Wave And Tidal Energy Market Size 2024-2028
The wave and tidal energy market size is forecast to increase by USD 1.25 billion, at a CAGR of 27.47% between 2023 and 2028.
- The market is experiencing significant growth due to the rising global energy demand and the increasing popularity of clean energy technologies. However, high capital costs associated with wave and tidal energy projects remain a major challenge. The market is expected to witness steady growth as governments and private entities continue to invest in renewable energy sources. The adoption of advanced technologies, such as underwater turbines and energy storage solutions, is also driving market growth. Despite these opportunities, the high initial investment required for wave and tidal energy projects may hinder market expansion. To mitigate this challenge, collaborations between governments, private entities, and technology providers are essential to reduce costs and increase efficiency. Overall, the market holds immense potential for growth and is poised to make a significant contribution to the global energy landscape.
What will be the Size of the Wave And Tidal Energy Market During the Forecast Period?
- The market encompasses the generation of electricity and other applications, such as desalination and pumping of water, utilizing Earth's surface waves and tidal movements. This sector is a significant contributor to the renewable energy landscape, offering sustainable power solutions. Ocean surface waves, driven by wind, and tidal movements, caused by gravitational forces, are harnessed through various technologies, including oscillating water columns, tidal barrages, tidal stream generators, and wave energy converters. These technologies convert the kinetic energy of the ocean into electricity, contributing to the ocean energy generation segment. Tidal energy, specifically, leverages the rise and fall of tidal movements to generate power, while wave energy focuses on converting the energy of ocean waves. The market is experiencing significant growth due to increasing global focus on green technologies and the need for sustainable power generation.
How is this Wave And Tidal Energy Industry segmented and which is the largest segment?
The wave and tidal energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Type
- Tidal energy
- Wave energy
- Application
- Power generation
- Desalination
- Geography
- Europe
- UK
- France
- Italy
- APAC
- China
- South Korea
- North America
- South America
- Middle East and Africa
- Europe
By Type Insights
- The tidal energy segment is estimated to witness significant growth during the forecast period.
Tidal and wave energy represent promising segments of renewable power generation, harnessing the natural movements of the Earth's oceans. Tidal energy is derived from the gravitational pull of the moon and sun, causing a rise and fall of ocean levels. This results in tidal currents, which can be utilized to generate electricity through specialized turbines or barrages. Wave energy, on the other hand, is derived from wind-driven ocean surface waves. Both tidal and wave energy offer significant potential for sustainable power generation, contributing to economic positioning, employment, and energy security. Moreover, these green technologies can be employed in various applications, including desalination, pumping of water, and electricity generation.
Tidal and wave energy projects can be integrated with water engineering and management development, creating opportunities for water infrastructure and water management solutions. Key technologies for tidal energy include oscillating water columns, tidal barrages, tidal stream generators, and tidal fences. Wave energy converters are used for ocean energy generation. Tidal and wave energy are crucial renewable energy sources, contributing to the reduction of greenhouse gas emissions. As governments and organizations invest in sustainable projects, the market for tidal and wave energy is expected to grow. The technology segment is witnessing significant advancements, with companies focusing on improving efficiency and reducing costs.
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The tidal energy segment was valued at USD 143.80 million in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
- Europe is estimated to contribute 58% to the growth of the global market during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The European Union (EU) energy sector witnessed significant shifts in 2020, with coal production declining by 20% and renewable energy sources reaching an all-time high. This transition was driven by the EU's commitment to the Paris Agreement on Climate Change and its goal to generate 35% of electricity from renewables by 2050. Renewable energy sources, including wave and tidal energy, are increasingly being prioritized as green technologies for sustainable power generation. Wave energy harnesses the power of ocean surface waves, while tidal energy utilizes tidal movements. Both wave and tidal energy contribute to electricity generation, desalination, pumping of water, and water management development.
Market Dynamics
Our wave and tidal energy market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise In the adoption of Wave And Tidal Energy Industry?
Rise in global energy demand is the key driver of the market.
- The Earth's surface, particularly the oceans, is becoming an increasingly significant source of renewable energy through wave and tidal movements. Wave energy is derived from the power of ocean surface waves, while tidal energy is generated from the motions of the tides. Both forms of energy are environmentally friendly and contribute to sustainable power generation. Wave energy converters and tidal turbines are the primary technology segments In the ocean energy generation market. Oscillating water columns and tidal barrages are the most common types of wave and tidal energy technologies, respectively. These green technologies offer numerous benefits, including electricity generation, desalination, pumping of water to reservoirs, and water management development.
- Tidal energy is also used for power generation through tidal barrages, tidal stream generators, tidal fences, and oscillating water columns. The market is expected to grow significantly due to government sustainable projects, investment plans, and the economic positioning of countries for energy security. The market is also driven by the need to reduce greenhouse gas emissions and the availability of favorable climatic conditions for wave and tidal energy generation. The market is a promising sector for employment generation and innovation. Companies are investing heavily in research and development to improve the efficiency and cost-effectiveness of wave and tidal energy technologies.
What are the market trends shaping the Wave And Tidal Energy Industry?
The rising popularity of clean energy technologies is the upcoming market trend.
