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The global wave and tidal energy market reached a value of USD 0.92 billion in 2023. The market is further projected to grow at a CAGR of 21.2% between 2024 and 2032 and reach a value of USD 5.20 billion by 2032.
Wave and tidal energies are renewable sources of energy powered by the natural movement of ocean tides and currents. To generate power, tidal energy uses tidal currents and amplitudes whereas wind energy uses wind driven water oscillations. They occur during the rise and fall of ocean currents and are caused due to the gravitational pull of sun and moon on the earth. The wave and tidal energy market expansion is driven by several key factors. The primary driver is the growing demand for clean and renewable energy sources, which has led to a shift away from fossil fuels and towards sustainable alternatives. For instance, the UK government has set a target of generating 30% of its electricity from offshore wind by 2030, which includes tidal and wave energy.
Additionally, governments and international organizations are increasingly recognizing the importance of investing in wave and tidal energy as part of their efforts to reduce greenhouse gas emissions and combat climate change. This recognition has resulted in significant funding and support for research and development in the sector. For example, the European Union has allocated EUR 1.5 billion for the development of offshore renewable energy, including tidal and wave energy. Furthermore, the growing number of wave and tidal energy projects worldwide are contributing to the market's expansion. As per industry reports, there are approximately 100 companies worldwide that deal with wave energy production, whereas over 20 countries have recently invested in tidal power project development.
Advancements in technology, favourable government incentives and regulations, and surging demand for water desalination are factors positively impacting the wave and tidal energy market outlook
June 2024
Ocean Power Technologies (OPT) achieved a milestone by generating nearly 15 megawatt-hours of wave energy using PowerBuoys, demonstrating the commercial possibility of non-grid-connected marine energy production.
June 2024
The Massachusetts Clean Energy Center is planning to open an Ocean Renewable Energy Innovation Center in New Bedford by 2026. The facility will focus on wind, wave, and tidal power and will serve as a business incubator, workshop, and networking space.
June 2024
Inyanga Marine Energy Group and Verdant Morlais Ltd have signed a MoU to deliver a 4.9MW tidal Stream Energy project at Morlais in Wales, the largest consented tidal energy scheme in Europe. The project will accelerate the development of the tidal energy industry.
June 2024
Minesto and Sev have renewed and updated their power purchase agreement (PPA) for tidal energy plants in the Faroe Islands. The agreement includes an adjusted electricity price to better reflect the overall value of tidal energy and enables moving towards a 100% renewable energy system by 2030.
Advancements in technology
Advancements in technology are enhancing the efficiency and cost-effectiveness of wave and tidal energy systems. For example, the development of floating devices, better mooring systems, and underwater turbines is improving energy capture capabilities and making the technologies economically viable.
Expansion of hydro power generation
The expansion of hydropower generation is a major driving factor for the wave and tidal energy market growth, as these technologies can complement hydropower to provide a reliable and consistent source of renewable energy.
Government incentives and regulations
Government initiatives and favourable regulatory policies are promoting the adoption of wave and tidal energy. For instance, the U.S., China, and Europe are implementing policies such as feed-in tariffs and investment tax credits to encourage the installation of wave and tidal energy systems.
Soaring demand for water desalination
The increasing demand for water desalination, particularly in water-scarce regions, such as Middle East and Africa, is driving the adoption of wave and tidal energy technologies, which can be used to power desalination plants.
The growing demand for clean and renewable energy sources is a primary driver for market growth, as governments and organisations have goals to reduce greenhouse gas emissions and combat climate change. Canada is working to meet these goals as the country has an estimated tidal energy potential of 35,700 megawatts (MW), which displaces over 113 million tonnes of CO2, equivalent to removing over 24 million cars from the road.
Significant government funding, incentives, and support for research and development in the wave and tidal energy sector are in turn, influencing wave and tidal energy market development. In October 2022, the U.S. Department of Energy announced USD 35 million in funding for advancements in river and tidal energy systems. Moreover, recent developments like the installation of a wave conversion device by EcoWave Power in Jaffa, Israel in June 2021, which is funded by Israel's Energy Ministry and commencing of the MeyGen project in the UK, which is the world’s largest tidal energy project contributes to market’s growth.
The EMR’s report titled “Wave and Tidal Energy Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Technology
Market Breakup by Application
Market Breakup by Region
Both wave energy and tidal energy technologies are playing important roles in the global transition towards renewable and sustainable energy sources
The wave energy segment accounts for the larger market share as wave energy systems are more developed and widely used in the marketplace compared to tidal energy technologies. Governments and investors tend to favour wave energy due to its relative simplicity and ability to generate steady amount of electricity. Also, wave energy is seen as a more mature and proven technology compared to tidal energy, which has contributed to its dominant market position. In 2023, the U.S. had an estimated annual wave energy potential of 2.64 trillion kilowatt hours, equivalent to 63% of its total utility-scale electricity generation.
On the other hand, the tidal energy segment is also a significant part of the wave and tidal energy market report as tidal energy is more efficient than wind or solar energy due to the higher density of water compared to air, which allows for slower rotation speeds and more power generation. Moreover, tidal energy is highly predictable due to the regular and predictable nature of tides, making them a valuable renewable energy source that is gaining increasing adoption.
