Wave and tidal energy market is anticipated to reach approximately USD 11.4 billion in 2024, according to Market Research Engine.
Expanding at a CAGR of 23% from 2016, this marine energy market is now expected to exceed the USD 10 billion mark, despite being valued at some USD 488 million back in 2014.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market.
Key players profiled in the report include Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantis Resources Ltd., S.D.E. Energy Ltd. (WERPO Wave Energy), Marine Current Turbines Ltd., and Aquamarine Power Ltd.
The Market Research Engine has identified the major driving factors of wave and tidal energy market as follows:
- Conventional and regular resource of renewable energy;
- Developing large project phases in a small area providing scalability;
- Generating power for remote locations;
- Cost efficiency;
- Well built government policy structure motivate schemes.
The restraining factors include:
- Require funding channels;
- Need of business deployment of project because of low technology development;
- High resources investments.