Market research Future Wave and Tidal Energy Market Worth 17.84 % CAGR. | Page 3

Wave and Tidal Energy Market Research Report- Forecast to 2023
2 Market Overview
Geographically, In South Korea, The government has set a target that 11% of the national energy demand
coming from new and renewable energy by 2030. Ocean energy, including wave and tidal is targeted to
contribute 4.7% in the new and renewable total. Global wave & tidal market is expected to reach market
size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.
Tidal energy, which is a mature form of energy, is broadly classified into tidal stream and tidal range energy
that are entailed by construction of barrages. On the other hand, wave energy is a relatively new concept
and the sector is expected to witness significant market growth during the forecast period in terms of
installed capacity and capital investment. Wave and tidal stream technologies have significant potential of
reaping benefits of economies of scale. Large-scale commercial array deployments of wave and tidal power
plants are projected to be followed by massive cost reductions. Global wave & tidal market is expected to
reach market size of USD 15,291.2 Million by 2023 at a CAGR of 17.84%.
Market Segmentation
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