Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Wave and Tidal Energy Market Growth

Wave and tidal energies are renewable sources of energy powered by the natural movement of ocean tides and currents. To generate power, tidal energy uses tidal currents and amplitudes whereas wind energy uses wind driven water oscillations. They occur during the rise and fall of ocean currents and are caused due to the gravitational pull of sun and moon on the earth. The wave and tidal energy market expansion is driven by several key factors. The primary driver is the growing demand for clean and renewable energy sources, which has led to a shift away from fossil fuels and towards sustainable alternatives. For instance, the UK government has set a target of generating 30% of its electricity from offshore wind by 2030, which includes tidal and wave energy.

 

Additionally, 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 significant funding and support for research and development in the sector. For example, the European Union has allocated EUR 1.5 billion for the development of offshore renewable energy, including tidal and wave energy. Furthermore, the growing number of wave and tidal energy projects worldwide are contributing to the market's expansion. As per industry reports, there are approximately 100 companies worldwide that deal with wave energy production, whereas over 20 countries have recently invested in tidal power project development.

 

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 2023, 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 21.2% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 5.20 billion by 2032.

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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63 Fiona Drive, Tamworth, NSW

+61-448-061-727

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63-287-899-028, +63-967-048-3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84-865-399-124

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