The Ability to Provide Stable and Predictable Output for Coastal Areas Enhances the Future Growth Potential of Wave and Tidal Energy
This research study focuses on breakthrough advancements in wave and tidal renewable energy generation. The study draws attention to the unique ability of these technologies to provide a stable and predictable energy output and their potential to address some of the challenges presented by the irregularities and other disadvantages of solar and wind energy. Industry players are developing technologies to tap into tidal and wave energy. Although these developments are nascent, they show strong potential to generate renewable energy.
This report includes an in-depth comparison of different wave energy converters, such as point absorbers and surface attenuators. It also looks at tidal range and stream systems, discussing their benefits and limitations. The report identifies leading companies and countries in wave and tidal energy and highlights innovations that can enable the large-scale deployment of wave and tidal technologies. The study also provides a comparative analysis of the levelized cost of energy (LCOE) of different forms of renewable energies while suggesting ways to lower wave and tidal energy's LCOE. It explores the possibilities of integrating wave and tidal systems with existing wind power setups and other offshore segments like aquaculture and desalination. It also discusses the potential transition of wave and tidal energy systems from standalone solutions to cost-effective, supportive solutions. The study identifies the factors driving and restraining the growth of these technologies and concludes by highlighting the opportunities emerging from this space for market players and stakeholders to leverage.