Power generation holds a significant market share due to the rising global demand for electricity
Power generation accounts for a significant wave and tidal energy market share owing to the rising consumption of electricity due to increasing population. Additionally, growing urbanisation has also boosted the requirement for reliable power generation sources, such as tidal and wave at homes and offices. In 2023, the MeyGen project, developed by SIMAC in the UK achieved a significant milestone by generating 50GWh of clean electricity from tidal energy. Moreover, improvements in turbine technologies and designs are expected to boost the efficiency and reduce costs associated with power generation.
The desalination segment is expected to be a significant contributor to the wave and tidal energy market growth in regions like the Middle East and North Africa, where access to fresh water is limited. Moreover, governments and private companies are investing heavily in desalination technologies, particularly those that use renewable energy sources like wave and tidal power. For example, Ocean Power Technologies recently announced the successful deployment of its PowerBuoy system, which harnesses the kinetic energy of waves to generate electricity for desalination plants.
Market players are investing extensively in R&D activities and building new manufacturing facilities to increase their market shares across different regions
Ocean Power Technologies, Inc. was founded in 1984 and is headquartered in New Jersey, United States. The renewable energy company provides electric power and communication solutions and services for remote offshore applications.
Wello Oy was established in 2008 and has its headquarters located in Espoo, Finland. The high-tech and innovative company is known for developing and offering simple and environmentally friendly neutral wave energy converters to customers.
Tocardo B.V. is a renewable energy semiconductor manufacturing company that was founded in 2020 and is headquartered in Wieringerwerf, Netherlands. The company is known for developing, designing, and manufacturing power generating solutions that provide a reliable flow of tidal energy.
Carnegie Wave Energy Ltd develops and commercializes the CETO wave energy technology, which captures energy from ocean waves and converts it into electricity using AI and electric machines. The company was founded in 1987 and is headquartered in North Fremantle, Western Australia.
Other key players in the global wave and tidal energy market include SIMEC Atlantis Energy LTD. (SAE), Eco Wave Power Ltd., Verdant Power, Inc., CorPower Ocean AB, and Mocean Energy Ltd., among others.
Asia Pacific is expected to lead the market due to region’s rapid adoption and generation of renewable energy
The Asia Pacific is expected to capture the largest market share over the forecast period owing to rising number of environmental regulations and initiatives taken up by various governments in the region to promote the use of pollution free renewable energy sources. Opening of new national test sites in China coupled with the rising focus on the development of the electricity generation processes in the country is further supporting the growth of wave and tidal energy market in the Asia Pacific region.
North America is another significant player in this market due to the region's large investment in the creation, deployment, research, and development of wave and tidal technology. The area has many good seaside locations and a robust regulatory environment that supports the sector's expansion. Government support further accelerates the market through subsidies, tax breaks, and programs. Canada has the largest market in North America, with initiatives like FORCE, the premier research centre for in-stream tidal energy, and strategic research projects in the marine energy industry.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Technology |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Wave and Tidal Energy Market Size
Wave and Tidal Energy Market Growth
Wave and Tidal Energy Market Trends
Wave and Tidal Energy Market Share
Wave and Tidal Energy Companies
Wave and Tidal Energy Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Wave and Tidal Energy Market Analysis
8.1 Key Industry Highlights
8.2 Global Wave and Tidal Energy Historical Market (2018-2023)
8.3 Global Wave and Tidal Energy Market Forecast (2024-2032)
8.4 Global Wave and Tidal Energy Market by Type
8.4.1 Wave Energy
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Tidal Energy
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Wave and Tidal Energy Market by Technology
8.5.1 Tidal Stream Generator
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Oscillating Water Columns
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Tidal Turbines
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Tidal Barrages
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Tidal Fences
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.6 Global Wave and Tidal Energy Market by Application
8.6.1 Power Generation
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Desalination
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Wave and Tidal Energy Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Wave and Tidal Energy Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Wave and Tidal Energy Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Wave and Tidal Energy Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Wave and Tidal Energy Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Wave and Tidal Energy Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Ocean Power Technologies, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Carnegie Wave Energy Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 SIMEC Atlantis Energy LTD. (SAE)
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Eco Wave Power Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Verdant Power, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 CorPower Ocean AB
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Mocean Energy Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Wello Oy
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Tocardo B.V.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Other
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Wave and Tidal Energy Market: Key Industry Highlights, 2018 and 2032
2. Global Wave and Tidal Energy Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Wave and Tidal Energy Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Wave and Tidal Energy Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Wave and Tidal Energy Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Wave and Tidal Energy Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Wave and Tidal Energy Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Wave and Tidal Energy Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Wave and Tidal Energy Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Wave and Tidal Energy Market Structure
In 2023, the market reached an approximate value of USD 0.92 billion.
The wave and tidal energy market is expected to grow at a CAGR of 21.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 5.20 billion by 2032.
The major drivers of the market include supportive government policies, rising research and development activities, and increasing demand from various end users.
Key trends aiding market expansion include the technological advancements, increasing environmental concerns, favourable government incentives, increasing number of energy plants, and surging demand for water desalination.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types include wave energy and tidal energy.
Key players in the market are Ocean Power Technologies, Inc., Carnegie Wave Energy Ltd., SIMEC Atlantis Energy LTD. (SAE), Eco Wave Power Ltd., Verdant Power, Inc., CorPower Ocean AB, Mocean Energy Ltd., Wello Oy, and Tocardo B.V., among others.
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