Press release
Strong Growth Ahead: Wave And Tidal Energy Market Size To Grow At Arecord 24.1% Cagr By 2029
Wave And Tidal Energy Market
How Big Is the Wave And Tidal Energy Market Size Expected to Be by 2034?
The size of the wave and tidal energy market has seen an explosive growth in recent times. The market, which was worth $0.92 billion in 2024, is projected to expand to $1.14 billion in 2025, charting a compound annual growth rate (CAGR) of 24.4%. This growth in the past period is a result of the escalating demand for renewable energy, growing environmental worries, the increase in government-backed incentives and subsidies, advancements in technology, and heightened concerns of energy security.
Anticipations suggest remarkable expansion in the wave and tidal energy market in the approaching years, with projections indicating an increase to $2.71 billion by 2029, guided by a compound annual growth rate (CAGR) of 24.1%. The surge during the predicted period is steered by various factors such as increased investments in eco-friendly energy infrastructure, a spike in offshore energy ventures, an upsurge in the usage of energy storage solutions, stricter global carbon emission reduction objectives, and heightened cooperation between government bodies and private entities. Key trends throughout this period encompass enhancements in turbine productivity, novel energy seize methodologies, innovative disruptions in energy storage units, the creation of mixed energy resolutions, and consolidating wave and tidal energy with grid systems.
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What Are the Emerging Segments Within the Wave And Tidal Energy Market?
The wave and tidal energy market covered in this report is segmented -
1) By Type: Wave Energy, Tidal Energy
2) By Technology: Tidal Stream Generator, Oscillating Water Columns, Tidal Turbines, Tidal Barrages, Other Technologies
3) By Application: Power Generation, Desalination, Environmental Protection, Other Applications
4) By End-User: Utilities, Commercial, Residential, Industrial
Subsegments:
1) By Wave Energy: Oscillating Water Columns (OWC), Point Absorbers, Attenuators, Overtopping Devices, Oscillating Wave Surge Converters
2) By Tidal Energy: Tidal Stream Generators (Tidal Turbines), Tidal Barrages, Dynamic Tidal Power (DTP), Tidal Lagoons
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What Long-Term Drivers Are Shaping Wave And Tidal Energy Market Trends?
The escalating uptake of renewable energy is predicted to contribute significantly to the expansion of the wave and tidal energy market. Renewable energy refers to materials that can be continually renewed, such as solar, wind, water, and biomass energy. The transition to renewable resources is fueled by global environmental concerns, as these forms of energy contribute to climate change by reducing greenhouse gas emissions. Wave and tidal energy contribute to renewable energy by providing a steady and reliable source of clean electricity, which promotes energy security and supports the shift towards a low-carbon future. For example, the U.S. Energy Information Administration stated in February 2023 that wind and solar made up 17% of U.S. electricity generation in 2023 and is forecasted to hit 18% in 2024. Hence, the growing acceptance of renewable energy sources is propelling the development of the wave and tidal energy market.
Who Are the Top Competitors in Key Wave And Tidal Energy Market Segments?
Major companies operating 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, HydroQuest SAS.
What Are the Major Trends Shaping the Wave And Tidal Energy Market?
Leaders in the wave and tidal energy market, including companies such as CalWave, are prioritizing the development of inventive technologies like xWave technology in order to increase the efficiency of energy conversion, better the durability of systems in challenging marine conditions, and expedite the commercialization process for trustworthy, grid-linked renewable energy solutions for both coastal and offshore use. CalWave's exclusive xWave technology is a fully-submerged wave energy system that changes ocean wave movement to renewable power via the use of adaptive geometry and a high-performance design. In March 2022, for example, CalWave Power Technologies Inc., a company based in the U.S. that pioneers energy technologies, initiated the first in-sea wave energy pilot project in California with a long duration using their xWave technology. This innovative system operates beneath the ocean's surface at a variety of depths to capture the sea's natural motion and convert it into electric power, which is then transported to land. The project aims to highlight the potential of wave energy as a reliable and environmentally friendly source of electricity for coastal areas. This important initiative, backed by the U.S. Department of Energy's Waterpower Technologies Office, is a significant step towards the widespread commercial availability of wave energy solutions.
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Which Regions Are Becoming Hubs for Wave And Tidal Energy Market Innovation?
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 the wave and tidal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Wave And Tidal Energy Market?
2. What is the CAGR expected in the Wave And Tidal Energy Market?
3. What Are the Key Innovations Transforming the Wave And Tidal Energy Industry?
4. Which Region Is Leading the Wave And Tidal Energy Market?
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