Published Date : Feb 17, 2016
Wave and tidal energy are a constant and steady source of clean energy and are an important part of the future renewable energy mix. Strong government policy framework and incentive schemes across nations have propelled 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 where installing grid connections are not cost-effective or feasible. This will also boost the growth of the market in the coming years. However, high capital investments and the lack of commercial deployment of projects will play spoilsport in the growth of the market. The global wave and tidal energy market has a huge opportunity to grow through technological innovations and capacity up-scaling.
Europe Stresses on Tidal Energy to Decrease Carbon Footprints
Europe dominates the global wave and tidal energy market with a record number of proposed wave and tidal energy projects across countries such as the U.K., France, and Scotland. In the U.K., favourable initiatives such as the new Energy Act 2013 and the Electricity Market Reform Package have helped the growth of the wave and tidal energy market. In the near future, South Korea is expected to witness the fastest growth in the market. This will drive the wave and tidal energy market across Asia Pacific.
In its latest initiative, the British government is launching an independent review into tidal energy to understand how it would contribute to the energy mix. Due to negotiations over the level of government funding, a project worth 1 billion pound has been stalled. The project was proposed to build a tidal energy lagoon in the Swansea Bay. The government has said in a statement that the tidal lagoons have the potential to provide the country with clean energy.