The global marine power (wave and tidal) market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for renewable energy resources owing to depleting levels of fossil fuels and reduce carbon emissions, and generate power consistently is expected to propel market growth. However, the high initial cost for plant setup is anticipated to hamper market growth over the forecast period.
The global marine power (wave and tidal) market report has been segmented on the basis of energy type and region.
On the basis of product type, the global marine power (wave and tidal) market has been segmented into tidal energy and wave energy. Wave energy segment is expected to witness steady growth over the forecast period. Increasing investments in numerous economies of Asia Pacific including Japan, India, Philippines, and Thailand is expected to augment segment growth over the forecast period.
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On the basis of region, the global marine power (wave and tidal) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe market is expected to grow at a rapid pace over the forecast period. UK wave and tidal energy market hold the dominant position in the across the region. Government initiatives to promote the clean sources for power generation is anticipated to drive the Europe marine power market over the forecast period. Moreover, manufacturers in the region are involved in the development of new designs as well as manufacturing processes to cater to rising demand for clean energy is expected to be other factor driving Europe marine power market growth.
Key players operating in the global marine power (wave and tidal) market include Atlantis Resources Corp., Marine Current Turbines Ltd., AWS Ocean Energy Ltd., Aquamarine Power Ltd., Kepler Energy Limited, Ocean Renewable Power Company LLC, Ocean Power Technologies, Inc., Pelamis Wave Power Limited, Minesto AB, and Pelamis Wave Power Limited.