Wave and tidal energy are a source of clean energy and are an important part of the future renewable energy mix. Strong government policies and incentive plans across nations will boost the growth of the global wave and tidal energy market. Further, the wave and tidal energy can be used to generate power across remote locations. This will also accelerate the growth of the market in the coming years. However, high capital investments and the lack of commercial deployment of projects have restrained the overall market. The global wave and tidal energy market has a huge scope to grow following technological innovations and capacity up-scaling.
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North America, Europe, and Asia Pacific are the key regions in the global wave and tidal energy market. With a record number of proposed wave and tidal energy projects across Scotland, France, and the U.K., Europe has emerged as the key region in the market. Australia and South Korea are anticipated to drive the market in the near future.
Key Players in Global Wave and Tidal Energy Market Focus on Development of Technology
Some of the key player in the global wave and tidal energy market are Carnegie Wave Energy, Aquamarine Power Ltd., Marine Current Turbines Ltd., Ocean Renewable Power Company LLC, Ocean Power Technologies Inc., Tenax Energy, Aquagen Technologies, Pelamis Wave Power, S.D.E. Energy Ltd., and Atlantis Resources Ltd. The key players are focussing on the development of advanced technology for the generation of wave and tidal energy. For the market players, working on advanced technology would ensure higher market share as well as receiving funds and grants from venture capitalists and government agencies respectively.
Carnegie Wave Energy Develops CETO 6 Technology to Raise Funds
Last month, Carnegie Wave Energy successfully completed 12 months of operations of its CETO 5 Perth Project. A year ago, the company had launched the onshore power station for its Perth Wave Energy Project, which is first grid connected wave energy array on commercial basis across the globe. It is for the first time that wave-energy has been fed into the power grid in Australia. For completing the concept design of CETO 6, Carnegie Wave Energy has received funds worth US$200,000 from the Australian Renewable Energy Agency (ARENA).
The CETO 6 design developed by the company has many advantages over the CETO 5 model including a four-times increase in rated capacity to 1 MW. For the new design, costly heavy lift vessels and heavy offshore lifts are not required, thereby leading to a simplified installation and maintenance program. Further, CETO 6 has more advanced control systems, which increases system efficiency.
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The new design has already generated a lot of interest and has helped Carnegie bag a number of deals. In April last year, the company has signed a deal to develop wave energy projects across Peru and Chile to provide water and renewable energy across some of the remote islands in the regions. To commercialize its CETO technology, Carnegie has raised US$7.5 million in its recent funding round.