United States Wave Energy Market 2031 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

The Global Wave Energy Market is forecasted to reach at a Significant CAGR during the forecast period (2024-2031).

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Key Development:

United States: Recent Wave Energy Developments

✅ In January 2026, Eco Wave Power reported strong, zero‐downtime wave energy production at its EWP‐EDF One pilot system at Jaffa Port, demonstrating reliable renewable electricity performance and informing future scale‐up designs.

✅ In November 2025, Eco Wave Power's first U.S. wave energy pilot project at the Port of Los Angeles (developed with AltaSea and Shell Marine Renewable Energy) completed early operational milestones and gained recognition as one of TIME's Best Inventions of 2025, highlighting national interest in wave‐powered renewables.

✅ In late 2025, the U.S. Department of Energy's Water Power Technologies Office continued funding support opportunities worth up to $112.5 million for open‐water wave energy testing and technology validation, aiming to accelerate commercial readiness of wave energy converters on U.S. coasts.

✅ In September 2025, Eco Wave Power's Los Angeles project moved through initial operational testing and grid‐readiness phases, signaling progression from construction to deployment and helping pave the way for future U.S. coastal wave energy installations.

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Japan: Recent Wave / Marine Energy Developments

✅ In January 2026, Japanese activity in broader marine renewable energy continued as wave and tidal energy markets worldwide showed momentum toward early commercial deployment by 2031, reflecting regional interest in ocean renewables that include Japan's future wave energy strategy.

✅ In late 2025, Bombora Wave Power advanced its Japan project planning, with site assessments and development road‐mapping underway to identify priority locations for near‐shore and floating wave energy converter deployments, signaling concrete steps toward Japan's wave energy rollout.

✅ In October 2025, Kansai Electric Power Co. (KEPCO) made a strategic move into offshore renewable energy with broader marine power interests, reflecting growing utility engagement in ocean energy solutions (wave/tidal being part of the portfolio).

✅ In late 2025, Asia‐Pacific marine energy markets, including Japan, are expected to grow alongside supportive policy and technology integration efforts, indicating wave energy's role in future renewable mixes even if commercial installations are still emerging.

Key Players:

=> 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.

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Key Segments:

By Technology

Oscillating Water Column - ~35% share

Widely used technology capturing wave energy via air column oscillations; suitable for onshore and nearshore installations.

Oscillating Bodies - ~25% share

Floating or anchored bodies that convert wave motion into mechanical or electrical energy; increasingly adopted for offshore sites.

Overtopping Converters - ~20% share

Capture water in reservoirs and release it through turbines; ideal for locations with high wave heights.

Others - ~20% share

Includes hybrid and emerging wave energy technologies under R&D or pilot-scale deployment.

By Location

Onshore - ~30% share

Easier installation and maintenance; suitable for coastal regions with strong wave activity.

Nearshore - ~35% share

Balance of efficiency and accessibility; supports integration with grid infrastructure.

Offshore - ~35% share

High potential due to stronger wave energy; involves higher investment and maintenance complexity.

By End-User

Power Generation - ~60% share

Primary application for supplying renewable electricity to the grid; most investments focused here.

Desalination - ~25% share

Converts wave energy to drive water desalination plants; gaining traction in water-scarce regions.

Others - ~15% share

Includes hybrid energy systems, aquaculture support, and experimental uses.

By Region

North America - U.S., Canada, Mexico

Focused on pilot projects and integration with offshore wind farms; U.S. leading in nearshore installations.

Latin America - Brazil, Argentina, Rest of Latin America

Emerging interest due to long coastlines and renewable energy targets; Brazil leading small-scale deployments.

Europe - U.K., Germany, France, Italy, Rest of Europe

Europe dominates wave energy adoption with mature R&D in U.K., Portugal, and Norway; strong government incentives.

Asia Pacific - China, India, Japan, Australia, Rest of Asia-Pacific

China and Japan are investing in large-scale offshore wave farms; Australia exploring hybrid energy integration.

Middle East & Africa

Focused on pilot projects and desalination applications; long-term potential tied to renewable energy goals.

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