Press Release / Business / Wave Tidal Energy Market Strategies And Key Opportunities | 2023

Wave Tidal Energy Market Strategies And Key Opportunities | 2023

Competitive Analysis:
The major aim of players of the Global Wave and Tidal Energy Market is to expand their business by investing in research and development in order to improve the product design and lower the capital cost by utilizing alternative materials. In April 2018, Simec Atlantis Energy announced the completion of the construction phase of the MeyGen Phase 1A project and its official entry n the 25 years operation phase. MeyGen is currently the world’s largest tidal stream array with 6MW capacity.
Some of the leading players in the Global Wave and Tidal Energy Market are Atlantis Resources Ltd (London), Aquamarine Power Ltd (U.K.), Carnegie Wave Energy Limited (Australia), Ocean Power Technologies Inc.( U.S.), IHI Corporation (Japan), Pelamis Wave Power (Scotland), Ocean Renewable Power CO Llc (Portland), YAM PRO Energy (Israel), Tenax Energy (Australia) and AW Energy Oy Ltd (Vantaa).
Drivers and Restraints
Heavy demand for electricity sets the market growth in motion
The Global Wave and Tidal Energy Market is treading on a prosperous path on account of increasing consumption of electricity across the globe. This need for electricity is accompanied by the accelerated deterioration of the traditional resources of power like natural gas, coal, and oil. At present, the techniques used for energy production are the main cause of excessive pollution, thereby increasing the demand for wave and tidal energy technology. This technology is a sustainable source of energy that is the ideal solution for the mentioned environmental issues.
Market giants striving to unleash the potential of ocean to generate clean energy
Around the world, the enormous interest in harvesting wave and tidal energy stems from the need to leverage the unlimited potential of ocean. The massive demand for modern technologies to harness renewable sources of energy is a notable factor augmenting the market size. Thus, advances in wave energy converter technologies have enabled market giants to better realize the potential of wave and tidal energy sources.
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Need for huge investments might challenge the market growth
Although the market is well on its way to substantial growth, it will still encounter issues related to high investments needed to establish the infrastructure and technology. With developing regions around the world scraping through with weak economy and underdeveloped infrastructure, it is hard, to sum up the cost for installation of modern technologies.
However, an increasing number of companies are collaborating and working in concert to decrease the high initial cost of investment by trying to bring down tariff rates. To this end, market players are embarking on strategies for commercial deployment of projects to develop wave and tidal energies.
Market Segmentation:
The Global Wave and Tidal Energy Market have been segmented on the basis of type and region. On the basis of type, the global market is segmented into wave energy and tidal energy. Among these, the tidal energy segment is anticipated to be dominating the global wave and tidal energy market due to the increased investment for research and development on this segment and the widespread acknowledgment of tidal range technology. The wave technology is comparatively new than the tidal range technology and is anticipated to project rapid improvement during the forecast period.
On the basis of region, the Global Wave and Tidal Energy Market are segmented into four major regions such as North America, Europe, Asia-Pacific and the rest of the world.
Detailed Regional Analysis:
The Europe region is showcasing fastest growth in the Global Wave and Tidal Energy Market owing to its dominance in the development of ocean energy technology and the presence of a maximum number of prominent players of the global market in this region.
The factors such as environmental regulations, availability of resources, government policies, awareness among the population, economic progress and others are fueling the expansion of the wave and tidal energy market in the Asia-Pacific region.
Significant growth of the wave and tidal energy market is projected in the North America region due to the increased demand for renewable energy alternative in this region.
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Industry Updates:
Oct 2018 Scotrenewables Tidal Power Ltd has changed its name as it begins the build of its next-generation floating tidal stream turbine, a change for which the company is seeking to raise up to GBP 7 million. The Scottish marine energy-focused engineering firm declared that it is rebranding to Orbital Marine Power Ltd. Orbital Marine Power is looking to raise the amount on peer-to-peer finance platform Abundance Investment to fund the construction of the Orbital O2.
July 2018 – San Miguel Corp. (SMC) is set to build up to 10,000 megawatts (MW) of renewable energy facilities within the next ten years, in addition to its existing installed capacity of traditional coal and gas power plants. 
The market trend of heavy investments in renewable source of energy is swiftly gaining momentum in the market as vendors realize that there is a dire need for sustainable source of energy. With increasing global consumption of electricity, solar and wind power is required to meet this demand, as relying on traditional sources of energy is redundant.
Wave Tidal Energy Market Table of Contents:

Executive Summary
Introduction
Research Methodology
Market Dynamics
Global Wave & Tidal Energy Market, By Type
Global Wave & Tidal Energy Market, By Region

Wave Tidal Energy Market Table of Contents Content to be Continue....,