The boom in the renewable energy sector in recent years is projected to impact the global wave and tidal energy market positively. The market is poised for tremendous growth in the coming few years. Presently, the global wave and tidal energy market has certain barriers to overcome. However, with the advent of technology, the global wave and tidal energy market will expand massively. The favorable regulatory framework is one of the key drivers of the global wave and tidal energy market.
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Strong Government Policy Framework to Boost Global Market
Several incentive schemes launched by governments around the world are projected to fuel the global wave and tidal energy market significantly in the coming few years. For instance, wave energy presently receives 5 Renewable Obligation Certificates (ROCs) per megawatt in the United Kingdom as an added incentive to generators. Furthermore, the stringent policy framework implemented by the government will also drive the global wave and tidal energy market.
The several benefits associated with wave and tidal energy will also boost the global wave and tidal energy market. Wave energy and tidal energy are a reliable and constant source of clean, renewable energy. Moreover, the scalability of this energy within a small area is allowing the development of large projects in phases. Wave and tidal energy can be a valuable source for remote locations, where drawing power from grid connections is not cost-effective.
South Korea Competing with Regional Leader Europe in Global Market
On the basis of type, the global wave and tidal energy market is segmented into wave and tidal. Power generation from tidal streams is a relatively new technology and has shown a highly optimistic growth potential. On the contrary, wave energy is an entirely new concept.
According to region, the global wave and tidal energy market is classified into North America, Europe, and Asia Pacific. At present, the leading regional segment of the global wave and tidal energy market is Europe. This region is facing tough competition from South Korea. The South Korea segment is projected to witness the fastest growth in the global wave and tidal energy market during the forecast period from 2014 to 2020.
South Korea’s potential for harnessing tidal energy comes from the addition of large-scale tidal barrages. South Korea presently boasts of the world’s largest tidal barrage power plant. Scotland has stood out as the technological capital of the world in the global wave and tidal energy market. The strong government financial grant schemes and presence of a large number of companies are driving the Scotland wave and tidal energy market. On the other hand, Australia is expected to lead the Asia Pacific wave and tidal energy market by generating a significant amount of energy by 2020.
Some of the key players operating in the global wave and tidal energy market are Marine Current Turbines, Aquamarine Power, Pelamis Wave Power, Carnegie Wave Energy, Tenax Energy, and Ocean Power Technologies. Players in the global wave and tidal energy market are focusing on R&D to overcome market barriers. The key barriers to the global wave and tidal energy market include the lack of commercial deployment of projects due to the low level of technology maturity and lack of funding channels.