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Global Wave and Tidal Energy Market Size, Price, Growth, Trends, Forecast: By Type: Wave Energy, Tidal Energy; By Technology: Tidal Stream Generator, Oscillating Water Columns, Tidal Turbines, Tidal Barrages, Tidal Fences; By Application: Power Generation, Desalination; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Wave and Tidal Energy Market Outlook
The global wave and tidal energy market size reached approximately USD 0.92 billion in 2023. The market is further projected to grow at a CAGR of 21.2% between 2024 and 2032, reaching a value of USD 5.20 billion by 2032.
Key Trends in the Market
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.
- Growing environmental concerns is one of the major factors supporting the expansion of the market. Wave and tidal energies cause minimal environmental impact as they produce no direct emissions, boosting the wave and tidal energy market demand.
- Increase in research and development activities owing to the growing number of academic institutions and rising government investments is helping overcome several technical challenges faced in the commercialisation of wave and tidal energy. Such developments have resulted in production of improved devices, aiding the market expansion.
- Various technological innovations carried out by the key manufacturers in the wave and tidal energy sector have increased energy capture capabilities and reduced the overall maintenance costs of the systems. Innovations such as advanced turbine designs and better mooring systems make the technology economically viable.
Global Wave and Tidal Energy Market Analysis
Based on type, the market is bifurcated into wave energy and tidal energy. By technology, the market is categorised into tidal stream generator, oscillating water columns, tidal turbines, tidal barrages, and tidal fences. On the basis of application, the market is classified into power generation and desalination. Based on region, the wave and tidal energy market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
- Tocardo B.V.
- Others
Market Share by Application
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 power at homes and offices, among other spaces. Tides and waves are more predictable than wind and sunlight, therefore, the energy source is more reliable for generation of electricity. Recent technological advancements and improvements in turbine technology and design are expected to boost the efficiency and reduce costs associated with power generation.
Market Share by Region
The Asia Pacific is expected to grow significantly over the forecast period owing to rising number of environmental regulations and initiatives taken up by various governments in the region to promote the utilisation of pollution free renewable energy sources. Opening up 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 wave and tidal energy market growth in the Asia Pacific region.
Competitive Landscape
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.
Other wave and tidal energy market players include Carnegie Wave Energy Ltd., SIMEC Atlantis Energy LTD. (SAE), Eco Wave Power Ltd., Verdant Power, Inc., CorPower Ocean AB, and Mocean Energy Ltd., among others.
Key Highlights of the Report
| 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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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
Key Questions Answered in the Report
The market reached a value of approximately USD 0.92 billion in 2023.
The market is projected 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 reach USD 5.20 billion by 2032.
The major market drivers include supportive government policies and increasing demand from various end users.
The key trends fuelling the growth of the market include technological advancements, rising research and development activities, and increasing environmental concerns.
The major regions 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.
The 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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