accounting for nearly three-fifths of the global wave and tidal energy market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 9.5% from 2021 to 2030, owing to the fact that it is renewable form of energy, it has high energy potential, and most importantly, it has low dependency on fossil fuel. The report also analyzes the tidal energy segment.
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The power generation segment to maintain its lead position during the forecast period
Based on application, the power generation segment accounted for the largest share in 2020, contributing to more than four-fifths of the global wave and tidal energy market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 9.5% from 2021 to 2030, owing to its wide usage to produce electricity. The research also analyzes the desalination segment.
Europe to maintain its dominance by 2030
Based on region, Europe held the highest market share in terms of revenue 2020, accounting for more than half of the global wave and tidal energy market. Almost half of hydropower plants are in the Balkans and Eastern Mediterranean, where many plants are financed by the EU. This shows the high opportunity for the wave and tidal energy infrastructure in the region. However, the LAMEA region is expected to witness the fastest CAGR of 10.0% during the forecast period, owing to rise in desalination dependency on electricity.
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