Waves and Tidal Energy Market Set for Growth to USD 1,850.90 Million by 2032, Led by Europe's 60% Global Market Revenue | DataM Intelligence

The Global Waves and Tidal Energy Market reached USD 983.11 million in 2024 and is expected to reach USD 1,850.90 million by 2032, growing at a CAGR of 8.23% during the forecast period 2025-2032.

Market growth is fueled by accelerating investments in renewable ocean energy, supportive government policies, and the rising need for reliable, predictable clean power sources. Advancements in turbine designs, improved durability of underwater systems, and expanding pilot-to-commercial scale projects are further driving adoption. Additionally, increasing climate-resilience goals and technological innovations in wave and tidal converters continue to enhance market momentum.

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United States: Key Industry Developments
✅ November 2025: U.S. wave and tidal energy market valued at USD 159.17 million, driven by government incentives, funding programs, and supportive policies that encourage investments in marine energy projects along extensive coastlines.​

✅ September 2025: Eco Wave Power launched the first-ever onshore wave energy project at the Port of Los Angeles, deploying patented floaters on existing structures to capture wave motion and generate renewable electricity in demonstration mode.​

✅ August 2025: Eco Wave Power lowered floaters into the water at AltaSea in the Port of Los Angeles for its U.S. pilot project, advancing toward a formal unveiling and proving the technology's potential for commercial-scale operations.​

Asia Pacific / Japan: Key Industry Developments
✅ August 2025: Proteus Marine Renewables connected Japan's first 1.1 MW tidal turbine, the AR1100, in the Naru Strait near Goto Islands, delivering clean, predictable power directly to the grid and accelerating renewable energy adoption.​

✅ February 2025: Proteus Marine Renewables deployed Japan's first megawatt-scale tidal energy turbine in the Naru Strait, generating 1.1 MW to support decarbonization of the Goto Islands' electricity supply and advance the nation's energy transition.

Key Merges and Acquisitions(2025):
✅ TIDAL NRG LLC, Energy Tech LLC, and Qynergy - signed a strategic Memorandum of Understanding (MOU) in November 2025 to form a joint venture for next-generation power infrastructure, regenerative energy technologies, high-efficiency materials, and advanced manufacturing in Texas, including exclusive access to graphene-enhanced technologies and a potential new facility.​

✅ Eco Wave Power Global AB - entered a Memorandum of Understanding (MOU) with Bharat Petroleum Corporation Limited (BPCL) in February 2025 to pursue wave energy projects along India's shoreline, starting with feasibility studies and pilot projects at BPCL's Mumbai Oil Terminal.​

✅ CorPower Ocean - expanded globally in 2025 through joint ventures with Maersk Supply Service and Aalborg CSP to advance deployment of its C4 wave energy converter, alongside utility partnerships in Portugal and Sweden.​

Market Segmentation Analysis:
-By Application: Power Generation Leads with Dominant Share
Power Generation holds 87% market share as of 2024, driven by surging global demand for renewable electricity in coastal regions with high wave and tidal activity.​
This segment powers grids reliably using predictable ocean energy, outpacing desalination due to scalable tech advancements and policy support for clean power.
Desalination and Others account for the remaining 13%, focusing on water purification in arid areas but limited by higher costs and niche deployment.​

-By Technology: Wave Energy Systems Hold Leading Position
Wave Energy Systems command roughly 60% market share, leveraging oscillating water columns and buoyant converters for efficient near-shore harvesting.​
Tidal Energy Systems follow at about 35%, utilizing turbines, barrages, and stream generators for consistent baseload power in strong tidal zones.
Others, including emerging hybrids, take 5%, representing experimental tech with high growth potential amid R&D investments.​

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Growth Drivers:
-Rising global demand for renewable energy sources to combat climate change and reduce reliance on fossil fuels.

-Government initiatives and policies promoting clean energy adoption, including subsidies and renewable portfolio standards.

-Technological advancements in wave and tidal energy converters, improving efficiency and lowering deployment costs.

-Predictable and consistent power generation from ocean waves and tides, complementing intermittent renewables like solar and wind.

-Economic opportunities such as job creation in manufacturing, installation, and maintenance, alongside vast untapped ocean energy potential.

Regional Insights:
-Europe leads the waves and tidal energy market with the highest regional share, capturing approximately 38.9% to 64.29% of global revenue in recent years, driven by pioneering projects in the UK and supportive policies across the region that promote marine renewable deployments along extensive coastlines. This dominance stems from early commercialization efforts and substantial investments in wave and tidal technologies, positioning Europe as the frontrunner in scaling these clean energy sources.​

-North America follows with a significant market share of around 35% to over 4% as of 2024-2025, bolstered by robust renewable energy frameworks, pilot projects in the U.S. Pacific Northwest and Atlantic Canada, and government incentives that encourage innovation and deployment. The U.S. alone accounts for a large portion, with its extensive coastlines and advanced research infrastructure fueling growth in this sector.​

-Asia Pacific trails with a comparatively smaller but growing market share, projected to expand due to increasing environmental regulations, government initiatives for pollution-free renewables, and rising energy demands in countries like China, Japan, India, and Australia. While exact percentages vary across reports, the region's potential lies in its vast coastal resources and strategic push toward sustainable energy transitions.​

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Key Players:
Carnegie Clean Energy | Orbital Marine Power | Ocean Power Technologies | Aquanet Power | Andritz

Key Highlights (Top 5 Key Players) for Waves and Tidal Energy Market:
-Carnegie Clean Energy reported approximately AU$0.3 million in annual revenue for fiscal year 2025, focusing on wave energy converters like the CETO platform with ongoing pilot deployments.​

-Orbital Marine Power generated estimated revenues under GBP 5 million in 2024-2025 from tidal stream projects, including the O2 turbine off Scotland producing over 2 MW capacity.

-Ocean Power Technologies recorded USD 2.5 million in revenue for FY 2025, driven by PowerBuoy deployments for maritime security and offshore energy applications.​

-Aquanet Power achieved around CAD 1.8 million in project-related revenues in 2025, advancing tidal kite technology in Canada's Bay of Fundy with commercial-scale testing.

-Andritz reported over EUR 10 million in hydro and tidal segment revenues within its pump business for 2025, supplying turbines for global wave and tidal installations.

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