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Report Overview
The global wave and tidal energy market reached a value of USD 0.92 Billion in 2024. The market is further projected to grow at a CAGR of 21.20% between 2025 and 2034 and reach a value of USD 6.29 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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As per industry reports, the coastline of the United States can produce about 252 billion kWh of wave energy per year.
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Scotland contributes 10% to the total wave energy produced by the European continent and is a centre for Research & Development in wave energy technology.
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The cost of tidal power plants can be high, with some examples including a 3.75 MW plant in West Bengal costing Rs 63.5 crore per MW and a 50 MW plant in Gujarat costing Rs 15 crore per MW.
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As per industry reports, the total potential capacity of the 27 best locations in the world for tidal stream farms is 152,000 MW.
Leading Companies in the Wave and Tidal Energy Market
Market players are investing extensively in R&D activities and building new manufacturing facilities to increase their market shares across different regions
Ocean Power Technologies, Inc. was founded in 1984 and is headquartered in New Jersey, United States. The renewable energy company provides electric power and communication solutions and services for remote offshore applications.
Wello Oy was established in 2008 and has its headquarters located in Espoo, Finland. The high-tech and innovative company is known for developing and offering simple and environmentally friendly neutral wave energy converters to customers.
Tocardo B.V. is a renewable energy semiconductor manufacturing company that was founded in 2020 and is headquartered in Wieringerwerf, Netherlands. The company is known for developing, designing, and manufacturing power generating solutions that provide a reliable flow of tidal energy.
Carnegie Wave Energy Ltd develops and commercializes the CETO wave energy technology, which captures energy from ocean waves and converts it into electricity using AI and electric machines. The company was founded in 1987 and is headquartered in North Fremantle, Western Australia.
Other key players in the global wave and tidal energy market include SIMEC Atlantis Energy LTD. (SAE), Eco Wave Power Ltd., Verdant Power, Inc., CorPower Ocean AB, and Mocean Energy Ltd., among others.
Wave and Tidal Energy Market Report Snapshots
Wave and Tidal Energy Market Size
Wave and Tidal Energy Market Growth
Wave and Tidal Energy Market Trends
Wave and Tidal Energy Market Share
Wave and Tidal Energy Companies
Wave and Tidal Energy Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate value of USD 0.92 Billion.
The wave and tidal energy market is expected to grow at a CAGR of 21.20% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to USD 6.29 Billion by 2034.
The major drivers of the market include supportive government policies, rising research and development activities, and increasing demand from various end users.
Key trends aiding market expansion include the technological advancements, increasing environmental concerns, favourable government incentives, increasing number of energy plants, and surging demand for water desalination.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types include wave energy and tidal energy.
Key players in the market are Ocean Power Technologies, Inc., Carnegie Wave Energy Ltd., SIMEC Atlantis Energy LTD. (SAE), Eco Wave Power Ltd., Verdant Power, Inc., CorPower Ocean AB, Mocean Energy Ltd., Wello Oy, and Tocardo B.V., among others.
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