MARKET DEFINITION
Water in the oceans is constantly in motion due to waves and tides, and this motion can be used to generate energy. Wind-driven waves cause the water to oscillate in roughly circular orbits that extend to a depth of one-half the wavelength of the wave. Tides, which are caused by the gravitational pull of the Moon and Sun on the oceans, are similar to very long-wavelength waves that, due to the geometry of the shoreline, can produce very strong currents in some coastal areas. Wave and tidal power have both similarities and differences in terms of power generation technologies. Both terms refer to the extraction of kinetic energy from the ocean to generate electricity by spinning a turbine, similar to the way that hydroelectric dams or wind farms do. Globally, the use of tidal power has been quite limited because there are only a few locations on the planet with sufficiently large variations in tides to produce enough power.

MARKET DYNAMICS
The growth of the global wave and tidal energy market is attributed to the Increased use of renewable energy sources for power generation. Renewable energy sources (RESS) are the best alternative solution due to their availability and environmental friendliness. Additionally, the wave and tidal energy industries are growing rapidly owing to the increase in initiatives by various governments and developing nations to decrease the use of fossil fuels as well as their carbon footprint. However, the market is hampered by the technical barrier, as well as the higher cost associated with building and maintaining the structures. Managing and operating any infrastructure in the open waters has many challenges confronting the economics of scale. Moreover, the rapid expansion of tidal wave projects and the rise in government initiatives and schemes will create a lucrative opportunity for the market.

REPORT SCOPE
The report titled “Global Wave and Tidal Energy Market – Size, Share, Growth, Opportunities, and Competitive Analysis, 2022 – 2028” offers strategic visions into the global Wave and Tidal Energy market along with the market size (Value in “US$ Mn”) for the historical period 2017 to 2021 and estimates for the forecast period 2022 to 2028. The RC report is an in-depth study of the global Wave and Tidal Energy market with a strong focus on key market trends, vital player strategies, and market forecasts. The study also covers key market dynamics, including drivers, restraints, opportunities, challenges, and existing and upcoming pathways that help CXOs make critical business decisions effectively. The global Wave and Tidal Energy Market is predicted to grow at a significant CAGR over the forecast period from 2022 to 2028.

GEOGRAPHICAL OVERVIEW
The research report includes a detailed overview of the industry comprising quantitative and qualitative information. It gives a broad overview of the worldwide market forecasts for major segments. It also includes market size and forecast projections for five key regions: North America, Europe, Asia-Pacific (APAC), South America, and the Middle East & Africa (MEA), for the years 2017 to 2028. The market is further divided by categories and countries within each province. The research scrutinizes and forecasts over 20 nations worldwide, as well as the present trend and possibilities in these regions.
 


MARKET SEGMENTATION
The Global Wave and Tidal Energy Market is segmented based on technology, end-use, and region. Based on technology, the market has been segmented into Wave Energy (Oscillating Water Columns, Oscillating Body Converter, and Others), and Tidal Energy (Tidal Turbine, Tidal Barrages, and Others), whereas based on end-use, the market comprises Power Generation, and Desalination.

COMPETITION LANDSCAPE
The RC research report discusses noteworthy developments in the industry as well as organic and inorganic growth strategies being adopted by the Wave and Tidal Energy market players. The report covers industry activities, including new product launches, mergers & acquisitions, business partnerships, and various expansion initiatives being undertaken by the active players in the market.
These developments pave the path for various market participants to strengthen their positioning as well as expand their consumer base. The positive market outlook for the global Wave and Tidal Energy market is anticipated to present lucrative growth opportunities to the market players. The report also offers detailed profiles of major players in the global Wave and Tidal Energy market, emphasizing the strategic initiatives, financial information, SWOT analysis, and key development in the Wave and Tidal Energy industry in the past three years.
Key players in the Global Wave and Tidal Energy Market have adopted various organic as well as inorganic growth strategies to strengthen their market positioning. Prominent players in the market include:
Ocean Power Technologies, Inc.
Pelamis Wave Power Ltd.
Carnegie Wave Energy Ltd.
Ocean Renewable Power Company LLC
Tenax Energy
Atlantis Resources Ltd.
AquaGen Technologies
S.D.E. Energy Ltd. (WERPO Wave Energy)
Marine Current Turbines Ltd.,
Aquamarine Power Ltd.
 
COVID-19 IMPACT ANALYSIS ON GLOBAL WAVE AND TIDAL ENERGY MARKET
The COVID-19 pandemic is still a very personal, individual experience that is also a once-in-a-lifetime worldwide phenomenon with far-reaching consequences. The epidemic has wreaked havoc on people's lives in all nations and communities and also had a negative impact on global economic development in 2020, unlike anything seen in almost a century. The pandemic severely impacted key economies such as India, Brazil, the U.S., France, Russia, the UK, Italy, Turkey, and Argentina. According to estimates, the virus slowed global economic growth by -3.4 percent to -7.6 percent in 2020, with a rebound of 4.2 percent to 5.6 percent expected in 2021. In 2020, global commerce was expected to decline by 5.3 percent, but it is expected to rise by 8.0 percent in 2021.
In contrast to the global economic downturn in the first half of 2020, the economy began to showcase symptoms of a two-track recovery post the second quarter of 2020, with a fledgling rebound in developed nations, however, slower growth in emerging economies. The outbreak of the Covid-19 pandemic has not only resulted in halted production activity but has also disrupted the global supply chain. The research goes on to evaluate the current and future implications of the COVID-19 pandemic both on the target as well as broader market, thereby, providing accurate and trustworthy forecasts.

KEY QUESTIONS ANSWERED
What is the current size of the global Wave and Tidal Energy market?
What will be the growth rate of the market over the forecast period?
Who are the key manufacturers/vendors in the Wave and Tidal Energy market space?
What are the major market opportunities and market risks faced by the market?
What is the impact of COVID-19 on the market?
What are the revenue, sales, and price analysis of the top manufacturers in this market?
What are the key outcomes of Porter's five forces model?
Who are the distributors, traders, and vendors in the industry?

REASONS FOR BUYING THIS REPORT:

• The report offers comprehensive data on the Wave and Tidal Energy market elaborating on the current state and future growth prospects both globally and regionally


• It offers a six-year market forecast trend evaluating the impact of drivers and restraints and supporting factors for growth


• The report offers deep-dive insights into each market segment and critical factors responsible for its growth


• The report presents precise picture of the dynamic competitive landscape which helps our client advance their market position


• The comprehensive analysis of the market along with the inclusion of analyst recommendations ensures that our clients make informed business decisions


• Cross-segment country-level analysis included in the report which provides granular analysis of more than 20+ countries covered in the report scope


• The study includes detailed profiles of major manufacturers to help our readers gain holistic overview of the market competitors and consequently align their business strategies