Global Wave and Tidal Energy Market to Reach $5.1 Billion by 2027
Amid the COVID-19 crisis, the global market for Wave and Tidal Energy estimated at US$542.8 Million in the year 2020, is projected to reach a revised size of US$5.1 Billion by 2027, growing at aCAGR of 37.7% over the period 2020-2027. Tidal Energy, one of the segments analyzed in the report, is projected to record 36.2% CAGR and reach US$4.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Wave Energy segment is readjusted to a revised 54.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $163.7 Million, While China is Forecast to Grow at 36.8% CAGR
The Wave and Tidal Energy market in the U.S. is estimated at US$163.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$859.7 Million by the year 2027 trailing a CAGR of 36.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 33.7% and 32.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 26.8% CAGR.We bring years of research experience to this 6th edition of our report. The 142-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others,
- AquaGen Technologies Pty., Ltd.
- Aquamarine Power
- Atlantis Resources Ltd.
- Carnegie Wave Energy Ltd.
- Marine Current Turbines Ltd.
- Ocean Power Technologies, Inc.
- Ocean Renewable Power Company LLC
- Pelamis Wave Power
- Tenax Energy