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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.
Wave and Tidal Energy Market Analysis by Region
Asia Pacific is expected to lead the market due to region’s rapid adoption and generation of renewable energy
The Asia Pacific is expected to capture the largest market share over the forecast period owing to rising number of environmental regulations and initiatives taken up by various governments in the region to promote the use of pollution free renewable energy sources. Opening of new national test sites in China coupled with the rising focus on the development of the electricity generation processes in the country is further supporting the growth of wave and tidal energy market in the Asia Pacific region.
North America is another significant player in this market due to the region's large investment in the creation, deployment, research, and development of wave and tidal technology. The area has many good seaside locations and a robust regulatory environment that supports the sector's expansion. Government support further accelerates the market through subsidies, tax breaks, and programs. Canada has the largest market in North America, with initiatives like FORCE, the premier research centre for in-stream tidal energy, and strategic research projects in the marine energy industry.
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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