Global Wave and Tidal Energy Market Insights Forecasts to 2033

• The Global Wave and Tidal Energy Market Size was Valued at USD 970.03 Million in 2023
• The Market Size is Growing at a CAGR of 31.18%  from 2023 to 2033
• The Worldwide Wave and Tidal Energy Market Size is Expected to Reach USD 14636.12 Million by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Wave and Tidal Energy Market Size is Anticipated to Exceed USD 14636.12 Million By 2033, Growing at a CAGR of 31.18% from 2023 to 2033.

Market Overview

Ocean waves and tides cause the water to move constantly, and this motion can be used to generate electricity. Wind-driven waves occur because the water oscillates in nearly circular orbits that reach down to a depth equal to half of the wave's wavelength or the separation between peaks. Wave and tidal power are simple methods of creating electricity that would have been generated by a power station burning non-renewable fuel. The expansion of the renewable energy market has been supported by the global trend towards clean and sustainable energy sources, the implementation of supportive policies and incentives by governments, and the notable progress made in wave and tidal generating technologies. Renewable energy sources, such as wind and solar power, have been widely adopted, but they have limits due to land availability and a mismatch between supply and demand. As a result, tidal and wave power have grown up as new renewable resources with vast untapped potential. Furthermore, the rapid depletion of fossil fuels and growing environmental concerns, the global energy transition is driving the renewable sector with technological advancements, development goals, and other factors.

Report Coverage

This research report categorizes the market for the wave and tidal energy market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the wave and tidal energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the wave and tidal energy market.

Driving Factors

The growth of the wave and tidal energy markets is significantly growing due to several factors despite being extensively utilized renewable energy technologies; including wind and solar power, have shortcomings because of supply and demand imbalances and land availability. Consequently, this has led to the development of wave and tidal power as a new, widespread renewable resource.

Restraining Factors

The market for wave and tidal energy is facing substantial growth restrictions, as a result the installation and operation of wave and tidal energy devices, which have the potential to disrupt habitats and harm marine ecosystems, is the cause of these challenges.

Market Segmentation

The wave and tidal energy market share is classified into type and technology.

• The wave energy segment accounted for the largest revenue share over the forecast period.

Based on the type, the wave and tidal energy market is categorized into wave energy and tidal energy.  Among these, the wave energy segment accounted for the largest revenue share over the forecast period.   This is due to the great availability of the necessary resources around the globe and the regular and predictable wave patterns that coastlines provide, making it a desirable choice for energy generation. Furthermore, wave energy technologies are known to be more capable of producing energy than tidal energy, meaning that more electricity is produced with each installed unit of capacity.

• The tidal stream generator segment holds the highest market share through the forecast period.

Based on the technology, the wave and tidal energy market is categorized into tidal stream generator, oscillating water columns, barrage, and others. Among these, the tidal stream generator segment holds the highest market share through the forecast period. The tidal turbine generates electricity from water that is moving using the same basic idea as wind turbines. A generator is powered by a propeller that is turned by the turbines' blades. Strong tidal flow is present where the turbine is positioned on the seafloor, causing the rotors to revolve around the horizontal axis and producing energy.

Regional Segment Analysis of the Wave and Tidal Energy Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the wave and tidal energy market over the predicted timeframe.

Europe is projected to hold the largest share of the wave and tidal energy market over the predicted timeframe. This dominance is due to the UK, Germany, and Italy is simply a few of the nations that have made significant investments in R&D, pilot projects, and commercial-scale deployments of wave and tidal energy, demonstrating the region's leadership in this field. Investments in maritime energy systems have been encouraged by strong regulatory support, which includes significant feed-in tariffs, tax credits, and grant funding.  

Asia Pacific is expected to grow at the fastest CAGR growth in the wave and tidal energy market during the forecast period. This is attributable to the region's rapidly growing need for renewable energy, rising investments in marine energy technologies, and supportive governmental regulations. In strength to lessen their reliance on fossil fuels and slow down global warming, regional nations like China, India, and Japan have set aggressive goals for renewable energy use. This has sparked the adoption of wave and tidal energy technology.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the wave and tidal energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Ocean Power Technologies, Inc.
• SAE Renewables
• Wello Oy
• Tidal Lagoon Plc
• Carnegie Clean Energy
• ORPC, Inc.
• Yam Pro Energy
• Eco Wave Power
• Ocean Renewable Power
• AW Energy
• Aquanet Power
• ANDRITZ
• Orbital Marine Power
• BIOPOWER SYSTEMS PTY LTD
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2024, Ocean Power Technologies, situated in Monroe Township, newly disclosed the execution of a Memorandum of Cooperation with AltaSea at the Los Angeles Port.

• In May 2024, Ocean Energy Europe (OEE) stated that EU finance and local income assistance allows the installation of 137 MW of tidal and wave energy projects over the next five years.

• In April 2024, Eco Wave Power Global AB disclosed that it had signed an agreement with a major energy business to help develop Eco Wave Power's initial project in the United States.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the wave and tidal energy market based on the below-mentioned segments: 

Global Wave and Tidal Energy Market, By Type

• Wave Energy
• Tidal Energy

Global Wave and Tidal Energy Market, By Technology

• Tidal Stream Generator
• Oscillating Water Columns
• Barrage
• Others

 Global Wave and Tidal Energy Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa