Wave and Tidal Energy Market Experiences High Growth

The wave and tidal energy market is projected to experience a vast growth from 2021 to 2028, driven by increased investments into new power projects worldwide. As countries attempt to meet their climate targets, wave and tidal energy is becoming increasingly prominent as sources of renewable energy. In the United Kingdom, Europe, and the United States, several operators have launched or are planning further development for various projects with an aim of increasing renewable energy capacity and diversifying green energy sources available on the grid. For instance, SBOPC has recently launched a request for proposals for its Capul Island Ocean Power Project in the Philippines; while Orbital Marine Power will be commercialising its O2 project in Orkney Scotland with 7 MW contracts awarded from UK government funding.

Additionally, the [U.S Department of Energy] has announced that $10 million will be made available for U.S.-based community organisations looking to develop a tidal or current energy system project. With new technologies being introduced at a rapid pace, governments across different nations are taking concerted efforts towards developing reliable and cost-effective solutions that can help reduce our reliance on fossil fuels while keeping carbon emissions in check simultaneously. This increasing investment indicates that wave and tidal energy is not only here to stay but is also expected to become one of the primary sources of renewable power generation moving forward. Notably, the tides are predicted to remain consistent over longer periods when compared to other renewable sources such as solar or wind – making it an attractive option for those looking for reliable ways of generating electricity at times when demand fluctuates or surpasses supply.

Governments across countries have seen this potential and are investing significantly in research and development activities aiming towards better harnessing these clean sources of electricity. However, there still exists some challenges in terms of cost effectiveness and logistical issues concerning setup of such operations – especially in shallow waters where ocean bed physical structures must be installed around existing infrastructure before any generation activity can begin; this poses unique hurdles which researchers must address before advances can truly be made at scale. Furthermore, investors need to ensure that return rates matchup against other established renewable resources before dedicating significant capital into these projects.

At present though it appears certain that wave and tidal power will continue to form a key element in meeting global climate targets over the coming decades as more nations invest heavily into developing these resources into viable long term solutions.

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