USD 0.84 Billion
Wave and Tidal Energy Market Size, Share, Growth Analysis, By Technology(Wave energy converters (WECs) and tidal stream generators (TSGs)), By End user(commercial and residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2072 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Wave and Tidal Energy Market Insights
Global Wave and Tidal Energy Market size was valued at USD 0.84 Billion in 2022 and is poised to grow from USD 1.12 Billion in 2023 to USD 11.31 Billion by 2031, at a CAGR of 33.5% during the forecast period (2024-2031).
Global Wave and Tidal Energy Market is a rapidly emerging sector in the renewable energy industry, harnessing the power of ocean waves and tides to generate clean and sustainable electricity. With the increasing global focus on reducing carbon emissions and transitioning towards renewable energy sources, the wave and tidal energy market serves a critical purpose. It offers a viable solution to meet the growing energy demands while minimizing the environmental impact. By converting the kinetic energy of waves and tides into electricity, this market contributes to a cleaner and more sustainable future. One of the key drivers propelling the growth of the wave and tidal energy market is the abundant and untapped energy potential of the world's oceans. With approximately 70% of the Earth's surface covered by water, the potential for wave and tidal energy generation is immense. The rising need for alternative energy sources, coupled with advancements in technology, has paved the way for the rapid expansion of this market.
However, the market also faces certain restraints, including high installation costs and the complexity of operating in harsh marine environments. Nevertheless, ongoing research and development efforts are focused on overcoming these challenges, driving innovation and cost reduction in the industry. Key trends in the wave and tidal energy market include the development of advanced technologies, such as floating devices and underwater turbines, to enhance energy capture efficiency and reliability. Furthermore, collaborations between industry players, governments, and research institutions are fostering knowledge sharing and facilitating market growth. Amidst these trends, numerous opportunities await in the wave and tidal energy market. As governments worldwide continue to promote renewable energy targets and provide incentives for clean energy projects, there is a favorable regulatory environment for market expansion. Additionally, coastal regions with high wave and tidal energy potential, such as Europe, the Americas, and Asia-Pacific, present lucrative opportunities for investment and project development.
US Wave and Tidal Energy Market is poised to grow at a sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wave energy converters (WECs)
Fastest Growth
Wave energy converters (WECs)
Growth Rate
33.5% CAGR
Global Wave and Tidal Energy Market ($ Bn)
Country Share for Europe Region (%)
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Wave and Tidal Energy Market Segmental Analysis
Global Wave and Tidal Energy Market is segmented on the basis of technology, end user, and region. By technology, the market is segmented into Wave energy converters (WECs) and tidal stream generators (TSGs). By end user, the market is segmented into commercial and residential. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Technology
The wave energy converters segment is the largest segment in terms of market share. Wave energy converters (WECs) are devices designed to extract energy from ocean waves and convert it into usable electricity. These devices capture the kinetic energy of the waves and convert it into mechanical or electrical energy. WECs have gained significant traction in the market due to their ability to generate power from the constant and predictable nature of ocean waves. With advancements in technology and increasing investment in research and development, the efficiency and reliability of WECs have improved, making them the largest segment in the wave and tidal energy market.
On the other hand, tidal stream generators (TSGs) harness the power of tidal currents to generate electricity. TSGs are placed underwater and use the kinetic energy of the moving tides to rotate turbines and generate power. While tidal stream generators show great promise, they currently represent the fastest-growing segment in the wave and tidal energy market. The potential for tidal energy is vast, with strong and predictable tidal currents in coastal areas providing a consistent and reliable source of renewable energy.
Analysis By End User
The commercial sector dominated the wave and tidal energy market due to its scale and capacity for energy consumption. Large-scale commercial establishments and industrial facilities require substantial amounts of electricity to power their machinery, equipment, and operations. By adopting wave and tidal energy technologies, these commercial entities can not only reduce their carbon footprint but also achieve long-term cost savings by utilizing clean and renewable energy sources. Furthermore, the commercial sector is witnessing a growing recognition of the importance of sustainable practices and environmental stewardship. Many companies are actively seeking ways to incorporate renewable energy into their operations to align with their corporate social responsibility goals and reduce their dependence on fossil fuels. This growing awareness and commitment to sustainability are driving the demand for wave and tidal energy solutions in the commercial segment.
In terms of the fastest-growing segment, residential users are emerging as a significant market for wave and tidal energy. As individuals and households become more environmentally conscious and seek ways to reduce their carbon footprint, there is a growing demand for clean energy sources at the residential level. Residential users are increasingly interested in adopting wave and tidal energy systems to power their homes and reduce reliance on traditional energy sources. The residential segment's growth can be attributed to several factors, including government incentives and subsidies for renewable energy installations, technological advancements in wave and tidal energy systems that make them more accessible and cost-effective for individual homeowners, and the increasing availability of residential-scale wave and tidal energy solutions in the market.
