Press release
Wave and Tidal Energy Market: Overview, Key Drivers, Competitive Landscape, Segmentation, and Regional Analysis (2023-2033)
Global Wave and Tidal Energy Market Size
Wave and tidal energy constitute sustainable energy sources that use the power of the ocean to generate electricity. While both rely on water flow, their specific techniques for capturing and converting energy differ. The motion of ocean waves generates wave energy, whereas the rise and fall of tides generates tidal energy. This wave and tidal energy market has enormous potential as a sustainable and reliable energy source, with benefits such as consistent electricity production and a low environmental footprint. Governments, energy companies, and scientists are all heavily involved in this field, with the goal of unlocking the immense, yet largely untapped, energy-generating capacity inside seas and encouraging clean and sustainable power generation. However, the wave and tidal energy markets are dealing with severe limitations to growth as a result of environmental impacts and uncertainties.
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The wave energy segment accounted for the largest revenue share of the wave and tidal energy market during the projected timeframe.
Based on the type, the wave and tidal energy market is divided into wave energy and tidal energy. Among these, the wave energy segment accounted for the largest revenue share of the wave and tidal energy market during the projected timeframe. This dominance due to governments and investors decide wave energy systems as they are increasingly efficient and have been used in the retail sector. Their ability to generate power in a steady and predictable manner facilitates their easier integration into current grid systems.
The tidal stream generator segment holds the highest market share of the wave and tidal energy market during the projected timeframe.
Based on the technology, the wave and tidal energy market is divided into tidal stream generator, oscillating water columns, barrage, and others. Among these, the tidal stream generator segment holds the highest market share of the wave and tidal energy market during the projected timeframe. Due to their significant amount of predictability and ability to run at high efficiency factors, tidal stream generators are a dependable renewable energy source. Comparing the technology to certain other wave energy conversion technologies, it is also more developed and economically viable.
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Europe is expected to hold the largest share of the wave and tidal energy market over the forecast period.
Europe is expected to hold the largest share of the wave and tidal energy market over the forecast period. This is primarily the region has a large number of islands and coastlines that provide abundant oceanic resources, which makes it a perfect place to implement wave and tidal energy technology. The demand for wave and tidal energy has increased as a result of the UK's ambitious renewable energy targets and focus to lowering carbon emissions.
Asia Pacific is predicted to grow at the fastest pace in the wave and tidal energy market during the projected timeframe. This is contributed to the region's rapidly growing need for renewable energy, rising investments in marine energy technologies, and supportive governmental regulations. In an effort 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.
Major vendors in the wave and tidal energy market are 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, and others.
Recent Developments
In March 2024, AW Energy declared the completion of the WaveFarm project, which was provided by the European Maritime and Fisheries Fund (EMFF). This project comprises the use of the company's 'WaveRoller' submerged wave energy inverter for energy generation, which builds on the growing demand for wave energy as a viable renewable power source.
Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)
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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
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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