Albany, NY -- (SBWIRE) -- 11/06/2014 -- The global wave and tidal energy market was valued at $25 million in the year 2013. The market is expected to reach US$10.10 billion in 2020. It is set to grow at a CAGR of 64.1% from 2014 to 2020.

Transparency Market Research has released a research report titled “Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”. The report describes multiple aspects of the wave and tidal market on both global and regional levels.

The report states that there are currently more than 200 companies that operate in the wave and tidal energy market. Some of the top companies among these are involved in developing energy converter technology.

The report describes how the effective harnessing of the ocean could help it become one of the largest reserves of clean and sustainable energy. The two major types of ocean energy are wave and tidal energy. Both markets hold completely different dynamics.

Tidal energy is divided into tidal range and stream energy, according to the report. Of these, tidal range power requires the building of tidal barrages. This form of energy generation has already matured. The report gives examples of the 2011 commissioned Sihwa Lake Tidal Power Station. The station has a capacity of 254 MW and has replaced the French Rance Tidal Power Station as the largest tidal power plant around the globe.

Tidal stream power plants present a relatively new form of technology that shows a huge scope of evolution. The report states that both the tidal power sectors are set to experience boosts of growth due to increased investments and development of technologies to increase capacities.

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South Korea plans to add nearly 3,000 MW of tidal energy to their current capacity by 2020. Scotland has become the current technology capital in context of tidal and wave energy. The country holds a large number of tidal and wave energy companies that are aided heavily by governmental financial grant schemes.

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The report says that Europe is the most likely zone to lead the world in installing tidal and wave power stations. The report also puts the Asia Pacific region to show the fastest rate of growth in the tidal energy sector due to the construction of large tidal barrages in South Korea. Most of the world’s wave energy projects are concentrated in Australia.

To learn more about the wave and tidal energy market, to purchase the research report, or to browse through the Table of Contents, please visit: http://www.transparencymarketresearch.com/wave-tidal-energy-market.html

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