Wave And Tidal Energy Market Is Anticipated To Project Robust Growth With A CAGR Of 24.35% By 2028

"The rapid increase in power generation with the help of renewable energy sources to meet the global demand and rising power generation capacity globally are key factors expected to drive the growth."

According to TechSci Research report, "Global Wave and Tidal Energy Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028". The Global Wave and Tidal Energy is anticipated to project robust growth in the forecast period with a CAGR of 24.35% through 2028, In addition, factors such as high technological advancements and ease of development deployed along with growing funding from the public & private sectors in the wind and tidal industry have resulted in higher adoption of the market worldwide. For instance, in October 2022, the U.S. Department of Energy, announced the funding of USD 35 million, for the advancements of the existing river and tidal energy systems. Various structure and component developers in the market are undertaking several cost-cutting initiatives, which include the use of advanced materials, environmental monitoring, and better control of software and systems.

Moreover, various upcoming development activities in the global market especially in developed countries like France, Canada, United Kingdom, and Sweden are likely to propel the market growth. For instance, in June 2021, Eco Wave Power announced the installation of a wave conversion device at Jaffa, Israel. The project is funded by Israel's Energy Ministry & EDP project collaborates with the EDF renewables IL. It will be located on land, which has enabled better and easy access for operations and maintenance. The outbreak of the COVID-19 pandemic has disrupted the impact on market growth. During the pandemic, many countries around the world have imposed lockdowns and stringent regulations to get control the spread of the coronavirus, which has significantly impacted the global supply chain and economic activities, transportation of energy from one place to another was highly halted, that has impacted the global market negatively.

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Based on Power Generation Method, Floating Wave and Tidal Energy Platform segment is expected to dominate the market during the forecast period. Tidal energy uses tidal currents consistent in volume and direction throughout the year, making it an incredibly efficient renewable energy source with a high power output. The Wave and Tidal Energy market recently witnessed increased floating power production system deployments. In the system, the turbines are aligned in a particular way and attached to a standard moving beam. They produce more energy as compared to fixed structures. According to the International Renewable Energy Agency, the estimated global marine energy capacity accounted for 524 MW in 2022, which includes the ocean energy derived from the kinetic energy of ocean waves, tides, salinity, and differences in ocean temperatures. Most of this was due to the added capacity from floating Wave and Tidal Energy stations and wave energy. The industry is expected to grow even more in the coming years, parallel with the net-zero emission goals in many countries. Thus, several upcoming projects are lined up to harness the technology for power production. The US Department of Energy has a Water Power Program to develop marine energy and technologies. In October 2022, the US Department of Energy agreed to fund USD 35 million to advance tidal and river current energy systems as part of measures to boost a sector whose current impact is negligible. Such developments will likely significantly boost the market due to the expansion of floating/instream tidal energy platform installations.

Based on Region, Europe plays a significant role in the global Wave and Tidal Energy market, Europe planned a series of Wave and Tidal Energy plants coming into operation or getting grid-connected recently. Countries like the United Kingdom and Denmark are the most highlighted parts of the region. According to a 2021 study conducted by experts at Edinburgh University, tidal stream alone has the potential to produce 11% of the United Kingdom's current annual electricity demand, which is the same as the combined contribution of solar and biomass over the previous year. The British Hydropower Association adds that tidal range projects under development, which are now delayed, would provide 10 GW of extra capacity by 2030 if permission and enough funding were granted. These projects throughout the United Kingdom include Swansea Bay, Merseyside, the North Somerset Coast, and the North Wales Coast.

In March 2023, authorities in Liverpool wanted the River Mersey to be the site of a massive Wave and Tidal Energy plant that could power up to 1 million homes while creating thousands of employment in the region. If constructed, the plant would have a capacity of at least one gigatonne and use Mersey's tidal range. Moreover, in May 2022, Minesto completed the first week of commissioning the Dragon 4 Wave and Tidal Energy plant in Vestmanna, Faroe Islands, Denmark, including energy production and verification of all critical operations. Minesto's Deep Green Kite technology is cost-effective in places with low-flow tidal streams and ocean currents. Such developments will likely boost the region's position in the Wave and Tidal Energy market's Growth.

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Key market players in the Global Wave and Tidal Energy Market are following:-

• Andritz AG
• Nova Innovation Ltd
• Orbital Marine Power Ltd
• MAKO Turbines Pty Ltd
• SIMEC Atlantis Energy Ltd
• Hydroquest SAS
• Sustainable Marine Energy Ltd
• Lockheed Martin Corporation

"The global Wave and Tidal Energy market is driven by several key factors. Firstly, growing environmental concerns and the need for sustainable energy sources are pushing countries to invest in Wave and Tidal Energy as a clean and renewable energy option. Secondly, technological advancements in turbine design and grid integration are increasing the efficiency and reliability of tidal energy generation. Additionally, government incentives and favorable policies are encouraging investments in Wave and Tidal Energy projects. Lastly, the predictability and consistency of tidal patterns make it an attractive baseload energy source. These drivers collectively contribute to the expansion of the global Wave and Tidal Energy market, positioning it as a promising component of the renewable energy landscape." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Wave And Tidal Energy Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented 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) By Region, Competition 2018-2028 has evaluated the future growth potential of Global Wave and Tidal Energy Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Wave and Tidal Energy Market.

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Table of Contents

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations

2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Wave And Tidal Energy Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Wave Energy, Tidal Energy)
5.2.2. By Technology (Tidal stream generator, Oscillating Water Columns, Tidal turbines, Tidal barrages, Tidal fences)
5.2.3. By Application (Power generation, Desalination)
5.2.4. By Region
5.3. By Company (2022)
5.4. Market Map ….Conti…

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