Market Research Future published a half cooked research report on Global Wave and Tidal Energy Market.
The report provides an overview of the global wave and tidal energy market, tracking two market segments across four geographic regions.
It studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW).
The report also provides a forecast, focusing on the market opportunities for the next five years for each region.
The Wave and Tidal Energy Market is expected to grow over the CAGR of around 10.2% during the period 2017 to 2023.
The global energy industry is rapidly transitioning to a low carbon future and wave energy is expected to contribute 10% of world electricity need by 2050.
It is expected to grow further, owing to stable government policies, steady investment and increased collaboration from energy industry, which will develop the wave and tidal energy into more mature renewable energy technology.
The energy generated from wave is determined by several factors, including wave height, wave speed, and wave length and water density.
The wave and tidal technology is increasingly implemented in generating power for remote regions that cannot be connected to the grid. Large scale deployment of wave and tidal energy will result in increased cost reduction and wide deployment.
With the development of energy converter technology, wave and tidal stream technologies have significant potential of reaping benefits of large scale deployment, the report stated.