Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The global wave and tidal energy market was worth US$25 million in 2013. It is expected to grow at a CAGR of 64.1% from 2014 to 2020, eventually reaching a value of US$10.1 billion in 2020. A new research report released by Transparency Market Research, titled "Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", makes this prediction for the global wave and tidal energy market based on comprehensive primary and secondary research.The report says that these oceanic forms of energy generation could be holding the greatest potential for generating sustainable and clean energy. The two largest forms of electricity generation from oceanic sources are wave and tidal energy. The report discusses the dynamics of each form separately and tallies their usability.
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The report estimates the installed capacity of the global wave and tidal energy market to reach 3712 MW by 2020, growing at a CAGR of 34.5% from 2014 to 2020.The market's regional leader is Europe, soon to be competing against South Korea. South Korea is set to show the fastest growth rate in the global wave and tidal energy market in the forecast period. The nation's potential for harnessing tidal energy through the addition of large-scale tidal barrages will be the leading cause of growth for the market. Australia will be a leader in the Asia Pacific wave and tidal energy market, creating a capacity of almost 25 MW before 2020.
The report states that commercialization is of prime importance in the global wave and tidal energy market, as it would help better the scope for research and infrastructure creation, as well as reduce labor costs and promote healthy competition.The report branches tidal energy into tidal range and tidal stream energy. Tidal range energy, which is relatively mature in terms of application in electricity generation, requires the construction of tidal barrages. The report also discusses an example of Sihwa Lake Tidal Power Station, commissioned in 2011. The plant holds a 254 MW capacity and has successfully become the largest tidal power plant in the world, ahead of the previous titleholder, Rance Tidal Power Station in France.
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Tidal stream power generation is relatively new but has shown a highly optimistic scope for growth.Wave energy, on the other hand, is an entirely new concept. The aggregate installed capacity of wave energy power plants was only 5.77 MW in 2013.The global wave and tidal energy market as a whole is expected to grow at a fast pace owing to the large investments received for research and development from various sources.Over 200 companies are currently operating in the global wave and tidal energy market and a majority of them use the energy converter technology. The report also explains the high potential that both wave energy and tidal energy hold due to the scaling up of the global economy in recent years.Some of the key players in the global wave and tidal energy market are Aquamarine Power, Marine Current Turbines Ltd., Carnegie Wave Energy Ltd., and Pelamis Wave Power Ltd.
Key segments of the Global Wave and Tidal Energy Market
Wave and tidal power generation market: Type analysis
- Wave energy
- Tidal energy
Wave and tidal power generation market: Geography analysis
- The U.S.
- The U.K.
- South Korea
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Source:Transparency Market Research