Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) — A rise in the investments by public and private sectors on the field of renewable energy resources is one of the driving forces of the global wave and tidal energy market. According to a report by Fortune Business Insights, titled, “Wave and Tidal Energy Market Size, Share and Global Trend by Type (Wave Energy, Tidal Energy), by Technology (Tidal Stream Generator, Pendulor Device, Oscillating Water Columns, Barrage, Others), by End User (Residential, Commercial, Industrial), and Geography Forecast till 2026,” a rise in the awareness regarding environmental hazards due to the emission of carbon dioxide from burning fossil fuels is projected to boost the global wave and tidal energy market during the forecast period. Also, an increasing exhausting of fossil fuels across the globe is anticipated to drive the global wave and tidal energy market.
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List of Key Companies in Wave and Tidal Energy Market:
- Ocean Renewable Power Company LLC
- Aquamarine Power Ltd.
- ABB Ltd.
- Nova Innovations Ltd.
- Pelamis Wave Power
- Atlantis Resources Ltd.
- Ocean Power Technologies
- Tidal Lagoon Plc
- AquaGen Technologies
- AWS Ocean Energy Ltd.
- Tenax Energy
- Andritz Hydro- Hammerfest
- Carnegie Wave Energy
The COVID-19 epidemic has had a severe impact on the energy industry. The market has seen a drop in price and demand all around the world. Due to COVID-19, large manufacturing industries are concentrating on critical tasks, causing the installation of electronic components to come to a standstill. The energy industry is being driven by a number of important causes, including rising energy demand and fluctuating power prices. Due to various manufacturing units, there is a steep downfall in the energy as a service market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/wave-and-tidal-energy-market-100584
Drivers & Restraints
Several Under Construction Plants to Drive Market in the Middle East and Africa
The global wave and tidal energy market is divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Fortune Business Insights states that the U.S. in North America is focusing mainly on the exploration of wave energy. However, there is a legal concern about underwater land ownership in the continent. That's why, only a few tidal plants exist there. This is resulting in the lack of investments by prominent investors as they are not so enthusiastic about exploring tidal energy.
The government of Europe, on the other hand, is investing huge amounts on the research and development in wave and tidal energy and it is also concentrating on low carbon economy. Wave and tidal energy has a very high potential in this region. In Asia Pacific, South Korea is leading the global wave and tidal energy market. This is because the region has the highest number of plants. Furthermore, countries namely, Brazil, Mexico, and Argentina are persistently contributing to the growth of …
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