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

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). 

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. 'Ocean Power Technologies (US)', 'Atlantis Resources Ltd (UK)', 'Pelamis Wave Power (UK)', '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)'

The growing 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.

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.

The European region stands out as the dominating force in the 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 investments and driving innovation in the industry.