Transparency Market Research has published a new market report, titled ‘Wave
According to the study report, the market was worth US$0.025 bn in 2013 and is further expected to grow and reach a market value of US$10.1 bn in 2020, expanding at a CAGR of 64.10% from 2014 to 2020. The report also estimates the installed capacity of the overall market to reach 3712 MW by 2020, exhibiting a CAGR of 34.50% from 2014 to 2020.
Wave and tidal energy are the significant forms of harnessing ocean energy. Both these sectors are likely to experience tremendous market growth in terms of installed capacity and investments in the coming years. Tidal stream power generation and wave energy are entirely new concepts in the market and have displayed a highly optimistic scope for growth across the globe.
Commercialization is the prime factor that would help better the scope for research and infrastructure creation, and promote healthy competition in the global market for wave and tidal energy.
Currently, Europe is the leader in the wave and tidal energy market, with South Korea soon expected to be competing against Europe. South Korea is expected to show the highest growth rate in the market during the forecast period, says TMR. Moreover, Australia will be the next leader in the Asia Pacific region, creating a capacity of 25 MW before the end of the forecast period. The regional market is increasing due to new venture capital funding and government schemes.
The report can be viewed here.