The global wave and tidal energy market is likely to witness promising growth currently. The market is expected to demonstrate promising growth. The large number of players are focused toward deployment of wave and tidal energy at commercial scale and this can be one of the key factor promoting overall growth of this market in the coming years. A sum of small technology makers are creating expedition into the global market with the support of special-purpose units. However, various players are taking advantage of on opportunities carried out by strategic mergers and acquisitions in order to maintain presence in the global market.
The government organization are investing heavily and the private organizations are finding various alternative sustainable source of energy and this is further influencing market growth in the coming years. The large number of players are collaborating and working forward to bring down the tariff rate and this is another factor positively stimulating overall growth of the global market. The increasing efforts to set up wave and tidal energy plant in developing and developed economies to boost growth of the global market.
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Absence of Grid Parity to Hamper Market Growth
On the other hand, the growth of the global wave and tidal energy market is limited by various factor. The global tidal and wave energy have still not able to achieve grid parity and this is one of the major factor negatively impacting overall growth of this market. This is one of the key factor for wider commercialization of wave and tidal energy and this further help in sizeable investment of return. However, the shift to private parity and debt funding ideal by the vendors is likely to create lucrative opportunities in the coming years.
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Europe Dominate Global Wave and Tidal Energy in terms of Stringent Implementation of Norms
From the geographical point of view, Europe is likely to dominate global wave and tidal energy over the course of forecast period. The growth of this market depend on continuous effort being made by the government organization in various developing and developed economies to limit the availability of carbon footprint.
