Charting Growth: Wave and Tidal Energy Market’s USD Value 483 million in 2023, Outlook by 2030, Backed by a CAGR of 29.01% – MarkNtel Advisors
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Charting Growth: Wave and Tidal Energy Market’s USD Value 483 million in 2023, Outlook by 2030, Backed by a CAGR of 29.01% – MarkNtel Advisors
Global Wave and Tidal Energy Market: In-Depth Analysis and Forecasts for 2024-2030
MarkNtel Advisors, a leading market research firm, has showed its latest study titled “Wave and Tidal Energy Market“, offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the Wave and Tidal Energy Market: 2024-2030
The Global Wave and Tidal Energy Market size is valued at around USD 483 million in 2023 and is estimated to grow at a CAGR of around 29.01% during the forecast period, i.e., 2024-30. The heightened global awareness of climate change and the imperative to curb greenhouse gas emissions are pivotal drivers behind the surge in interest and investment in wave and tidal energy.
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What are the primary factors driving the growth of the Wave and Tidal Energy Market?
Rising Investments to Drive the Market Growth in Wave and Tidal Energy Solutions – The growth of the Wave and Tidal Energy Market is being propelled by increased investments in clean energy sources from various nations, such as the US, China, and others. This surge in investment is driven by the desire to develop sustainable energy solutions, reduce dependence on imported fossil fuels, enhance energy security, and mitigate exposure to global energy market fluctuations. Consequently, governments are actively channeling funds into wave and tidal energy projects within their respective countries. For instance:
- In 2023, the US Department of Energy (DOE) allocated USD 35 million in funding, made available through the Bipartisan Infrastructure Law, to advance tidal and river current energy systems.
These strategic investments in energy projects are fueling market growth and stimulating the demand for cleaner energy solutions in the foreseeable future.
Wave and Tidal Energy Market Segmentation:
The Wave and Tidal Energy market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
By Type
- Wave Energy- Market Size & Forecast 2018-2028F, USD Million
- Tidal Energy- Market Size & Forecast 2018-2028F, USD Million
By Application
- Power Generation- Market Size & Forecast 2018-2028F, USD Million
- Desalination- Market Size & Forecast 2018-2028F, USD Million
By Technology
- Tidal Stream Generator- Market Size & Forecast 2018-2028F, USD Million
- Oscillating Water Columns- Market Size & Forecast 2018-2028F, USD Million
- Tidal Turbines- Market Size & Forecast 2018-2028F, USD Million
- Tidal Barrages- Market Size & Forecast 2018-2028F, USD Million
- Tidal Fences- Market Size & Forecast 2018-2028F, USD Million
Geographical Analysis into the Wave and Tidal Energy Market:
The Wave and Tidal Energy market is categorized based regional:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Competitive Landscape and Wave and Tidal Energy Market Share Analysis:
The competitive landscape of the Wave and Tidal Energy Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
- Aquagen Technologies
- Pelamis Wave Power Ltd.
- Carnegie Wave Energy Ltd.
- Tenax Energy
- SIMEC Atlantis Energy Ltd.
- Corpower Ocean AB
- Mocean Energy
- SSE
- OceanEnergy
- Eco Wave Power
- Verdant Power Inc.
- SINN Power
- Orbital Marine Power
- Ricardo
- Tacardo BV
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Questions Addressed in this Study
- What factors are driving the Wave and Tidal Energy Market growth?
- How is the Wave and Tidal Energy Market expected to grow over the next five years?
- What are the key insights into the current trends in the Wave and Tidal Energy Market?
- What is the current size of the Wave and Tidal Energy Market, and how is it projected to change in the future?
- What is the future outlook for the Wave and Tidal Energy Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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