Press release
Soaring Demand Set to Propel Wave And Tidal Energy Market to $2.67 Billion by 2029
Wave And Tidal Energy
What Is the Expected CAGR for the Wave And Tidal Energy Market Through 2025?
The size of the wave and tidal energy market has experienced rapid expansion in recent times. An elevation from $0.92 billion in 2024 to $1.13 billion in 2025, with a compound annual growth rate (CAGR) of 23.5%, is expected. Factors, such as burgeoning demand for renewable energy, growing environmental consciousness, an upsurge in the dispersion of government incentives and subsidies, breakthroughs in technology, as well as escalating concerns over energy security, have contributed to the expansion throughout the course of history.
What's the Projected Size of the Global Wave And Tidal Energy Market by 2029?
The market for wave and tidal energy is predicted to experience substantial expansion in the coming years, rising to a value of $2.67 billion in 2029 with a compound annual growth rate (CAGR) of 23.8%. This increase during the forecast period is due to several factors such as the growth in investments for green energy infrastructure, the escalation in offshore energy projects, an intensified use of energy storage solutions, a global push for carbon emission reduction goals, and a deepening partnership between public and private sectors. The forecast period also sees key trends including improvements in turbine efficiency, emerging energy capture technologies, innovation in energy storage mechanisms, the creation of hybrid energy options, and the synchronization of wave and tidal energy with grid systems.
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Top Growth Drivers in the Wave And Tidal Energy Industry: What's Accelerating the Market?
Advancements in renewable energy use are poised to fuel the expansion of the wave and tidal energy market. Renewable energy comes from perpetually replenishing natural resources - including sunlight, wind, water, and biomass. The increasing reliance on these resources is motivated by ecological concerns, as they considerably cut down greenhouse gas emissions, thereby aiding in the fight against climate change. Wave and tidal energy contribute to renewable energy by providing a steady, predictable source of clean electricity, bolstering energy security and promoting a shift towards a greener future. For example, the U.S. Energy Information Administration, a governmental organization based in the U.S., reported in February 2023 that wind and solar energy made up 17% of U.S. electricity generation that year and is expected to rise to 18% the following year. Hence, the growing acceptance and adoption of renewable energy sources are driving the wave and tidal energy market's growth.
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What Trends Will Shape the Wave And Tidal Energy Market Through 2029 and Beyond?
Major firms engaged in the wave and tidal energy sector are prioritizing the development of novel technologies, such as xWave technology, with the aim to increase energy conversion efficiency, ensure system resilience in severe marine conditions, and expedite the commercial development of reliable and grid-connected renewable energy solutions designed for coastal and offshore usage. The proprietary xWave technology, developed by CalWave, is a fully submerged wave energy system that transforms ocean wave movement into sustainable electricity through adaptive geometry and high-efficiency designs. For example, in March 2022, CalWave Power Technologies Inc., a US-based energy technologies developer, inaugurated California's inaugural at-sea, extended-duration wave energy trial project employing its xWave technology. This system functions below the ocean's surface at varying levels to leverage the ocean's natural movement and convert it into electrical energy, which is then transferred to the coast. The project aims to exhibit the potential of wave energy as a reliable and sustainable power source for coastal areas. With support from the U.S. Department of Energy's Waterpower Technologies Office, this marks a significant advancement towards the large-scale commercialization of wave energy solutions.
What Are the Main Segments in the Wave And Tidal Energy Market?
The wave and tidal energymarket 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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Which Top Companies are Driving Growth in the Wave And Tidal Energy Market?
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.
Which Regions Will Dominate the Wave And Tidal Energy Market Through 2029?
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.
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