Global Wave and Tidal Energy Market By Technology
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Wave and Tidal Energy Market Regional Insights
The European region stands out as the dominating force in the global wave and tidal energy market, leading the way in both technology development and project installations. With its extensive coastline and favorable regulatory framework, Europe has become a hub for wave and tidal energy initiatives. Countries like the United Kingdom and Scotland have been at the forefront of this renewable energy revolution, demonstrating significant market share in the region. The United Kingdom has emerged as a leader in wave and tidal energy, with notable projects such as the MeyGen tidal array in Scotland. This project, with a capacity of 6 MW, has been instrumental in showcasing the commercial viability of tidal energy. Additionally, the European Marine Energy Centre (EMEC) in Orkney, Scotland, has played a pivotal role in testing and validating wave and tidal energy technologies, attracting global investments and driving innovation in the industry.
In terms of the fastest growing region, Asia-Pacific has been witnessing a surge in wave and tidal energy developments. Countries like China, South Korea, and Australia are actively exploring the potential of ocean energy and investing in research and development. China, in particular, has been ramping up its efforts to deploy wave and tidal energy projects, aiming to capitalize on its extensive coastline and reduce its dependence on fossil fuels. With its ambitious renewable energy targets, China is expected to capture a significant market share in the coming years.
Global Wave and Tidal Energy Market By Geography
- Largest
- Fastest
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Wave and Tidal Energy Market Dynamics
Drivers
Increasing Focus on Renewable Energy Sources
- The growing global concern for reducing carbon emissions and transitioning towards sustainable energy sources has fueled the demand for wave and tidal energy. Governments and organizations worldwide are actively promoting renewable energy initiatives to mitigate climate change and achieve energy security. For example, the European Union has set a target to obtain 32% of its energy from renewables by 2030, thereby driving the adoption of wave and tidal energy projects in countries like the United Kingdom and France.
Restraints
High Initial Capital Costs
- The installation and deployment of wave and tidal energy systems involve substantial upfront investments. The development of infrastructure, including wave and tidal farms, grid connections, and subsea cabling, requires significant financial resources. These high capital costs often pose a barrier to entry for smaller players and limit the widespread adoption of wave and tidal energy projects.
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Wave and Tidal Energy Market Competitive Landscape
Global Wave and Tidal Energy Market features a highly competitive landscape with several key players striving to establish their dominance in the industry. Some of the prominent players in the market are at the forefront of innovation and technological advancements in wave and tidal energy generation. These companies focus on research and development activities to improve the efficiency and reliability of their energy conversion systems. Additionally, collaborations, partnerships, and strategic alliances are common strategies employed by market players to enhance their market presence and expand their geographical reach. With increasing government support and investments in renewable energy projects, the competition in the wave and tidal energy market is expected to intensify further as companies vie for market share and strive to position themselves as leaders in this rapidly growing sector.
Top Player’s Company Profile
- Marine Current Turbines Ltd (UK)
- Aquamarine Power Ltd (UK)
- Carnegie Clean Energy Limited (Australia)
- SIMEC Atlantis Energy Limited (UK)
- Wello Oy (Finland)
- AW-Energy Oy (Finland)
- Orbital Marine Power Ltd (UK)
- CorPower Ocean AB (Sweden)
- Seabased AB (Sweden)
- Minesto AB (Sweden)
- Sustainable Marine Energy Ltd (UK)
- Oscilla Power, Inc. (US)
- Verdant Power, Inc. (US)
- Ocean Renewable Power Company LLC (US)
- Columbia Power Technologies, Inc. (US)
- OpenHydro Group Limited (Ireland)
- Eco Wave Power Ltd (Israel)
Recent Development
- In February 2024, Shell added its weight to the Renewables for Subsea Power (RSP) demonstrator project, which is located five kilometres east of Orkney's main island and uses wave energy converter (WEC) technology fitted with an underwater battery.
- In January 2023, HydroWing opened a new office at the M-SParc science park on the island of Anglesey in North Wales to support development of its Morlais tidal Stream Energy project.
- In January 2024, onshore wave energy technology company Eco Wave Power Global AB said that its EWP-EDF One pilot project in the Port of Jaffa, Israel has started feeding power into the country’s grid.
Wave and Tidal Energy Key Market Trends
- Collaborative Initiatives and Partnerships: The industry is witnessing increased collaboration between governments, research institutions, and private companies to foster innovation, knowledge sharing, and technology transfer. For instance, the European Marine Energy Centre (EMEC) in Orkney, Scotland, serves as a testbed for wave and tidal energy devices, attracting international partnerships and driving advancements in the sector.
Wave and Tidal Energy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Technology team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Wave and Tidal Energy Market analysis, the market is experiencing significant growth and is poised for a promising future. Factors driving this market expansion include increasing global concerns regarding climate change and the need for sustainable energy sources. The rising demand for clean and renewable energy, coupled with government initiatives and favorable regulatory policies, further contribute to the market's growth. Additionally, advancements in technology and the increasing efficiency of wave and tidal energy conversion systems are attracting investments and propelling the market forward. Despite challenges such as high installation costs and limited commercial-scale projects, the market is expected to witness substantial opportunities, driven by technological innovations, research and development activities, and the exploration of untapped potential in wave and tidal energy resources worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 0.84 Billion |
| Market size value in 2031 | USD 11.31 Billion |
| Growth Rate | 33.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wave and Tidal Energy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wave and Tidal Energy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wave and Tidal Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wave and Tidal Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wave and Tidal Energy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wave and Tidal Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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