Wave and tidal energy are the cleanest source of energy, which is sustainable energy system with minimal emission of CO2 gas. Equipment used in wave energy technologies are floats or pitching devices, oscillating water columns, tapered channels, point absorbers, attenuators and terminator device. Equipment used in tidal energy technologies are barrages or dams, tidal fences and tidal turbines. Wind and tidal energy system requires less space as compared to the all other types of energy source. Wave and tidal energy system is used to maintain balance in ecosystem, which is more predictable and steadier in comparison with non-renewable source of energy.
The global wind and tidal energy market is expected to capture a market value of USD 15 billion by the year 2027 with a CAGR of 24% over the forecast period of 2019-2027.Rise in demand for renewable source of energy and provision of funds from government and private organizations for clean source of energy across the North America and Asia Pacific vigorously propelled growth of wave and tidal energy market in forecasted period.