Wave And Tidal Energy Market
Wave & Tidal Energy Market Forecasts to 2030 - Global Analysis By Component (Turbines, Generators, Subsea Cables and Other Components), Location, Technology, Application, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $1.02 BN |
|
Projected Year Value (2030) |
US $17.57 BN |
|
CAGR (2024 - 2030) |
9.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Middle East & Africa |
According to Stratistics MRC, the Global Wave & Tidal Energy Market is accounted for $1.02 billion in 2024 and is expected to reach $17.57 billion by 2030 growing at a CAGR of 9.4% during the forecast period. Wave and tidal energy refer to renewable forms of energy derived from the movement of oceans. Wave energy harnesses the up-and-down motion of surface waves generated by wind, converting it into electricity through various technologies such as point absorbers or oscillating water columns. Tidal energy, on the other hand, captures the energy from the ebb and flow of tides caused by gravitational forces from the moon and sun.
According to the World Wave and Tidal Energy Development Report (WSHPDR), 2020, wave and tidal energy represented approximately 1.5% of the world’s total electricity installed capacity, 4.5% of the total renewable energy capacity, and 7.5% of the total hydropower capacity in the year.
Market Dynamics:
Driver:
Increasing focus on renewable energy goals
Governments worldwide are setting ambitious targets to reduce carbon emissions and enhance energy security, incentivizing investments in sustainable energy sources like wave and tidal energy. This commitment fosters research and development, improves technology efficiency, lowers costs through economies of scale, and expands market opportunities. Moreover, the predictable nature of ocean energy ensures reliable electricity generation, making wave and tidal energy integral to achieving long-term renewable energy goals globally.
Restraint:
Environmental impact
Wave and tidal energy projects can have environmental impacts such as disturbance to marine ecosystems and wildlife habitats. Installation and operation of infrastructure like wave energy converters and tidal turbines may affect fish and marine mammal behaviour, disrupt sediment transport, and alter coastal processes. Concerns over these impacts can lead to stringent regulatory requirements, project delays, increased operational costs for mitigation measures, and public opposition.
Opportunity:
Favourable regulatory frameworks& incentives
Governments often offer incentives such as feed-in tariffs, tax credits, grants, and subsidies to promote renewable energy development, including wave and tidal projects. Clear and supportive regulatory policies streamline project approvals, facilitate grid integration, and ensure compliance with environmental standards. These measures not only attract private capital but also foster innovation in technology and project management, driving forward the commercial viability and scalability of wave and tidal energy solutions.
Threat:
Technological challenges
Technological challenges in wave and tidal energy include the need for robust devices capable of withstanding harsh marine environments, optimizing energy conversion efficiency, and ensuring reliability over extended periods. These challenges lead to high development costs and uncertainties regarding performance and maintenance. Such factors deter investors and increase project risks, slowing market growth.
Covid-19 Impact
The covid-19 pandemic impacted the wave and tidal energy market by causing delays in project timelines, disruptions in supply chains, and reduced investment due to economic uncertainty. Lockdown measures hindered on-site construction and testing, leading to setbacks in project deployment and operational advancements. Despite these challenges, governments and industry stakeholders continued to support research and development efforts, aiming to resume growth as economic conditions stabilize and demand for renewable energy persists.
The power generation segment is expected to be the largest during the forecast period
The power generation segment is estimated to have a lucrative growth. Wave and tidal energy represent promising renewable sources for power generation. Harnessing the kinetic energy of waves and tides, these technologies convert natural movements into electricity. They offer predictable generation patterns, contributing to grid stability. As sustainable alternatives to fossil fuels, wave and tidal energy hold significant potential in diversifying the global energy mix.
The commercial segment is expected to have the highest CAGR during the forecast period
The commercial segment is anticipated to witness the fastest CAGR growth during the forecast period. Wave and tidal energy are increasingly sought after in commercial applications for their renewable nature and predictable availability. Companies are developing technologies to harness these energies efficiently, aiming to integrate them into grid systems for reliable power supply. As sustainable energy sources, wave and tidal power offer long-term benefits for commercial enterprises seeking to reduce reliance on fossil fuels.
