Rapid growth in Power Generation along with High transformation of Energy has Propelled the Growth of the Wave and Tidal Energy Market in the Europe Region!
- Himanshu Patni
- November 24, 2023
- ENERGY & POWER, NEWS
- Wave and Tidal Energy Market, Wave and Tidal Energy Market Share, Wave and Tidal Energy Market Size, Wave and Tidal Energy Market Trends
- 0 Comments
A key factor anticipated to contribute to growth is an increase in energy production with the help of Renewable Energy sources that meets global demand and increases generation capacity worldwide. One of the most promising technologies for generating more than 1 000 000 000 GW of electrical power, which is expected to stimulate market growth and generate large growth opportunities to produce electricity from ocean wave energy, is energy conversion by several ocean waves. To support the growth of wave and tidal energy in the European region, there are also several policy initiatives in place. For example, renewable energy targets have been set in many countries in the region and policies have been put in place to promote the use of renewable energy sources. In addition, regulations such as licenses and permit procedures are also in place to support the development of wave and tidal energy projects.
Access sample report (including graphs, charts, and figures) – https://univdatos.com/get-a-free-sample-form-php/?product_id=46148
Further, the Europe Wave and Tidal Energy Market is expected to grow at a strong CAGR of 23% during the forecast period (2023-2030). Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the growing demand for clean energy, advancements in technology, significant investments, and supportive policies. Moreover, the region’s dependence on fossil fuels and achieving its climate targets, there has been an increasing demand for renewable energy sources. The EU’s target of reducing greenhouse gas emissions to 55% by 2030 is set, and renewables such as wind and wave energy are expected to be an important factor in meeting this objective. Also, major projects in the market continue to invest in launching large-scale wave energy. For instance, in Oct 2022, A new four-year project was launched to test the viability of large-scale wave energy in Europe with an investment of USD 19.3 million.
FIG. 1 Europe Wave and Tidal Energy Market Revenue (2020-2030)- USD Mn
On the basis of technology, the market is categorized into power generation, desalination, and others. Among these, power generation is expected to grow with a significant CAGR during the forecast period. Due to the rapid growth of electricity consumption worldwide and technological progress. The conventional and high availability compared to other traditional sources of renewable energy, electricity generation from the ocean has been growing in a market leading to show domination in the future time. Thus, power generation wave and tidal energy offer better control capability and performance in the field.
Based on application, the wave and tidal energy market have been classified as oscillating water columns, oscillating body converter, tidal turbine, tidal barrages, and others. The tidal turbine category is expected to grow with a significant CAGR during the forecast period. This is mainly used to generate electricity by harnessing the power of ocean tides. They’re working by using tidal forces to rotate the rotor on top of a generator that generates electricity. Additionally, it is an increasingly important role in meeting the world’s energy needs while reducing greenhouse gas emissions and mitigating the impacts of climate change. For instance, in Jan 2023, USD 11.53 million in projects were launched to create the ‘world’s largest tidal turbine blades.
For a detailed analysis of the Global Wave and Tidal Energy Market browse through – https://univdatos.com/report/wave-and-tidal-energy-market/
Global Wave and Tidal Energy Market Segmentation
Market Insight, by Energy Type
· Wave
· Tidal
Market Insights, by Technology
· Power Generation
· Desalination
· Others
Market Insights, by Application
· Oscillating Water Columns
· Oscillating Body Converter
· Tidal Turbine
· Tidal Barrages
· Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe
· APAC
o China
o India
o Japan
o Australia
o Rest of APAC
· Rest of the World
Top Company Profiles
· CorPower Ocean
· Eco Wave Power Global AB
· Orbital Marine Power
· Nova Innovation
· Ocean Power Technologies, Inc.
· Mocean Energy
· SSE
· Blue Energy Canada Inc.
· Verdant Power, Inc.
· SAE
