The global waves and tidal energy market is estimated to be USD 1.34 billion in 2024 and is projected to reach USD 23.05 billion by 2032, at a CAGR of 42.71% from 2024 to 2032.
Wave energy is defined as the energy of waves from the ocean surface, which is captured for power generation, desalination, and pumping water to reservoirs, wave and tidal energy is considered to be the most promising green technologies, generating the most concentrated renewable energy source. The oceans are an unlimited source of clean energy. Harnessing tidal and wave energy from ocean surfaces should therefore be the most sustainable source of energy. Wave and tidal energy are sustainable methods of harnessing energy from the oceans for the production of electricity. Countries around the world tend to use these forms of renewable energy because they provide a constant source of clean energy. The abundance of ocean surface and power generation capacity in various countries has prompted governments to pursue ocean power generation as a major source of renewable energy in the future.
The global wave and tidal energy market have the highest demand due to the increased expansion of projects in all countries resulting in a massive reduction in the cost of electricity. In addition, increased investment and new policies from local governments are encouraging technology developers to bring their energy-converting devices to market quickly. Technological progression is still in the development phase for both forms of energy. This leaves a lot of leeway for new players to enter the market by introducing new and advanced technologies. There is a greater opportunity for the development of tidal power stations based on new technologies. Both sectors are expected to experience considerable market growth in terms of installed capacity and investments.
The main driver recognized in the wave and tidal energy market is government initiatives to boost the source of the wave and tidal energy. Due to the benefits of the Wave and Tidal Power Project as a cleaner source of energy, countries around the world are opting for various initiatives, such as grants for wave and tidal power projects, limiting the expansion of conventional energy projects and growth based on these goals. Projects. Countries like China and India aim to meet a significant portion of the energy needs of wave and tidal power projects, which in turn drive market growth.
In addition, the immature technology in generating electricity through the wave and tidal power sources, and the lack of funding channels and commercial deployment of projects are hampering the growth of the market. Additionally, the risk of marine mammals and fish being affected by tidal turbine blades is another factor that is slowing the market growth to some extent.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2032 |
Base Year |
2023 |
Forecast Period |
2024 to 2032 |
CAGR |
42.71% |
Segments Covered |
By Type, Technology, End Use, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Ocean Renewable Power Company, LLC, Pelamis Wave Power Ltd., Aquagen Technologies, Tenax Energy, Carnegie Wave Energy Ltd., Atlantis Resources Ltd., Ocean Power Technologies, Inc., and Others. |
The tidal power segment has been the fastest growing in the worldwide market. Increased investment in emerging economies is driving market growth. The MeyGen project to commercialize tidal technology is the most important step. Technological development in the tidal power segment promotes commercialization, leading to the growth of the segment.
Oscillating water columns are the fastest growing in the wave energy market. It is a type of wave energy converter that is used to generate electrical energy. This is done by the oscillation of waves inside a chamber. It has a low environmental impact and is the preferred source of renewable energy. Companies focus on increasing the efficiency of oscillating water columns.
The North American market has seen several developments in recent years. In 2023, renewable sources accounted for about 16% of total electricity production in the United States. Canada has a significant market for ocean technology in the region. Nova Scotia is estimated to be a major market in Canada at the provincial level, where $ 60.0 million has been committed to marine energy since 2015.
In 2023, over 92.0% of all ocean technology operational capacity was represented by two tidal barrier facilities, namely the Sihwa power station in the Republic of Korea with a capacity of 255 MW, and the La Rance power station de France with a capacity of 245 MW. The other projects are in the pre-commercialization and development phase.
Europe is expected to lead the pack during the forecast period. Growth is being driven by the substantial efforts of governments of various economies to support the transition to a low-carbon economy and the great strides that the energy sector is making across the region.
The Asia-Pacific region accounted for a 41.0% revenue share of the global market in 2020. Manufacturers in this area have participated in the development of new designs and production processes to meet the growing demand for clean energy. The substantial growth of the economy, awareness of the population, availability of resources, and development of open test sites are expected to drive market growth during the forecast period.
Companies playing a prominent role in the global waves and tidal energy market include Ocean Renewable Power Company, LLC, Pelamis Wave Power Ltd., Aquagen Technologies, Tenax Energy, Carnegie Wave Energy Ltd., Atlantis Resources Ltd., Ocean Power Technologies, Inc., and Others.
By Type
By Technology
By End Use
By Region
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