Global tidal market to be worth $10.1 bln by 2020

A new report on tidal energy industry released by Transparency Market Research suggests tidal energy market is expected to reach the value of $10.1 bln by 2020.

The CAGR (Compound Annual Growth Rate), the mean annual growth rate of an investment over a specified period of time longer than one year, for tidal and wave energy market will grow for 64.1% from 2014 to 2020.

“Wave and Tidal Energy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020″ report has made this prediction based on the comprehensive primary and secondary research, Transparency Market Research’s press release reads.

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.

According to the report, the market’s regional leader is Europe, soon to be competing against South Korea, which is set to show the fastest growth rate in the global wave and tidal energy market in the forecast period.

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.

Commercialization is identified as pivotal for 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 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.

Transparency Market Research is a global market intelligence company that provides global business information reports and services.

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Image: flickr/Ken Teegardin/Illustration