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Global Wave and Tidal Energy Market Size, Share, Forecast: By Type: Wave Energy, Tidal Energy; By Technology: Tidal Stream Generator, Oscillating Water Columns, Tidal Turbines, Tidal Barrages, Tidal Fences; By Application: Power Generation, Desalination; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Wave and Tidal Energy Market Analysis
8.1 Key Industry Highlights
8.2 Global Wave and Tidal Energy Historical Market (2018-2023)
8.3 Global Wave and Tidal Energy Market Forecast (2024-2032)
8.4 Global Wave and Tidal Energy Market by Type
8.4.1 Wave Energy
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Tidal Energy
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Wave and Tidal Energy Market by Technology
8.5.1 Tidal Stream Generator
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Oscillating Water Columns
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Tidal Turbines
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Tidal Barrages
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Tidal Fences
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.6 Global Wave and Tidal Energy Market by Application
8.6.1 Power Generation
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Desalination
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Wave and Tidal Energy Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Wave and Tidal Energy Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Wave and Tidal Energy Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Wave and Tidal Energy Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Wave and Tidal Energy Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Wave and Tidal Energy Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Ocean Power Technologies, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Carnegie Wave Energy Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 SIMEC Atlantis Energy LTD. (SAE)
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Eco Wave Power Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Verdant Power, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 CorPower Ocean AB
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Mocean Energy Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Wello Oy
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Tocardo B.V.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Other
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Wave and Tidal Energy Market: Key Industry Highlights, 2018 and 2032
2. Global Wave and Tidal Energy Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Wave and Tidal Energy Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Wave and Tidal Energy Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Wave and Tidal Energy Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Wave and Tidal Energy Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Wave and Tidal Energy Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Wave and Tidal Energy Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Wave and Tidal Energy Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Wave and Tidal Energy Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Wave and Tidal Energy Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Wave and Tidal Energy Market Structure
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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