Wave and Tidal Energy Market Report 2024-2032

The global wave and tidal energy market was valued at USD 1,589.2 million in 2023. The market is projected to expand from USD 1911.8 million in 2024 to USD 29,826.6 million by 2032, growing at a compound annual growth rate (CAGR) of 20.3% during the forecast period from 2024 to 2032. This robust growth is attributed to increasing demand for clean energy sources, favorable government policies, and technological advancements in the field of wave and tidal energy.

Industry Dimensions:

The global wave and tidal energy market has gained significant traction in recent years as the demand for renewable and sustainable energy sources rises. This market is defined by the harnessing of energy from ocean waves and tidal movements, which are then converted into electricity. As part of the broader renewable energy landscape, wave and tidal energy technologies are expected to make substantial contributions to global energy generation in the coming years.

For further information, you can buy now and access comprehensive details about market trends, drivers, and forecasts.

Industry Key Trends:

• Technological Advancements: Ongoing innovations in turbine and wave energy converter designs are driving efficiency improvements and reducing costs.
• Government Initiatives: Increased government investments and incentives aimed at expanding the adoption of renewable energy sources, including wave and tidal energy, are propelling market growth.
• Environmental Sustainability: Wave and tidal energy are considered eco-friendly energy sources, contributing to the reduction of greenhouse gas emissions.
• Public-Private Partnerships: Collaborations between governments and private companies are fostering the growth of commercial projects and large-scale installations.
• Energy Independence: Countries are increasingly investing in domestic renewable energy sources to reduce dependence on fossil fuel imports.
• Hybrid Energy Systems: There is a rising trend in integrating wave and tidal energy with other renewable energy technologies, such as offshore wind, to create hybrid energy systems for better stability and efficiency.

Wave and Tidal Energy Market Size and Share:

Wave and tidal energy have emerged as key components in the global transition to renewable energy. The market is highly fragmented with several key players dominating the sector, while numerous smaller firms contribute to the technological advancements. The market is driven by both power generation applications and emerging uses like desalination.

For in-depth insights, you can download the free sample.

The market share for tidal energy is expected to grow significantly due to increasing investments in tidal power plants, particularly in regions with strong tidal flows such as the United Kingdom, Canada, and South Korea. Wave energy, on the other hand, is anticipated to witness significant advancements in its technology and applications in the coming years.

Regional Trends:

The wave and tidal energy market is expected to see different growth trends across regions, driven by geographical, technological, and policy-related factors. Below is a breakdown of the regional impact:

1. North America:

• Key Countries: United States, Canada
• North America is one of the leading regions in the wave and tidal energy market, driven by countries like the United States and Canada, both of which have significant coastlines and high tidal ranges.
• In the United States, the development of wave and tidal energy technologies is primarily concentrated along the Atlantic Coast, with increasing investments from both private companies and the government.
• Canada is also investing heavily in tidal power, with projects like the Fundy Ocean Research Center for Energy (FORCE) leading the way.

2. Asia Pacific (APAC):

• Key Countries: China, South Korea, Japan, India
• The APAC region is witnessing a surge in wave and tidal energy projects, particularly in countries with long coastlines and high tidal ranges such as South Korea and Japan.
• China has begun to explore the potential of marine renewable energy to support its growing energy demands.
• South Korea has invested in significant tidal power plants, including the Sihwa Tidal Power Station, which is one of the largest in the world.
• India’s coastlines offer significant tidal energy potential, and there are ongoing research and development projects to tap into this resource.

3. Europe:

• Key Countries: United Kingdom, France, Spain, Norway, Portugal
• Europe is a global leader in wave and tidal energy technologies, particularly in the United Kingdom, which boasts strong tidal currents along its coastlines.
• The UK government has made substantial investments in tidal energy, with projects like the Severn Barrage and Pentland Firth tidal stream projects.
• France, Spain, and Norway are also pursuing wave and tidal energy projects, with several companies leading technological advancements in this region.

4. LAMEA (Latin America, Middle East, and Africa):

• Key Countries: Brazil, UAE, South Africa
• In LAMEA, wave and tidal energy technologies are emerging, though the market is still in the nascent stages.
• Brazil, with its vast coastline, has begun exploring the potential for ocean energy, particularly wave energy.
• The UAE has expressed interest in wave energy as part of its broader renewable energy strategy.
• South Africa, with its extensive coastline along the Indian Ocean, is also researching tidal energy potential.

Wave and Tidal Energy Market Segmentations:

By Technology (2020-2032)

• Wave Energy
• Oscillating Water Columns
• Oscillating Body Converter
• Others
• Tidal Energy
• Tidal Turbine
• Tidal stream generator
• Tidal Barrages
• Tidal Fences
• Others

By Application (2020-2032)

• Power Generation
• Desalination
• Others

Top Players in the Wave and Tidal Energy Market:

• BioPower Systems Pty. Ltd.
• Blue Energy Canada Inc.
• Nova Innovation Ltd.
• Applied Technologies Company, Ltd.
• Aqua-Magnetics Inc.
• Ocean Power Technologies Inc.
• Aquagen Technologies
• Carnegie Wave Energy Ltd.
• Corpower Ocean AB
• Ocean Renewable Power Company, LLC
• Orbital Marine Power
• SIMEC Atlantis Energy Ltd
• Verdant Power, Inc.
• Eco Wave Power AB
• Pelamis Wave Power

Company Details:

Straits Research is a top provider of business intelligence, specializing in research, analytics, and advisory services, with a focus on delivering in-depth insights through comprehensive reports.

• Contact Us:
  Email: sales@straitsresearch.com
  Address: 825 3rd Avenue, New York, NY, USA, 10022
  Phone: +1 646 905 0080 (US), +91 8087085354 (India), +44 203 695 0070 (UK)

For further market insights, buy now or download the free sample today!

Visit Now: Visit Now