Market research Future Wave and Tidal Energy Market Worth 17.84 % CAGR. | Page 4

Wave and Tidal Energy Market Research Report- Forecast to 2023
3 Market Research Analysis
Increasing concerns about carbon emissions and volatility in energy markets have combined to heighten
interest in renewable sources. China alone is responsible for over 40% of global renewable capacity growth,
which is largely driven by concerns about air pollution and capacity targets that were outlined in the
country’s 13th five-year plan to 2020.
Europe is the global leader in the development of ocean energy technologies, hosting most of global
developers (52% of tidal stream and 60% of wave energy developers). However, the installation of ocean
energy devices is taking place at a slower pace than expected. This is because there is only 14MW of
ocean energy installed capacity at the end of 2016, instead of 641MW declared by the EU Member States
in their national renewable energy action plans.
Asia Pacific is one of the largest markets for renewables in the world. There is an increasing demand for
energy because of the growing population and rising electricity demand in the region. Moreover, these
rapidly growing economies in this region are also the top polluters in the world. Solar, wind and other
renewable resources are identified as the best replacement to other conventional fossil fuel energy
sources and are used to reduce carbon emission by effectively meeting the electricity needs.
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