Product Code: PM2856
The global wave and tidal energy market size are expected to reach USD 4,541.8 million by 2030, according to a new study by Polaris Market Research. The report "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" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Continuously growing penetration of renewable energy sources & fast depletion of non-renewable energy sources driving the market forward. To exploit ocean energy systems favorable legislation is required, in line with this, the Australian government in 2021, introduced the "Offshore Electricity Infrastructure Bill" to develop ocean energy technologies. Moreover, effective policies, public and private investments are also needed for the inclusive and sustainable future of energy systems that drives the market.
Moreover, an increasing number of wave power plants developed across the developed economies are expected to favor market growth. For instance, in April 2022, EcoWave Power, a producer of electricity from ocean waves, announced its plans to build tidal energy power plants with a capacity of up to 2 megawatts in Spain.
The market is a relatively underexplored technology of renewable power generation, and many companies across the globe are still working on their pilot projects, and numerous researchers are focusing on different parameters corresponding to the viability and ways to bring down the cost without compromising efficiency, which is likely to impact the global market.
According to a report published by European Marine Energy Center, in October 2022, WEDUSEA, a collaboration that includes 14 partners from academia and industry with a funding of USD 19.3 million is set to last for four years. In its initial phase, the project is concentrating on the designing of OE35, 1-megawatt version, and is coordinated by OceanEnergy.
Wave and Tidal Energy Market Report Highlight
Tidal energy accounted to have significant growth of global revenue share in 2021 due to rapid increase in awareness about green energy and acceptance of tidal energy as a sustainable alternative to fossil fuels
Power generation segment held the largest market share in 2021 on account of the growing consumption of electrical power and technological development in power generation processes
Tidal stream generator segment is expected to grow fastest during the projected period, which is mainly attributed to growth in tidal energy infrastructure
Asia Pacific region dominated the global market, which is mainly attributed to environmental regulations, several government policies, and increasing focus on technological advancements to enhance the power generation methods
The global key market players include Eco Wave Power, Aquamarine Power, SINN Power GmbH, SIMEC Atlantis Energy, Andritz Hydro Hammerfest, and Verdant Power Inc.
Polaris Market Research has segmented the wave and tidal energy market report based on type, application, technology, and region:
Wave and Tidal Energy, Type Outlook (Revenue - USD Million, 2018 - 2030)
Wave Energy
Tidal Energy
Wave and Tidal Energy, Application Outlook (Revenue - USD Million, 2018 - 2030)
Power Generation
Desalination
Wave and Tidal Energy, Technology Outlook (Revenue - USD Million, 2018 - 2030)
Tidal Stream Generator
Oscillating Water Columns
Tidal Turbines
Tidal barrages
Tidal Fences
Wave and Tidal Energy, Regional Outlook (Revenue - USD Million, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Wave and Tidal Energy Market Insights
- 4.1. Wave and Tidal Energy - Industry Snapshot
- 4.2. Wave and Tidal Energy Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. High technological advancements
- 4.2.1.2. Rising funding by public and private sectors
- 4.2.2. Restraints and Challenges
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Wave and Tidal Energy Market Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Wave and Tidal Energy Market, by Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 5.3. Wave Energy
- 5.3.1. Global Wave and Tidal Energy Market, by Wave Energy, by Region, 2018 - 2030 (USD Million)
- 5.4. Tidal Energy
- 5.4.1. Global Wave and Tidal Energy Market, by Tidal Energy, by Region, 2018 - 2030 (USD Million)
6. Global Wave and Tidal Energy Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 6.3. Power Generation
- 6.3.1. Global Wave and Tidal Energy Market, by Power Generation, by Region, 2018 - 2030 (USD Million)
- 6.4. Desalination
- 6.4.1. Global Wave and Tidal Energy Market, by Desalination, by Region, 2018 - 2030 (USD Million)
7. Global Wave and Tidal Energy Market, by Technology
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 7.3. Tidal Stream Generator
- 7.3.1. Global Wave and Tidal Energy Market, by Tidal Stream Generator, by Region, 2018 - 2030 (USD Million)
- 7.4. Oscillating Water Columns
- 7.4.1. Global Wave and Tidal Energy Market, by Oscillating Water Columns, by Region, 2018 - 2030 (USD Million)
- 7.5. Tidal Turbines
- 7.5.1. Global Wave and Tidal Energy Market, by Tidal Turbines, by Region, 2018 - 2030 (USD Million)
- 7.6. Tidal Barrages
- 7.6.1. Global Wave and Tidal Energy Market, by Tidal Barrages, by Region, 2018 - 2030 (USD Million)
- 7.7. Tidal Fences
- 7.7.1. Global Wave and Tidal Energy Market, by Tidal Fences, by Region, 2018 - 2030 (USD Million)
8. Global Wave and Tidal Energy Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Wave and Tidal Energy Market Assessment, By Geography, 2018 - 2030 (USD Million)
- 8.3. Wave and Tidal Energy Market - North America
- 8.3.1. North America: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.3.2. North America: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.3.3. North America: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.3.4. Wave and Tidal Energy Market - U.S.
