Wave Tidal Energy Market – Industry Trends and Analysis 2027
Key Highlights
The global wave and tidal energy market stood at US$ 3,244.44 Mn in 2018 and is projected to touch a valuation of US$ 17,535.30 million by the end of 2027. This represents the market rising at a spectacular CAGR of 23.5% during the forecast period of 2019–2027.
Tidal Power Plant Segment Lead the Global Wave and Tidal Energy Market
The various types of energy generated can be broadly classified as wave and tidal. Both the segments are poised to rise at equally promising pace over the assessment period. However, tidal energy is expected to lead the market through 2027. The assortment of technologies brought by companies to leverage the potential of this type of energy will account for the attractive growth.
Europe Dominated the Global Wave and Tidal Energy Market
Of the various regional segments, Europe is expected to lead the pack over the forecast period. The growth is fueled by substantial efforts being made by the governments in various economies to support transition to low-carbon economy and the vast strides being taken by the energy sector across the region.
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Global Wave and Tidal Energy Market – Key Developments
- In December 2019, Nova Innovation a Scotland based tidal energy company announced that the company had won a contract to develop an innovative subsea electrical connector for Wave Energy Scotland. The company’s MECMate subsea connector is designed to meet the challenging requirements related to marine environment and tidal energy.
- In October 2019, SIMEC Atlantis Energy Limited announced that the company has acquired the Green Highland Renewables project development, asset management, operation and maintenance business (“GHR”) from SIMEC Energy. The project has includes more than 65 hydro schemes, and had built more than 45 hydro schemes. The project also provides operation and maintenance services for more than 45 hydro schemes in the UK.
- In September 2019, MAKO Energy Pte Ltd launched the MAKO Tidal Energy Site at the Sentosa Boardwalk in Singapore. The launch is the part of a collaboration agreement between Sentosa Development Corporation (SDC) and MAKO Energy Pte Ltd in December 2018.
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