Wave and Tidal Energy Market – Global Industry Analysis and Forecast (2023-2029)

Wave and Tidal Energy Market was valued at US$ 803.93 Mn. in 2022. The Global Wave and Tidal Energy Market size is estimated to grow at a CAGR of 33.3 % over the forecast period.
Wave and Tidal Energy Market Overview:
Wave energy is the technique of transmitting and capturing energy from ocean waves for purposes such as power generation, desalination, and environmental protection, among others. Tidal Energy is the natural rise and fall of the ocean tides or seawater level is powered by the integration of gravitational forces of the moon and the sun. The rise and fall of the tides can be used to generate electricity or for other purposes.

To know about the Research Methodology:- Request Free Sample Report

The report explores the Wave and Tidal Energy market segments (Type, Production Type, Application, Technology, and Geography). Data has been provided by market participants, and regions, (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all Technology sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Wave and Tidal Energy market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Wave and Tidal Energy market’s contemporary competitive scenario.
Wave and Tidal Energy Market Dynamics:
Renewable Energy Best Alternative to Generate Electricity:

The market is growing because of an increase in energy demand for various operations in the commercial and residential sectors. Also, market growth is being fueled by advances in the R&D department for clean energy sources to minimize the consequences of greenhouse emissions. Rising rivalry among stakeholders in the wave and tidal energy markets is propelling the market forward. Various measures are being implemented around the world, including subsidies for wave and tidal power projects, restrictions on the expansion of conventional power projects, and target-based growth for these projects.

Aggressive actions, such as allowing major projects to be developed in stages, a strong government policy framework and incentive schemes, and dependable and consistent renewable energy sources, are providing tremendous growth potential for wave and tidal energy companies.

Initiatives by the Government to Promote Clean Energy Sources:

The market is growing due to government support for a sustainable source of energy a cleaner power source to minimize greenhouse gas and CO2 emissions. Also, government investments in renewable energy systems are twice as large as government investments in fossil fuel energy in Asia Pacific countries like India and China.

The release of hazardous gases as a result of the combustion of fossil fuels can pollute the air and cause pollution. The wave and tidal energy sector can benefit in the future as people become more conscious of the consequences of non-renewable energy on global warming.

Lack of Investment:

The intermittent character of certain wave and tidal power sources has been noted as a major restriction in the wave and tidal energy sector. Immature technology in wave and tidal power generation, as well as a lack of funding channels and commercial deployment of projects, all stymie market expansion. There’s a specific area needed for such Technology implications also the operational cost is very high, and the risk of marine mammals and fish being struck by tidal turbine blades is a problem that is limiting the market's expansion.

Wave and Tidal Energy Market Trends:

Many projects have reached milestones, gained investment capital, tested prototypes, or other growth factors, and the worldwide market has been moving forward in earnest. These projects are cost-competitive in a specific niche market, which is the most effective way to establish and demonstrate experience in wave and tidal power, as well as important developmental milestones for utility sizes. Besides, diverse technologies are employed for wave and tidal power generation, which expands the possibilities for constructing wave and tidal systems. Also to technology advancement, the policy framework and revenue support mechanism in the market from 2023 to 2029 reflect technological development. For example, EMEC and Perpetuus Tidal Energy Centre (PTEC) have formed a collaboration to create a tidal site in England in 2021. The project was sent a clear market signal to tidal power in the UK, with a commitment to continue developing and commercializing tidal technology. The cooperation works to create the TIGER project, which was funded by Interred Channel for USD 46.75 million and involves the construction of five tidal energy development sites in France and the United Kingdom. And also the European Marine Energy Centre Limited (EMEC) and Sea-based was collaborated in February 2021 to design and perform a test program for Seabased's wave-to-grid energy park technology.
Wave and Tidal Energy Market Segment Analysis:
On the basis of Production, is segmented into two types of energy Tidal Energy and Wave Energy during the forecast period, the tidal power market is expected to grow at a CAGR of more than 15.8%. Because floating turbine systems can create more energy than those fixed to the seabed, the Floating Tidal Power Platform is predicted to increase at a rapid rate during the forecasted period. Wave Energy is forecasted to grow at a CAGR of 19.3%. Eco Wave Power has tested a wave and solar energy solution that works together. A solar panel is put above the floater of their existing wave energy converter in the new device. This integration results in a capacity boost of between 3% and 10%.