- 8.3.4.1. U.S.: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.3.4.2. U.S.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.3.4.3. U.S.: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.3.5. Wave and Tidal Energy Market - Canada
- 8.3.5.1. Canada: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.3.5.2. Canada.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.3.5.3. Canada: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4. Wave and Tidal Energy Market - Europe
- 8.4.1. Europe: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.2. Europe.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.3. Europe: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4.4. Wave and Tidal Energy Market - UK
- 8.4.4.1. UK: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.4.2. UK.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.4.3. UK: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4.5. Wave and Tidal Energy Market - France
- 8.4.5.1. France: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.5.2. France.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.5.3. France: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4.6. Wave and Tidal Energy Market - Germany
- 8.4.6.1. Germany: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.6.2. Germany.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.6.3. Germany: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4.7. Wave and Tidal Energy Market - Italy
- 8.4.7.1. Italy: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.7.2. Italy.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.7.3. Italy: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4.8. Wave and Tidal Energy Market - Spain
- 8.4.8.1. Spain: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.8.2. Spain.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.8.3. Spain: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4.9. Wave and Tidal Energy Market - Netherlands
- 8.4.9.1. Netherlands: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.9.2. Netherlands.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.9.3. Netherlands: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.4.10. Wave and Tidal Energy Market - Russia
- 8.4.10.1. Russia: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.4.10.2. Russia.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.4.10.3. Russia: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.5. Wave and Tidal Energy Market - Asia Pacific
- 8.5.1. Asia Pacific: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.5.2. Asia Pacific.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.5.3. Asia Pacific: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.5.4. Wave and Tidal Energy Market - China
- 8.5.4.1. China: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.5.4.2. China.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.5.4.3. China: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.5.5. Wave and Tidal Energy Market - India
- 8.5.5.1. India: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.5.5.2. India.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.5.5.3. India: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.5.6. Wave and Tidal Energy Market - Malaysia
- 8.5.6.1. Malaysia: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.5.6.2. Malaysia.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.5.6.3. Malaysia: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.5.7. Wave and Tidal Energy Market - Japan
- 8.5.7.1. Japan: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.5.7.2. Japan.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.5.7.3. Japan: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.5.8. Wave and Tidal Energy Market - Indonesia
- 8.5.8.1. Indonesia: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.5.8.2. Indonesia.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.5.8.3. Indonesia: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.5.9. Wave and Tidal Energy Market - South Korea
- 8.5.9.1. South Korea: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.5.9.2. South Korea.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.5.9.3. South Korea: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.6. Wave and Tidal Energy Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.6.2. Middle East & Africa.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.6.3. Middle East & Africa: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.6.4. Wave and Tidal Energy Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.6.4.2. Saudi Arabia.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.6.4.3. Saudi Arabia: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.6.5. Wave and Tidal Energy Market - UAE
- 8.6.5.1. UAE: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.6.5.2. UAE.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.6.5.3. UAE: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.6.6. Wave and Tidal Energy Market - Israel
- 8.6.6.1. Israel: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.6.6.2. Israel.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.6.6.3. Israel: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.6.7. Wave and Tidal Energy Market - South Africa
- 8.6.7.1. South Africa: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.6.7.2. South Africa.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.6.7.3. South Africa: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.7. Wave and Tidal Energy Market - Latin America
- 8.7.1. Latin America: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.7.2. Latin America.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.7.3. Latin America: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.7.4. Wave and Tidal Energy Market - Mexico
- 8.7.4.1. Mexico: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.7.4.2. Mexico.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.7.4.3. Mexico: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.7.5. Wave and Tidal Energy Market - Brazil
- 8.7.5.1. Brazil: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.7.5.2. Brazil.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.7.5.3. Brazil: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
- 8.7.6. Wave and Tidal Energy Market - Argentina
- 8.7.6.1. Argentina: Wave and Tidal Energy Market, by Type, 2018 - 2030 (USD Million)
- 8.7.6.2. Argentina.: Wave and Tidal Energy Market, by Technology, 2018 - 2030 (USD Million)
- 8.7.6.3. Argentina: Wave and Tidal Energy Market, by Application, 2018 - 2030 (USD Million)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Eco Wave Power
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Mocean Energy
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Aquamarine Power
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. SSE Renewables
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Wello Oy
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. SINN Power
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Ocean Power Technologies
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Orbital Marine Power
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Ricardo
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. SIMEC Atlantis Energy
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Tidal Lagoon
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Andritz Hydro Hammerfest
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Tenax Energy
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. CorPower Ocean
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. ocean energy
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development