Wave & Tidal Energy Market Size, Share, Growth & Industry Analysis, By Type (Wave Energy, Tidal Energy), By Application (Power Generation, Desalination, Others) and Regional Analysis, 2023-2030

Wave & Tidal Energy Market Size

The global Wave & Tidal Energy Market size was valued at USD 600.1 million in 2022 and is projected to reach USD 3230.1 million by 2030, growing at a CAGR of 8.90% from 2023 to 2030. In the scope of work, the report includes solutions offered by companies such as Atlantis Resources Corp, Kepler Energy, Ocean Power Technologies, Inc., Trident Energy, Seabased AB, AWS Ocean Energy, AW Energy, Wave Star Energy A/S, ANDRITZ, BIOPOWER SYSTEMS PTY LTD and Others.

The worldwide wave and tidal energy market is experiencing rapid growth as nations strive to utilize the ocean's power to fulfill their surging energy needs. Wave and tidal energy, which tap into the ocean's natural movements to produce electricity, are renewable energy sources. Given the rising concerns regarding climate change and the imperative to decrease greenhouse gas emissions, wave and tidal energy have emerged as promising and sustainable solutions for the future.

In addition to being a clean and sustainable energy source, wave and tidal energy offer several advantages over other forms of renewable energy. Unlike solar and wind energy, wave and tidal energy are predictable and consistent, making them more reliable for power generation. Furthermore, the ocean has a vast potential for energy production, with estimates suggesting that wave and tidal energy could meet a significant portion of the world's electricity needs. As technology continues to advance and costs decrease, the global wave and tidal energy market is projected to experience substantial growth in the forthcoming years. However, high upfront investment costs associated with wave and tidal energy are expected to restrain the market growth.

Analyst’s Review

The global wave and tidal energy market is expected to witness significant growth in the near future, driven by increasing government support and investments in renewable energy sources. The rising awareness of the environmental impacts associated with traditional energy sources has led to a shift towards cleaner and more sustainable alternatives.

Additionally, advancements in technology and the growing number of wave and tidal energy projects worldwide are contributing to the market's expansion. With the potential to provide a reliable and consistent source of renewable energy, the  market is poised to play a crucial role in the global transition towards a greener future.

Furthermore, 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 a significant increase in funding and support for research and development in this sector, which is propelling the growth of the market.

Market Definition

Wave and tidal energy are two forms of renewable energy that harness the power of the ocean to generate electricity. While both utilize the movement of water, they differ in the specific mechanisms by which they capture and convert this energy. Wave energy refers to the energy generated by the motion of ocean waves, while tidal energy refers to the energy generated by the rise and fall of tides. These forms of energy have gained significant attention and interest in recent years due to their potential to provide a consistent and reliable source of clean power.

Wave energy and tidal energy are both renewable sources of energy with the potential to reduce dependence on fossil fuels and decrease carbon emissions. Wave energy converters are designed to harness the kinetic energy of ocean waves, often using floating devices or submerged structures. Tidal energy, on the other hand, utilizes turbines placed underwater and driven by the movement of tides. Both wave and tidal energy have the advantage of being predictable and highly consistent, making them attractive options for sustainable power generation.

Market Dynamics

The wave and tidal energy industry is experiencing robust growth due to the increasing demand for clean and renewable energy sources. This industry utilizes the natural currents and waves of the ocean to generate electricity in a sustainable and reliable manner. It holds the potential to substantially decrease carbon emissions and address the challenges posed by climate change. Furthermore, ongoing technological advancements and research endeavors contribute to enhancing the efficiency and cost-effectiveness of wave and tidal energy systems, rendering them more appealing to countries worldwide seeking to adopt cleaner energy alternatives.

Moreover, wave and tidal energy can enhance energy security for countries by reducing dependence on fossil fuel imports. By harnessing the power of the ocean, nations can tap into a limitless source of energy that is not subject to geopolitical tensions or price fluctuations. This can provide a stable and predictable energy supply, allowing countries to become more self-sufficient and less vulnerable to disruptions in the global energy market.

As the world becomes more conscious of the need for sustainable energy solutions, wave, and tidal energy have emerged as promising alternatives that can contribute to a greener future, increasing their demand and driving the growth of the market. However, high initial capital costs and technological challenges for wave & tidal energy generation can hamper wave and tidal energy market growth.

Segmentation Analysis

The global market is segmented based on type, application, and geography.

By Type

Based on type, the wave & tidal energy market is bifurcated into wave energy and tidal energy. The tidal energy segment dominated the market in 2022, as tidal energy harnesses the power of the ocean's tides to generate electricity. This form of renewable energy has gained significant attention and investment in recent years due to its potential to provide a consistent and reliable source of power.

By Application

Based on application, the wave & tidal energy market is bifurcated into power generation, desalination, and others. The power generation segment is expected to lead the market through the assessment period due to several factors. Firstly, the demand for clean and renewable sources of energy has been increasing steadily as countries strive to reduce their carbon emissions and combat climate change. Wave and tidal energy offer a promising solution as they harness the power of the ocean, which is an abundant and untapped resource. Additionally, the power generation segment has witnessed significant advancements in technology and infrastructure, making it more efficient and cost-effective than other segments such as desalination or pumping.

Wave & Tidal Energy Market Size

Based on region, the global market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Europe led the wave & tidal energy market with the largest market share over the review period due to the presence of advanced technology and strong government support for renewable energy initiatives. Additionally, major countries such as the United Kingdom and Portugal boast favorable geographical conditions, making them ideal for harnessing wave and tidal energy. As a result, Europe has emerged as a hub for wave and tidal energy projects, attracting investments and driving the growth of the market in the region.

North America is anticipated to register the fastest growth rate over the forecast period mainly on account of its vast coastline and access to ocean resources. The region is home to numerous potential sites for wave and tidal energy projects, which provides a significant advantage in harnessing renewable energy sources. Additionally, North America has shown a strong commitment from governments and industry leaders to invest in and develop clean energy technologies, further boosting the growth of the market in the region.

Competitive Landscape

The global wave & tidal energy market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization.

Wave & Tidal Energy Market Regional Analysis

• Atlantis Resources Corp
• Kepler Energy
• Ocean Power Technologies, Inc.
• Trident Energy
• Seabased AB
• AWS Ocean Energy
• AW Energy
• Wave Star Energy A/S
• ANDRITZ
• BIOPOWER SYSTEMS PTY LTD

Key Industry Developments

• June 2021: Mocean Energy announced the testing of its Blue-X tidal wave energy prototype at the “European Marine Energy” with the device currently generating power. During this Scapa testing phase, the company tested power production and compared the results against several numerical predictions.
• April 2021: Orbital Marine has unveiled its latest innovation, the "Orbital O2" turbine, which is set to be installed at the European Marine Center (EMC) in Orkney. This turbine marks a significant development in the renewable energy sector.

The Global Wave & Tidal Energy Market is Segmented as:

By Type

• Wave Energy
• Tidal Energy

By Application

• Power Generation
• Desalination
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America