Based on Application, the Wave and Tidal Energy Market is segmented into Power Generation, desalination, and others. Due to the rising consumption of electrical power around the world and technological advancement, the power generation segment holds a large market share accounting for 46% in 2022. As a result, increasing power-producing capacity to fulfill global demand has become required. Electricity generated from the sea is increasing in popularity because of its potential, predictability, and high availability when compared to other conventional renewable resources, and it is currently dominating the market. The desalination segment is also an important area for the market, since using saltwater to create drinking water and potable water has grown commonplace due to its more resilient nature. Desalination eliminates salt and other undesirable elements from seawater, resulting in freshwater for human consumption or agricultural use.
Regional Insights:
The Asia-Pacific region held the largest market share accounting for 41% in 2022. The Asia Pacific region is one of the most important and appealing markets for wave and tidal energy. Over the forecast period, the market is expected to rise because of significant economic growth, population awareness, resource availability, and developments in open test sites. In the Asia-Pacific area, the commissioning of the Sihwa Lake Tidal Power Station in South Korea, with a capacity of 254 MW, hand out the most and became the world's largest tidal power plant, replacing France's Rance Tidal Power Station. Public funding schemes are increasing, as are environmental rules. Also, the rising population and corresponding increases in electricity demand in Asia Pacific's main countries such as China, India, and Japan contribute to the region's massive market need.

The objective of the report is to present a comprehensive analysis of the global Wave and Tidal Energy Market to the stakeholders in the Technology. The past and current status of the Technology with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the Technology with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the Technology to the decision-makers.

The reports also help in understanding the Wave and Tidal Energy Market dynamic, and structure by analyzing the market segments and projecting the Wave and Tidal Energy Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Production portfolio, growth strategies, and regional presence in the Wave and Tidal Energy Market make the report investor’s guide.

Wave and Tidal Energy Market Competitive Landscape:

The existence of large and medium-scale renewable energy projects distinguishes the wave and tidal energy sectors. Companies developing sophisticated wave and tidal energy technology & start-ups are supported by venture capitalists and government organizations. Ocean Renewable Power Company LLC, Atlantis Resources Limited, Marine Current Turbines Limited, S.D.E Ltd., Ocean Power Technologies Inc., AquaGen Technologies, Carnegie Wave Energy Limited, Pelamis Wave Power Ltd., Tenax Energy Solutions LLC, and Aquamarine Power Limited are some of the major players in the global wave and tidal energy market.
Wave and Tidal Energy Market Scope: Inquire before buying



Wave and Tidal Energy Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 803.93 Mn.


Forecast Period 2023 to 2029 CAGR:
33.3%
Market Size in 2029:
US $ 6012.15 Mn.


 Segments Covered:
by Production
Wave Energy
Tidal Energy


by Application
Power Generation
Desalination
Others


by Technology
Oscillating Water Columns
Oscillating Body Convertor
Tidal Turbine
Tidal Barrages
Others



Wave and Tidal Energy Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Aquamarine Power Ltd.
2. Marine Current Turbines Ltd.
3. Atlantis Resources Ltd.
4. AquaGen Technologies
5. Tenax Energy
6. Ocean Renewable Power Company LLC
7. Ocean Power Technologies, Inc.
8. Carnegie Wave Energy
9. Pelamis Wave Power
10. IHI Corporation
11. YAM PRO Energy
12. AW Energy Oy Ltd
13. Eco Wave Power
14. CorPower Ocean AB
15. Mocean Energy
16. SINN Power GmbH
17. Tacardo B.V
18. Nova Innovations

Frequently Asked Questions:

1] What is the forecasted market size and growth rate of the Global Wave and Tidal Energy market?
Ans. Forecasted market size US$ 6012.15 Mn. till 2029, with a CAGR of 33.3 %.

2] What are the key driving factors of the growth of the Global Wave and Tidal Energy market?
Ans. Renewable energy best alternative to generate electricity, Initiatives by the government to promote clean energy sources and rising rivalry among stakeholders are some of the factors driving the growth of the Wave and Tidal Energy market.

3] Which region is expected to hold the highest share in the global Wave and Tidal Energy Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Wave and Tidal Energy market.

4] Which are the leading key players in the global Wave and Tidal Energy market?
Ans. Aquamarine Power Ltd., Marine Current Turbines Ltd., Atlantis Resources Ltd., AquaGen Technologies, Tenax Energy, and Ocean Renewable Power Company LLC are some of the key players of the Wave and Tidal Energy market.

5] What segments are covered in Global Wave and Tidal Energy?
Ans. The Global Wave and Tidal Energy market is segmented in Production, Technology, application, and Geography.