Global Wave and Tidal Energy Market Is Expected to Reach Usd 10.10 Billion in 2020

Transparency Market Research has released a new market report titled “Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.” According to the report, the wave and tidal energy market was valued at USD 25 million in 2013 and is anticipated to reach USD 10.1 billion in 2020, expanding at a CAGR of 64.1% from 2014 to 2020.

Browse the full Wave and Tidal Energy Market report at

http://www.transparencymarketresearch.com/wave-tidal-energy-market.html

When harnessed effectively, ocean could prove to be one of the largest reserves of clean and sustainable energy. Wave and tidal energy are the two major forms of harnessing ocean energy. These have significantly different market dynamics. Tidal energy can be broadly segmented into tidal stream and tidal range energy. Tidal range power plants entail construction of tidal barrages. This is a mature form of energy generation technology. Commissioned in 2011, the Sihwa Lake Tidal Power Station with 254 MW capacity replaced France’s Rance Tidal Power Station as the largest tidal power plant in the world. Tidal stream power plants are a relatively new technology with ample scope for development. Wave energy is a relatively new concept; the installed capacity aggregated just 5.77 MW in 2013. Both the sectors are likely to experience significant market growth in terms of installed capacity and investments in the near future.

Currently, more than 200 companies operate in the wave and tidal energy sector. Most of these players are extensively involved in the business of development of energy converter technology. Both wave and tidal stream technologies have significant potential of reaping benefits of economies of scale.

Large-scale commercial array deployments of wave and tidal power plants are projected to be followed by massive cost reductions. Strong development of the offshore wind energy sector in many countries around the world can contribute...