DUBLIN, AUG. 12, 2014 — /PRNewswire/ -- Research and Markets has...

DUBLIN, AUG. 12, 2014 — /PRNewswire/ -- Research and Markets has announced the addition of the "Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" report to their offering.

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When harnessed effectively, oceans could prove to be one of the largest reserves of clean and sustainable energy. Ocean energy can be broadly classified as wave and tidal energy. Under wave and tidal energy, energy is harnessed through the movement of waves and tides, respectively. There are various methods of harnessing the ocean energy; however, currently, wave and tidal are the most dominant forms. Tidal energy can be further segmented into tidal stream and tidal range energy. Tidal range energy is a relatively mature technology, which entails the construction of tidal barrages. Both wave and tidal stream energy are relatively newer concepts. These are in the nascent stages of technology development. About 200 companies are either partially or fully involved in the development of the wave and tidal energy sector. Most of these are technology developers with their own types of energy converter devices. There is no single dominant technology in the wave or tidal energy sector. Both wave and tidal energy are capable of reaping extensive benefits of economies of scale. Large-scale commercial deployment is imperative for wave and tidal stream power plants to generate electricity at cost-competitive rates. Currently, costs for such power plants are exorbitant. However, major cost reductions are imminent as the industry focus shifts from the prototype testing and project demonstration phase to large-scale array deployment phase. Benefits of economies of scale are likely to occur not only in the manufacture of energy converter devices, but also in power take-off systems and on-shore grid connection infrastructure. Cost sharing of fixed infrastructure by multiple turbines would contribute towards reduction of electricity generation tariffs from these power plants. The tidal barrage power plant market is in the mature stage of development with high plant operating experience in both France and South Korea. Currently, the largest tidal barrage power plant in the world is located in South Korea. As part of its expansion strategy for generation of renewable energy, the country plans to add nearly 3000 MW of tidal energy generating capacity by 2020. Scotland has emerged as the technology capital of the world for wave and tidal stream energy. The country is the most attractive market for project development due to the presence of a large number of companies coupled with strong governmental financial grant schemes. Europe is likely to lead in terms of capacity installations for wave and tidal stream power plants. Read more here: http://www.heraldonline.com/2014/08...tidal-energy-market-global.html#storylink=cpy