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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.*
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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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124