Wave and Tidal Energy Market Share, Size, Trends, Industry Analysis Report, By Type (Wave Energy and Tidal Energy); By Application; By Technology; By Region; Segment Forecast, 2022-2030
- Published Date:Nov-2022
- Pages: 119
- Format: PDF
- Report ID: PM2856
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global wave and tidal energy market was valued at USD 527.7 million in 2021 and is expected to grow at a CAGR of 27.4% during the forecast period.
The growing need to replace currently existing energy sources such as coal, gas, and oil along with the rising funding by public and private sectors especially for having control over employment generation, economic positioning, energy security, and climatic conditions are key factors driving the growth of the global market.
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In addition, factors such as high technological advancements and ease of development deployed along with growing funding from the public & private sectors in the wind and tidal industry have resulted in higher adoption of the market worldwide. For instance, in October 2022, the U.S. Department of Energy, announced the funding of USD 35 million, for the advancements of the existing river and tidal energy systems.
Various structure and component developers in the market are undertaking several cost-cutting initiatives, which include the use of advanced materials, environmental monitoring, and better control of software and systems. Moreover, various upcoming development activities in the global market especially in developed countries like France, Canada, United Kingdom, and Sweden are likely to propel the market growth. For instance, in June 2021, EcoWave Power announced the installation of a wave conversion device at Jaffa, Israel. The project is funded by Israel’s Energy Ministry & EDP project collaborates with the EDF renewables IL. It will be located on land, which has enabled better and easy access for operations and maintenance.
The outbreak of the COVID-19 pandemic has disrupted the impact on market growth. During the pandemic, many countries around the world have imposed lockdowns and stringent regulations to get control the spread of the coronavirus, which has significantly impacted the global supply chain and economic activities, transportation of energy from one place to another was highly halted, that has impacted the global market negatively.
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Industry Dynamics
Growth Drivers
The rapid increase in power generation with the help of renewable energy sources to meet the global demand and rising power generation capacity globally are key factors expected to drive the growth. Energy conversion by the several oceans wave is considered one of the leading technologies for generating over 1,000-10,000 GW of electrical power, which is projected to foster market growth and propel large growth opportunities to produce electricity with ocean wave power.
Furthermore, the high transformation of energy around the world is fueling the renewable sector through growing development priorities, technological progress, and others owing to increasing environmental concerns and the high exhaustion of fossil fuels. The United Kingdom is the country expected to have the highest potential for wave power & produced around 20% of its electric energy from ocean waves, in 2020. Countries such as the U.K. have initiated various strategies for the development and growth of clean energy including a reduction in carbon emissions, advancement in leading technology, and cost reduction in technology.
Report Segmentation
The market is primarily segmented based on technology, application, and region.
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By Type |
By Application |
By Technology |
By Region |
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Tidal energy accounted for the largest market revenue share in 2021
The tidal energy segment accounted for a major part of the market revenue share, in 2021, and is likely to maintain its position throughout the forecast period. A rapid increase in awareness towards green energy and growing stringent government rules and regulations on the emission of greenhouse gases are major factors propelling the growth of the segment market at a significant growth rate. Tidal energy is an alternative for the generation of energy from fossil fuels without harming the environment which is compelling companies to seek these types of pollution-free energy generation methods and fostering the segment market growth in recent years.
For instance, as per the Tidal Energy Development report 2020, wave & tidal energy accounted around 1.5% of the world’s total installed electricity, 4.5% of the total renewable energy capability, and around 7.5% of the world’s total hydro-power capacity.
Furthermore, the wave energy segment is likely to register the fastest growth at a considerable CAGR over the study period. High acceptance of wave power than other renewable resources across the globe due to its several types of advantages including high availability and easy forecasting coupled with the highest production capacity of ocean waves produce energy 90% of the time compared to other resources are expected to fuel the segment market growth extensively shortly.
