Introduction
Oceans are a vast, untapped source of energy and wave and tidal technologies are now making it possible to harness this power sustainably.
Opportunities for Growth
The wave and tidal energy market is expected to grow at a high CAGR, driven by an increasing demand for renewable energy and concerns over climate change. Coastal nations, in particular, have significant untapped potential for marine power.
Regional Insights
Europe leads the way, with the UK and Norway making significant strides in marine power projects. The Asia-Pacific region is also showing promise, particularly Japan and South Korea.
Competitive Landscape
Major players like SIMEC Atlantis Energy and Ocean Power Technologies are actively working on technological developments that could accelerate market growth.
Conclusion
Marine power is becoming a critical component of the renewable energy landscape, and wave and tidal energy technologies are at the forefront of this transition.