PUBLISHER: The Business Research Company | PRODUCT CODE: 1760437
PUBLISHER: The Business Research Company | PRODUCT CODE: 1760437
Wave and tidal energy are forms of renewable energy derived from the natural motion of ocean waves and tidal currents. These systems utilize specialized technologies, such as underwater turbines and oscillating water columns, to transform kinetic and potential energy into electricity. As a clean and dependable energy source, it is sustainable, predictable, and contributes to the reduction of carbon emissions.
The primary categories of wave and tidal energy are wave energy and tidal energy. Wave energy is captured from the surface movement of ocean waves, which is mainly driven by wind activity across the sea. Technologies used in this sector include tidal stream generators, oscillating water columns, tidal turbines, tidal barrages, and others. Applications range from power generation and desalination to environmental protection, serving various end users including utilities, commercial, residential, and industrial sectors.
The wave and tidal energy market research report is one of a series of new reports from The Business Research Company that provides wave and tidal energy market statistics, including the wave and tidal energy industry's global market size, regional shares, competitors with the wave and tidal energy market share, detailed wave and tidal energy market segments, market trends and opportunities, and any further data you may need to thrive in the wave and tidal energy market. This wave and tidal energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The wave and tidal energy market size has grown exponentially in recent years. It will grow from $0.92 billion in 2024 to $1.14 billion in 2025 at a compound annual growth rate (CAGR) of 24.4%. The growth during the historic period can be credited to the growing demand for renewable energy, heightened environmental concerns, an increase in government incentives and subsidies, advancements in technology, and rising concerns over energy security.
The wave and tidal energy market size is expected to see exponential growth in the next few years. It will grow to $2.71 billion in 2029 at a compound annual growth rate (CAGR) of 24.1%. The anticipated growth in the forecast period can be attributed to increasing investments in clean energy infrastructure, the expansion of offshore energy projects, greater adoption of energy storage solutions, the rise in global carbon reduction targets, and enhanced collaboration between public and private sectors. Key trends expected during this period include improvements in turbine efficiency, the evolution of advanced energy capture technologies, innovations in energy storage systems, the emergence of hybrid energy solutions, and the integration of wave and tidal energy into grid systems.
The increasing adoption of renewable sources is expected to drive the growth of the wave and tidal energy market in the coming years. Renewable sources are natural resources that are continuously replenished, such as sunlight, wind, water, and biomass. Their growing use is primarily driven by environmental concerns, as they play a significant role in reducing greenhouse gas emissions and mitigating climate change. Wave and tidal energy contribute to the renewable energy mix by offering a reliable and predictable supply of clean electricity, which enhances energy security and supports the transition to a low-carbon future. For example, in February 2023, the U.S. Energy Information Administration reported that wind and solar contributed 17% of U.S. electricity generation in 2023, with projections indicating an increase to 18% in 2024. This trend highlights the growing role of renewable sources in energy production, thereby supporting the expansion of the wave and tidal energy market.
Companies involved in the wave and tidal energy market are focusing on developing advanced technologies like xWave to improve energy conversion, increase system resilience in challenging marine environments, and promote the use of grid-connected renewable energy in coastal and offshore regions. xWave technology, developed by CalWave, is a fully submerged wave energy system that transforms ocean wave motion into electricity using adaptive design and high-efficiency engineering. In March 2022, CalWave Power Technologies Inc., a U.S.-based energy technology company, launched California's first at-sea, long-duration wave energy pilot project featuring its xWave system. Operating beneath the surface at variable depths, the system captures ocean motion and converts it into electrical power, which is transmitted to shore. Supported by the U.S. Department of Energy's Waterpower Technologies Office, this project aims to demonstrate wave energy's viability as a consistent and eco-friendly power source for coastal areas, marking a significant step toward commercializing wave energy technologies.
In January 2022, Eco Wave Power, a wave energy company based in Sweden, formed a partnership with Ocean Power Technologies to accelerate the global development and deployment of wave energy solutions. Through this collaboration, Eco Wave Power intends to speed up the commercialization of its technologies by leveraging Ocean Power Technologies' offshore experience and international presence. Ocean Power Technologies, a U.S.-based company, specializes in harnessing wave energy and also engages in limited tidal energy projects.
Major players in the wave and tidal energy market are OpenHydro Group Ltd., Minesto AB, SIMEC Atlantis Energy Limited, AW-Energy Oy, Seabased AB, Nova Innovation Ltd., NEMOS GmbH, Tocardo Tidal Power B.V., Verdant Power Inc., Orbital Marine Power Ltd., Magallanes Renovables SL, Wello Oy, Carnegie Clean Energy Limited, CorPower Ocean AB, Wave Swell Energy Limited, Mocean Energy Ltd., Oscilla Power Inc., Marine Power Systems Ltd., MAKO Turbines Pty Ltd., Ocean Power Technologies Inc., Eco Wave Power Global AB, Wavepiston A/S, Aquanet Power Limited, and HydroQuest SAS.
North America was the largest region in the wave and tidal energy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in wave and tidal energy report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the wave and tidal energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wave and tidal energy market consists of revenues earned by entities by providing services such as hybrid power plants, energy storage solutions, and energy conversion systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The wave and tidal energy market also includes sales of point absorber devices, oscillating water columns, and attenuator devices. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wave And Tidal Energy Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wave and tidal energy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wave and tidal energy ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wave and tidal energy market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.