Region with largest share:
In the Asia-Pacific region, the wave and tidal energy market is gaining momentum driven by increasing focus on renewable energy sources and coastal infrastructure development. Countries like Japan, South Korea, and Australia are leading the way with significant investments in wave and tidal energy projects. These nations benefit from their extensive coastlines and strong technological capabilities in marine engineering. Government policies promoting clean energy and reducing carbon emissions further support market growth.
Region with highest CAGR:
In North America, the wave and tidal energy market is growing as governments and private sectors seek to diversify energy sources and reduce greenhouse gas emissions. The United States and Canada lead in research, development, and deployment of wave and tidal energy technologies, driven by abundant coastlines and strong technical expertise. Initiatives such as funding support, regulatory frameworks, and collaborations between industry and academia are fostering innovation and project scalability.
Key players in the market
Some of the key players profiled in the Wave & Tidal Energy Market include Aquamarine Power, Atlantis Resources, AW-Energy, BioPower Systems, Bombora Wave Power, Carnegie Clean Energy, CorPower Ocean, Eco Wave Power, Minesto, OpenHydro, Orbital Marine Power, Pelamis Wave Power, Seabased, Tocardo International BV, Wello Oy, Mocean Energy.
Key Developments:
In March 2024, Scottish renewable energy company Orbital Marine Power was confirmed as the technology partner for the proposed Orcas Power and Light Cooperative (OPALCO) site in Washington State's Rosario Strait near Blakely Island. This follows the U.S. Department of Energy’s (DOE) selection of two marine energy projects to receive USD 6 million to develop a pilot site for tidal energy research, development, and demonstration in 2021.
In June 2021, Mocean Energy commenced testing its Blue X wave energy prototype at the European Marine Energy (EMEC) in Orkney. The wave energy machine was recently towed from Kirkwall to EMEC's Scapa flow test site for commission for initial sea trials.
Components Covered:
• Turbines
• Generators
• Subsea Cables
• Other Components
Locations Covered:
• Offshore
• Nearshore
Technologies Covered:
• Wave Energy
• Tidal Energy
Applications Covered:
• Power Generation
• Desalination
• Aquaculture
• Environmental Monitoring
• Coastal Protection & Erosion Control
• Recreation & Tourism
• Other Applications
End Users Covered:
• Utilities
• Government
• Commercial
• Industrial
• Residential
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Wave & Tidal Energy Market, By Component
5.1 Introduction
5.2 Turbines
5.3 Generators
5.4 Subsea Cables
5.5 Other Components
6 Global Wave & Tidal Energy Market, By Location
6.1 Introduction
6.2 Offshore
6.3 Nearshore
7 Global Wave & Tidal Energy Market, By Technology
7.1 Introduction
7.2 Wave Energy
7.2.1 Point Absorber
7.2.2 Oscillating Water Column (OWC)
7.2.3 Oscillating Wave Surge Converter (OWSC)
7.2.4 Attenuator
7.3 Tidal Energy
7.3.1 Tidal Stream Generator
7.3.2 Tidal Barrage
7.3.3 Tidal Lagoon
8 Global Wave & Tidal Energy Market, By Application
8.1 Introduction
8.2 Power Generation
8.3 Desalination
8.4 Aquaculture
8.5 Environmental Monitoring
8.6 Coastal Protection & Erosion Control
8.7 Recreation & Tourism
8.8 Other Applications
9 Global Wave & Tidal Energy Market, By End User
9.1 Introduction
9.2 Utilities
9.3 Government
9.4 Commercial
9.5 Industrial
9.6 Residential
9.7 Other End Users
10 Global Wave & Tidal Energy Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Aquamarine Power