- The Earth's surface, particularly the oceans, presents vast opportunities for sustainable power generation through wave and tidal energy. Wave energy is derived from ocean surface waves, while tidal energy is harnessed from tidal movements. Both these renewable energy sources have gained significant attention due to their potential to reduce reliance on fossil fuels, decrease greenhouse gas emissions, and provide employment opportunities. Wave energy conversion technologies include oscillating water columns, wave energy converters, and marine wave power. Tidal energy segment consists of tidal barrages, tidal stream generators, tidal fences, and tidal turbines. These green technologies are essential components of water engineering projects and government sustainable initiatives aimed at increasing water infrastructure and water management development.
- Electricity generation through wave and tidal energy is an environmentally friendly alternative to traditional power generation methods. Wave energy can also be used for desalination and pumping of water, making it a versatile solution for water projects. Tidal energy, on the other hand, can be used for power generation and economic positioning, contributing to energy security and climatic conditions. Investment plans in wave and tidal energy are increasing as these technologies gain traction In the technology segment. Companies are focusing on improving the efficiency of wave and tidal energy converters, and governments are investing in research and development to make these technologies more accessible and cost-effective.
What challenges does the Wave And Tidal Energy Industry face during its growth?
High capital costs associated with wave and tidal energy projects is a key challenge affecting the industry growth.
- The market encompasses the generation of electricity and desalination through Earth's ocean surface waves and tidal movements. Wave energy is derived from wind-driven waves, while tidal energy is harnessed from the ebb and flow of tides. These green technologies contribute significantly to sustainable power generation and water management development. Wave and tidal energy projects, including wave energy converters and tidal turbines, face substantial capital costs, which hinder their growth. Designing and engineering systems capable of withstanding harsh marine conditions adds to the financial burden. Consequently, investors are often hesitant due to uncertainties surrounding technology performance, long payback periods, and the risk of project failure.
- Despite these challenges, the wave and tidal energy segment offers potential for employment generation, economic positioning, and energy security. Governments and organizations invest in research, development, and deployment of these technologies to reduce reliance on coal and oil and mitigate greenhouse gas emissions. Technologies such as oscillating water columns, tidal barrages, tidal stream generators, and tidal fences are gaining traction In the technology segment. The climate conditions suitable for wave and tidal energy generation vary, making it essential to consider these factors when evaluating investment plans. As the market evolves, it is crucial to stay informed about advancements in ocean energy generation and the potential opportunities and challenges In the wave and tidal energy segment.
Exclusive Customer Landscape
The wave and tidal energy market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the wave and tidal energy market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, wave and tidal energy market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Andritz AG
- Aquagen Technologies Inc.
- AWS Ocean Energy Ltd
- BioPower Systems Pty Ltd.
- Blue Energy Canada Inc.
- Carnegie Clean Energy Ltd.
- CorPower Ocean
- Mocean Energy Ltd.
- Nova Innovation Ltd.
- Ocean Power Technologies Inc.
- Ocean Renewable Power Co. Inc.
- Orbital Marine Power
- Simec Atlantis Energy Ltd.
- SINN Power GmbH
- SSE Plc
- Storage and Display Equipment Ltd.
- Tenax Energy Solutions
- TOCARDO B.V.
- Verdant Power Inc.
- Wello Oy
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The market represents a significant opportunity for the global energy sector as the world continues to explore sustainable power generation alternatives. Earth's surface, particularly the oceans, is a vast and largely untapped resource for generating electricity through wave and tidal movements. This segment of renewable energy is gaining traction due to its potential to contribute to energy security, economic positioning, and environmental sustainability. Wave energy is derived from the kinetic and potential energy of ocean surface waves. Harnessing this energy involves the use of wave energy converters (WECs) that convert the energy of the waves into electricity. WECs operate on various principles, including oscillating water columns, tidal stream generators, and tidal fences.
Further, these technologies are continually evolving, with ongoing research and development aimed at improving efficiency and reducing costs. Tidal energy, on the other hand, is generated by the kinetic energy of tidal movements. Tidal energy can be harnessed through tidal barrages, which use the rise and fall of tides to generate electricity, or through tidal stream generators that use the kinetic energy of moving water to generate electricity. Tidal energy has the potential to provide a more consistent power output compared to wave energy due to the predictability of tidal movements. Both wave and tidal energy have the potential to contribute to various sectors, including desalination, water management development, and power generation.
Desalination can be achieved through the use of wave energy, which can be used to power reverse osmosis desalination plants. Wave energy can also be used for pumping water into reservoirs or for other water infrastructure projects. Tidal energy, on the other hand, can be used for power generation, particularly in areas with significant tidal movements. The market is expected to grow significantly In the coming years due to various factors. Renewable energy sources, including wave and tidal energy, are becoming increasingly important as the world seeks to reduce its reliance on coal and oil. Additionally, the economic benefits of wave and tidal energy are significant, including employment generation and energy security.
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Wave And Tidal Energy Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 27.47% |
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Market growth 2024-2028 |
USD 1.25 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
26.72 |
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Key countries |
UK, France, China, Italy, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Wave And Tidal Energy Market Research and Growth Report?
- CAGR of the Wave And Tidal Energy industry during the forecast period
- Detailed information on factors that will drive the Wave And Tidal Energy Market growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across Europe, APAC, North America, South America, and Middle East and Africa
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the wave and tidal energy market growth of industry companies
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