Wave and Tidal Energy Market (Type - Wave Energy, and Tidal Energy; Technology - Tidal Stream Generator, Oscillating Water Columns, Tidal Turbines, Barrages, and Tidal Fences; Application - Power Generation, and Desalination): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

Wave and Tidal Energy Market (Type - Wave Energy, and Tidal Energy; Technology - Tidal Stream Generator, Oscillating Water Columns, Tidal Turbines, Barrages, and Tidal Fences; Application - Power Generation, and Desalination): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

Report Code: IGR01055 Category: Energy, Infrastructure and Mining Published: January, 2024

A recent report published by Infinium Global Research on wave and tidal energy market provides in-depth analysis of segments and sub-segments in the global as well as regional wave and tidal energy market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional wave and tidal energy market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global wave and tidal energy market.

Market Insight:

The global wave and tidal energy market was valued at USD 564.46 Million in 2022 and is expected to reach USD 1,152.83 Million in 2030, with a CAGR of 9.34% during the forecast period 2023-2030.

Wave and tidal energy are forms of renewable energy derived from the motion of the ocean. They harness the kinetic and potential energy generated by the rhythmic rise and fall of ocean tides and the continuous motion of surface waves. Wave energy devices capture the energy of ocean waves, while tidal energy systems generate electricity by harnessing the movement of water during tidal cycles. Additionally, the scope of wave and tidal energy lies in their capacity to provide a reliable and predictable source of clean power. Wave and tidal energy have the potential to significantly reduce greenhouse gas emissions and dependence on fossil fuels, contributing to a sustainable and environmentally friendly energy mix. As technology advances and infrastructure develops, wave and tidal energy play a substantial role in transitioning towards a more sustainable global energy landscape.

The wave and tidal energy market is thriving due to escalating demand for renewable energy sources, aligning with carbon reduction targets. These technologies offer a consistent and eco-friendly energy supply, making them integral in the global transition towards cleaner energy and a reduced carbon footprint. Additionally, increasing awareness of climate change is fueling interest in wave and tidal energy. As the urgency to reduce carbon emissions grows, these renewable sources offer an environmentally sustainable solution, attracting attention and investment as a vital part of the clean energy transition. However, the wave and tidal energy market faces a significant challenge due to the high costs associated with installation and maintenance. These expenses can deter investment and limit the widespread adoption of these technologies, despite their potential for clean energy generation and environmental benefits. Although, opportunities for growth in the wave and tidal energy market are driven by technological advancements enhancing efficiency and reducing costs. Additionally, government incentives, including subsidies and feed-in tariffs, encourage investment and development in these renewable energy sectors, fostering their expansion and contributing to a sustainable energy future.

Wave and Tidal Energy Market Size, Share, Trends, Industry

The Asia Pacific region is expected to hold the largest share in the global wave and tidal energy market. Environmental regulations, government policies, public funding programs, and competition are likely to facilitate the growth of marine energy technology in the Asia Pacific region. Additionally, the region's vast coastlines, high population density, and increasing energy demand create a substantial market. Vendors have been involved in the development of new designs as well as manufacturing procedures to cater to the rising demand for clean energy. Moreover, North America is experiencing steady growth in the wave and tidal energy sector, driven by environmental concerns and the need to diversify the energy mix. Government initiatives, research programs, and private investments contribute to the region's expanding wave and tidal energy capacity.

Report Scope of the Wave and Tidal Energy Market:

Report Coverage Details
Market Size in 2022 USD 564.46 Million
Market Size by 2030 USD 1,152.83 Million
Growth Rate from 2023 to 2030 CAGR of 9.34%
Largest Market Asia Pacific
No. of Pages 300
Market Drivers
  • Growing demand for renewable energy sources and carbon reduction goals are driving the wave and tidal energy market.

  • Growing concerns about climate change and the need for cleaner energy sources are driving interest in wave and tidal energy.

Market Segmentation By Type, By Technology, By Application, and By Velocity
Regional Scope North America, Europe, Asia Pacific, and RoW

Segment Covered

The report on global wave and tidal energy market covers segments such as type, technology, application, and velocity. On the basis of type, the sub-markets include wave energy, and tidal energy. On the basis of technology, the sub-markets include tidal stream generator, oscillating water columns, tidal turbines, barrages, and tidal fences. On the basis of application, the sub-markets include power generation, and desalination. On the basis of velocity, the sub-markets include low-velocity (under 2 m/s), medium-velocity (2-4 m/s), and high-velocity (over 4 m/s).

Companies Profiled:

The report provides profiles of the companies in the market such as Tocardo B.V., Orbital Marine Power., Carnegie Clean Energy, Eco Wave Power Ltd., Ocean Power Technologies, Inc., Minesto AB, Nova, Verdant Power, Inc., Ocean Energy Europe, and Company 10.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the wave and tidal energy market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Frequently Asked Questions (FAQ's)

The global wave and tidal energy market was valued at USD 564.46 Million in 2022.
It is likely to grow at a CAGR of 9.34% during the forecast period 2023-2030.
The global wave and tidal energy market is estimated to reach USD 1,152.83 Million by the end of 2030.
Asia Pacific is anticipated to exhibit high demand for wave and tidal energy market during the forecast period.
Tocardo B.V., Orbital Marine Power., Carnegie Clean Energy, Eco Wave Power Ltd., Ocean Power Technologies, Inc., Minesto AB, Nova, Verdant Power, Inc., Ocean Energy Europe, and Company 10.
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