12.2 Atlantis Resources
12.3 AW-Energy
12.4 BioPower Systems
12.5 Bombora Wave Power
12.6 Carnegie Clean Energy
12.7 CorPower Ocean
12.8 Eco Wave Power
12.9 Minesto
12.10 OpenHydro
12.11 Orbital Marine Power
12.12 Pelamis Wave Power
12.13 Seabased
12.14 Tocardo International BV
12.15 Wello Oy
12.16 Mocean Energy
List of Tables
1 Global Wave & Tidal Energy Market Outlook, By Region (2022-2030) ($MN)
2 Global Wave & Tidal Energy Market Outlook, By Component (2022-2030) ($MN)
3 Global Wave & Tidal Energy Market Outlook, By Turbines (2022-2030) ($MN)
4 Global Wave & Tidal Energy Market Outlook, By Generators (2022-2030) ($MN)
5 Global Wave & Tidal Energy Market Outlook, By Subsea Cables (2022-2030) ($MN)
6 Global Wave & Tidal Energy Market Outlook, By Other Components (2022-2030) ($MN)
7 Global Wave & Tidal Energy Market Outlook, By Location (2022-2030) ($MN)
8 Global Wave & Tidal Energy Market Outlook, By Offshore (2022-2030) ($MN)
9 Global Wave & Tidal Energy Market Outlook, By Nearshore (2022-2030) ($MN)
10 Global Wave & Tidal Energy Market Outlook, By Technology (2022-2030) ($MN)
11 Global Wave & Tidal Energy Market Outlook, By Wave Energy (2022-2030) ($MN)
12 Global Wave & Tidal Energy Market Outlook, By Point Absorber (2022-2030) ($MN)
13 Global Wave & Tidal Energy Market Outlook, By Oscillating Water Column (OWC) (2022-2030) ($MN)
14 Global Wave & Tidal Energy Market Outlook, By Oscillating Wave Surge Converter (OWSC) (2022-2030) ($MN)
15 Global Wave & Tidal Energy Market Outlook, By Attenuator (2022-2030) ($MN)
16 Global Wave & Tidal Energy Market Outlook, By Tidal Energy (2022-2030) ($MN)
17 Global Wave & Tidal Energy Market Outlook, By Tidal Stream Generator (2022-2030) ($MN)
18 Global Wave & Tidal Energy Market Outlook, By Tidal Barrage (2022-2030) ($MN)
19 Global Wave & Tidal Energy Market Outlook, By Tidal Lagoon (2022-2030) ($MN)
20 Global Wave & Tidal Energy Market Outlook, By Application (2022-2030) ($MN)
21 Global Wave & Tidal Energy Market Outlook, By Power Generation (2022-2030) ($MN)
22 Global Wave & Tidal Energy Market Outlook, By Desalination (2022-2030) ($MN)
23 Global Wave & Tidal Energy Market Outlook, By Aquaculture (2022-2030) ($MN)
24 Global Wave & Tidal Energy Market Outlook, By Environmental Monitoring (2022-2030) ($MN)
25 Global Wave & Tidal Energy Market Outlook, By Coastal Protection & Erosion Control (2022-2030) ($MN)
26 Global Wave & Tidal Energy Market Outlook, By Recreation & Tourism (2022-2030) ($MN)
27 Global Wave & Tidal Energy Market Outlook, By Other Applications (2022-2030) ($MN)
28 Global Wave & Tidal Energy Market Outlook, By End User (2022-2030) ($MN)
29 Global Wave & Tidal Energy Market Outlook, By Utilities (2022-2030) ($MN)
30 Global Wave & Tidal Energy Market Outlook, By Government (2022-2030) ($MN)
31 Global Wave & Tidal Energy Market Outlook, By Commercial (2022-2030) ($MN)
32 Global Wave & Tidal Energy Market Outlook, By Industrial (2022-2030) ($MN)
33 Global Wave & Tidal Energy Market Outlook, By Residential (2022-2030) ($MN)
34 Global Wave & Tidal Energy Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We offer complimentary customization of up to 15% with every purchase. To share your customization requirements, feel free to email us at info@strategymrc.com or call us on +1-301-202-5929. .
Please Note: Customization within the 15% threshold is entirely free of charge. If your request exceeds this limit, we will conduct a feasibility assessment. Following that, a detailed quote and timeline will be provided.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
