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Wave and Tidal Energy Market by Manufacturers, Regions, Type, Growth, Trends, Type, Analysis and Forecast to 2023
Wave and Tidal Energy Market combined has a potential to distribute approximately 20% of the electricity needs in the U.K.
The wave and tidal energy market is expected to grow at a significant rate in the coming years due to substantial cost reduction opportunities through capacity up-scaling and technological innovations. As wave and tidal energy are renewable forms of energy, almost all countries around the world are trying to develop wave and tidal energy because they provide a constant and steady source of clean energy.
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Plenty of ocean surfaces and considerable potential of energy generation in the countries around the world has led operators to engage in ocean energy generation. The wave and tidal energy technology development is in its initial phase, so there is a sufficient scope for new entrants in the wave and tidal energy market by bringing up advanced technologies.
On the basis of type, the wave and tidal energy market can be categorized as tidal energy and wave energy. On the basis of the generation of tidal energy, the wave and tidal energy market can be categorized as dynamic tidal power, tidal stream generator, tidal lagoon and tidal barrage.
On the basis of generation of wave energy, the wave and tidal energy market can be categorized as oscillating wave surge converter, surface attenuator, point absorber buoy, overtopping device and oscillating water column.
Some of the factors driving the growth of the wave and tidal energy market are scalability within a small area, allowing large project development in phases, strong government policy framework and incentive schemes, predictable and constant source of renewable energy, and generation of power for remote locations where drawing grid connections are not cost effective or feasible.
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Some of the competitors in the wave and tidal energy market are Ocean Renewable Power Company LLC, Atlantis Resources Limited, Marine Current Turbines Limited, S.D.E Ltd., Ocean Power Technologies Inc., AquaGen Technologies, Carnegie Wave Energy Limited, Pelamis Wave Power Ltd., Tenax Energy Solutions, LLC, and Aquamarine Power Limited.
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