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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 Share
Both wave energy and tidal energy technologies are playing important roles in the global transition towards renewable and sustainable energy sources
The wave energy segment accounts for the larger market share as wave energy systems are more developed and widely used in the marketplace compared to tidal energy technologies. Governments and investors tend to favour wave energy due to its relative simplicity and ability to generate steady amount of electricity. Also, wave energy is seen as a more mature and proven technology compared to tidal energy, which has contributed to its dominant market position. In 2023, the U.S. had an estimated annual wave energy potential of 2.64 trillion kilowatt hours, equivalent to 63% of its total utility-scale electricity generation.
On the other hand, the tidal energy segment is also a significant part of the wave and tidal energy market report as tidal energy is more efficient than wind or solar energy due to the higher density of water compared to air, which allows for slower rotation speeds and more power generation. Moreover, tidal energy is highly predictable due to the regular and predictable nature of tides, making them a valuable renewable energy source that is gaining increasing adoption.
Power generation holds a significant market share due to the rising global demand for electricity
Power generation accounts for a significant wave and tidal energy market share owing to the rising consumption of electricity due to increasing population. Additionally, growing urbanisation has also boosted the requirement for reliable power generation sources, such as tidal and wave at homes and offices. In 2023, the MeyGen project, developed by SIMAC in the UK achieved a significant milestone by generating 50GWh of clean electricity from tidal energy. Moreover, improvements in turbine technologies and designs are expected to boost the efficiency and reduce costs associated with power generation.
The desalination segment is expected to be a significant contributor to the wave and tidal energy market growth in regions like the Middle East and North Africa, where access to fresh water is limited. Moreover, governments and private companies are investing heavily in desalination technologies, particularly those that use renewable energy sources like wave and tidal power. For example, Ocean Power Technologies recently announced the successful deployment of its PowerBuoy system, which harnesses the kinetic energy of waves to generate electricity for desalination plants.
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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