United States Wave Energy Market Forecast 2025-2034: Onshore, Nearshore, and Offshore Wave Energy Projects, Technological Advancements, and Market Opportunities for Sustainable Electricity Production

The Global Wave Energy Market is expected to reach at a Significant CAGR during the forecast period (2034-2031).

Wave Energy refers to the process of harnessing energy from ocean surface waves to generate electricity. This renewable energy source utilizes specialized technologies such as oscillating water columns, point absorbers, and attenuators to convert wave motion into mechanical or electrical power. Wave energy offers a sustainable and consistent power supply, with high energy density compared to other renewable sources. It plays a crucial role in reducing dependence on fossil fuels and lowering carbon emissions. However, challenges such as high initial costs, environmental impact assessments, and the need for durable materials in harsh marine conditions affect its widespread adoption.

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☛ Wave Energy Market Recent Developments 2025:

United States: Recent Industry Developments

✅ In August 2025, Ocean Power Technologies deployed its PowerBuoy wave energy system off the California coast, generating clean electricity for local grids and supporting renewable energy goals.

✅ In July 2025, CalWave Power Technologies initiated a pilot project in Oregon, testing modular wave energy converters for scalable offshore energy production.

✅ In June 2025, Verdant Power partnered with U.S. utilities to integrate wave and tidal hybrid systems, aiming to enhance grid stability and diversify renewable energy sources.

Europe: Recent Industry Developments

✅ In July 2025, Eco Wave Power expanded operations in Portugal and Spain, installing shoreline wave energy converters to supply sustainable electricity to coastal communities.

✅ In June 2025, Swan Turbines launched a wave energy pilot project in the UK, testing advanced turbine designs for improved energy capture efficiency.

✅ In May 2025, WaveRoller (AW-Energy) commissioned additional units in Finland, integrating wave energy generation with offshore wind farms for hybrid renewable solutions.

Japan: Recent Industry Developments

✅ In July 2025, Mitsubishi Heavy Industries deployed wave energy prototypes along Japan's Pacific coast, focusing on disaster-resilient renewable energy infrastructure.

✅ In June 2025, Toshiba Energy Systems & Solutions partnered with Japanese research institutes to develop high-efficiency wave energy converters for industrial and municipal electricity supply.

✅ In May 2025, IHI Corporation launched pilot-scale wave energy farms in Hokkaido, testing long-term durability and performance under harsh marine conditions.

☛ Wave Energy Recent Projects 2025:

Eco Wave Power - First U.S. Onshore Wave Energy Project

In September 2025, Eco Wave Power inaugurated the United States' first onshore wave energy project at the Port of Los Angeles. This pilot installation uses floating steel structures to harness the kinetic energy of ocean waves, converting it into electricity through a hydraulic system. While initially generating a modest amount of power, the project has the potential to scale along the port's breakwater, supplying electricity to approximately 60,000 households. It is a collaboration between Eco Wave Power, AltaSea, and Shell Marine Renewable Energy and serves as a demonstration of the technology's viability and scalability in U.S. marine conditions.

CorPower Ocean - VianaWave 10MW Wave Energy Farm
Swedish company CorPower Ocean is developing the VianaWave project, a pre-commercial 10MW wave energy farm off the coast of northern Portugal. The project secured a €40 million grant from the EU Innovation Fund and aims to demonstrate the feasibility of large-scale wave energy production. CorPower Ocean has successfully demonstrated four generations of its technology and continues to attract strategic investors to support its initiatives.

Oregon's PacWave - World's Largest Wave Energy Testing Facility
Oregon completed the construction of PacWave, the world's largest-capacity wave energy testing facility. This facility provides a platform for testing and developing wave energy technologies under real-world marine conditions. While operational, it faces challenges related to federal funding and regulatory support, which may impact its future development and the pace of innovation in the U.S. wave energy sector.

Eco Wave Power - Global Expansion Initiatives
Beyond its U.S. project, Eco Wave Power is pursuing wave energy projects in Taiwan, India, Portugal, and New Jersey. The company aims to replicate its technology in various coastal regions, leveraging existing marine infrastructure to generate renewable energy. These international initiatives reflect Eco Wave Power's commitment to expanding the adoption of wave energy as a reliable and scalable source of clean electricity.

☛ Wave Energy Market Competitve Landscape:

Sea-based, Eco Wave Power, Carnegie Clean Energy, SINN Power, CorPower, Ocean Power Technology, Mocean Energy, AW-Energy, Carnegie Clean Energy, Mocean Energy, and Wave Swell Energy, among others.

Research Methodology

We follow a hybrid research approach, combining qualitative insights with rigorous quantitative analysis to deliver reliable and comprehensive market intelligence. Our process begins with extensive secondary research, drawing on trusted industry reports, proprietary databases, and credible market sources. This is then reinforced through targeted primary research, including structured surveys and in-depth interviews with industry leaders, subject matter experts, and key market participants.

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☛ Segment Covered in the Wave Energy Market:

By Technology: Oscillating Water Column, Oscillating Bodies, Overtopping Converters, Others.

By Location: Onshore, Nearshore, Offshore.

By End-User: Power Generation, Desalination, Others.

☛ This Report Includes:

✔ Comprehensive go-to-market strategies with actionable insights.

✔ Unbiased evaluation of overall market performance.

✔ Deep-dive analysis into development trends, competitive landscape, supply-demand dynamics, YoY growth, benchmarking, vendor mapping, market access, and overall progress.

✔ Tailored regional and country-level reports with detailed localized analysis available on request.

✔ Identification of niche segments and high-growth regions presenting strong opportunities.

✔ Accurate regional forecasts using both top-down and bottom-up approaches.

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☛ Regional Analysis for Wave Energy Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

☛ Frequently asked questions:

➠ What is the global sales, production, consumption, import, and export value of the Wave Energy Market?
➠ Who are the key global manufacturers, and what is their operational performance?
➠ What are the major opportunities and threats in the global Wave Energy Market?
➠ Which product types or end-users show the most growth potential and market share?
➠ What challenges and constraints are impacting the Wave Energy Market?
➠ What sales, marketing, and distribution channels are used globally?

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