The power generation segment held the largest market share in 2021
The power generation sector has a significant market share, in 2021, due to the rapidly growing consumption of electrical power across the globe and higher technological development in the power generation processes to produce a large amount of electricity at low costs. In addition, the rising popularity and penetration of power generation from the ocean owing to its several prospective, highly predictable, and easy availability as compared to other types of renewable resources worldwide are likely to be one of the major factors driving the growth of the segment market over the coming years.
Additionally, the desalination segment is expected to grow over the anticipated period. The emergence of seawater as a practice to produce portable drinking water and the wide utilization of these systems due to their more resilient nature are major reasons propelling the growth of the segment and are anticipated to hold a healthy market share shortly. Moreover, the ability of the desalination process to provide fresh water for various purposes including human consumption and agriculture as it removes salt and other types of unwanted content from the seawater is estimated to generate high growth opportunities for the segment market.
The tidal stream generator segment is projected to witness the fastest growth
Over the course of the projected period, the tidal stream generator segment is likely to emerge as the fastest-growing segment. The growth of the segment is mainly attributable to the growing dependency on electricity and growing trend of shifting towards cleaner fuel sources due to their high availability and environment-friendly nature. In addition, several government authorities are highly focusing on the installation of tidal stream generators through various favorable policies and schemes. United States, Europe, and China have introduced and are implementing on several strategies such as investment tax credits, capital subsidies, and fit to augment the segment growth.
Asia Pacific region dominated the wave and tidal energy market in 2021
In 2021, Asia Pacific was the leading market & is projected to maintain its dominance throughout the forecast period. A growing number of environmental regulations, public funding programs, and various government favorable policies and initiatives to promote the use of pollution-free renewable energy resources are key major factors driving the growth of the market in the region. China has turned into a major market in the wave and tidal energy sector owing to various national test sites and a growing focus on the development of the electricity generation process.
Furthermore, North America is witnessing the fastest-growing CAGR during the forecast period, owing to the availability of highly developed technology and growing awareness of green energy resources in the region. Canada has emerged as the largest market in the North America wave and tidal energy sector with the presence of a strong legislative framework and national public funding. For instance, Nova Scotia is one of eastern Canada’s Maritime Provinces in the enhancement and development of FORCE, the leading research center of in-stream tidal energy, with a contribution of USD 11 million, along with the support for a wide range of strategic research projects in the marine energy sector.
Competitive Insight
Key players in the global market are Eco Wave Power, Mocean Energy, Aquamarine Power, SSE Renewables, Wello Oy, SINN Power, Ocean Power Technologies, Orbital Marine Power, Ricardo, SIMEC Atlantis Energy, Tidal Lagoon, Andritz Hydro Hammerfest, Tenax Energy, CorPower Ocean, and ocean energy.
Recent Developments
In June 2021, Mocean Energy announced the testing of its Blue-X tidal wave energy prototype at the “European Marine Energy” with the device currently generating power. In this Scapa testing phase, the company tested power production and compare results against several numerical predictions.
In April 2021, Orbital Marine introduced “Orbital O2”. Turbine expected to connect to the “European Marine Center” (EMC), established in the Orkney, where it got operational.
Wave and Tidal Energy Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 656.14 million |
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Revenue forecast in 2030 |
USD 4,541.8 million |
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CAGR |
27.4% from 2022 – 2030 |
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Base year |
2021 |
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Historical data |
2018 – 2020 |
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Forecast period |
2022 – 2030 |
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Quantitative units |
Revenue in USD million and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By Application, By Technology, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Eco Wave Power, Mocean Energy, Aquamarine Power, SSE Renewables, Wello Oy, SINN Power GmbH, Ocean Power Technologies, Orbital Marine Power, Tacardo B.V., SIMEC Atlantis Energy, Tidal Lagoon Plc, Andritz Hydro Hammerfest, Tenax Energy, CorPower Ocean AB, and OceanEnergy. |
