The Global Wave and Tidal Energy Market size was estimated at USD 4.9 billion in 2021 and is expected to hit around USD 40.8 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 23.5% from 2022 to 2031.
Global Wave and Tidal Energy Market: Breakup by Region, (USD Billion) 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The global wave and tidal energy market refers to the rapidly evolving sector within the broader renewable energy landscape that harnesses the power of ocean waves and tides to generate electricity. These technologies are part of the broader effort to transition away from traditional fossil fuels and towards more sustainable and environmentally friendly sources of energy. The market encompasses a range of technologies and devices designed to capture and convert the kinetic and potential energy of ocean waves and tides into usable electrical power.
One key driver behind the growth of the global wave and tidal energy market is the increasing emphasis on reducing greenhouse gas emissions and mitigating climate change. Governments and energy companies around the world are investing in research, development, and deployment of wave and tidal energy projects as part of their commitment to clean energy initiatives. The potential for these technologies to provide a consistent and reliable source of renewable energy is particularly appealing, as oceans cover about 71% of the Earth's surface and have the capacity to generate significant amounts of power.
The global wave and tidal energy market is witnessing several key trends that are shaping its trajectory. Firstly, there is a growing focus on technological advancements to enhance the efficiency and reliability of wave and tidal energy systems. Innovations in materials, design, and control systems are driving improvements, making these technologies more competitive and commercially viable. Additionally, collaborations and partnerships between governments, research institutions, and private companies are fostering a collaborative ecosystem for knowledge sharing and resource pooling, accelerating the pace of development in the sector.
Another notable trend is the increasing deployment of pilot projects and commercial-scale wave and tidal energy farms. As governments worldwide set ambitious renewable energy targets, there is a corresponding uptick in investments and regulatory support for these projects. This momentum is creating a more conducive environment for project developers and investors, spurring the growth of the market. Furthermore, advancements in energy storage technologies are addressing the intermittent nature of ocean energy, making it more feasible to integrate wave and tidal power into existing grids.
Environmental sustainability is a significant driver influencing market trends. With a heightened global awareness of climate change, there is a growing preference for clean and renewable energy sources. The wave and tidal energy market is aligning with this preference, positioning itself as a crucial player in the transition towards a low-carbon future. As technological capabilities improve and market conditions become more favorable, the global wave and tidal energy market is poised for sustained growth in the coming years.
Recent Developments:
Recent developments in the global wave and tidal energy market underscore the industry's dynamic evolution. One notable trend is the increasing scale and commercial viability of projects. Several countries are moving beyond pilot initiatives, with the deployment of larger, utility-scale wave and tidal energy farms. These projects demonstrate the industry's progress in overcoming technical challenges and provide valuable insights for future developments. As a result, the sector is attracting greater attention from investors and energy companies, contributing to its overall growth.
Collaborations and partnerships are also playing a pivotal role in advancing the global wave and tidal energy market. Governments, research institutions, and industry players are joining forces to share knowledge, pool resources, and accelerate innovation. These collaborations facilitate the development of standardized practices, reduce development costs, and foster a more cohesive global wave and tidal energy community. Moreover, regulatory frameworks are evolving to support the integration of ocean energy into mainstream energy grids, providing a more conducive environment for market expansion.
Table of Content
Global Wave and Tidal Energy Market Research Report, 2020-2031.
Chapter 1. Introduction
1.1. Report description
1.2. Key market segments
1.3. Regional Scope
1.4. Executive Summary
Chapter 2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Secondary Analyst Tools and Models
Chapter 3. Market Dynamics
3.1. Market driver analysis
3.2. Market restraint analysis
3.3. Market Opportunity
3.4. Market Challenges
3.5. Impact analysis of COVID-19 on the Wave and Tidal Energy Market
Chapter 4. Market Variables and Outlook
4.1. SWOT Analysis
4.1.1. Strengths
4.1.2. Weaknesses
4.1.3. Opportunities
4.1.4. Threats
4.2. Supply Chain Analysis
4.3. PESTEL Analysis
4.3.1. Political Landscape
4.3.2. Economic Landscape
4.3.3. Social Landscape
4.3.4. Technological Landscape
4.3.5. Environmental Landscape
4.3.6. Legal Landscape
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitute
4.4.4. Threat of New Entrant
4.4.5. Competitive Rivalry
Chapter 5. Wave and Tidal Energy Market: Technology Estimates & Trend Analysis
5.1. Wave and Tidal Energy Market value share and forecast, (USD Billion) (2020 to
2031)
5.2. Incremental Growth Analysis and Infographic Presentation
5.3. Wave Energy
5.3.1. Market Size & Forecast, (USD Billion) 2020-2031
5.4. Tidal Energy
5.4.1. Market Size & Forecast, (USD Billion) 2020-2031
5.5. Tidal Stream Energy
5.5.1. Market Size & Forecast, (USD Billion) 2020-2031
5.6. Ocean Thermal Energy
5.6.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 6. Wave and Tidal Energy Market: Project Scale Estimates & Trend Analysis
6.1. Wave and Tidal Energy Market value share and forecast, (USD Billion) (2020 to
2031)
6.2. Incremental Growth Analysis and Infographic Presentation
6.3. Pilot Projects
6.3.1. Market Size & Forecast, (USD Billion) 2020-2031
6.4. Commercial-Scale Projects
6.4.1. Market Size & Forecast, (USD Billion) 2020-2031
6.5. Utility-Scale Projects
6.5.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 7. Wave and Tidal Energy Market: Components Size Estimates & Trend Analysis
7.1. Wave and Tidal Energy Market value share and forecast, (USD Billion) (2020 to
2031)
7.2. Incremental Growth Analysis and Infographic Presentation
7.3. Wave Energy Converters
7.3.1. Market Size & Forecast, (USD Billion) 2020-2031
7.4. Tidal Turbines
7.4.1. Market Size & Forecast, (USD Billion) 2020-2031
7.5. Power Take-Off Systems
7.5.1. Market Size & Forecast, (USD Billion) 2020-2031
7.6. Subsea Cables
7.6.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 8. Wave and Tidal Energy Market: Application Estimates & Trend Analysis
8.1. Wave and Tidal Energy Market value share and forecast, (USD Billion) (2020 to
2031)
8.2. Incremental Growth Analysis and Infographic Presentation
8.3. Power Generation
8.3.1. Market Size & Forecast, (USD Billion) 2020-2031
8.4. Desalination
8.4.1. Market Size & Forecast, (USD Billion) 2020-2031
8.5. Water Pumping
8.5.1. Market Size & Forecast, (USD Billion) 2020-2031
8.6. Others
8.6.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 9. Wave and Tidal Energy Market: Regional Estimates & Trend Analysis
9.1. Wave and Tidal Energy Market value share and forecast, (USD Billion) (2020 to
2031)
9.2. Incremental Growth Analysis and Infographic Presentation
9.3. North America
9.3.1. Market Size & Forecast, (USD Billion) 2020-2031
9.4. Europe
9.4.1. Market Size & Forecast, (USD Billion) 2020-2031
9.5. Asia Pacific
9.5.1. Market Size & Forecast, (USD Billion) 2020-2031
9.6. Middle East & Africa
9.6.1. Market Size & Forecast, (USD Billion) 2020-2031
9.7. Latin America
9.7.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 10. Wave and Tidal Energy Market: Country Estimates & Trend Analysis
10.1. Wave and Tidal Energy Market value share and forecast, (USD Billion) (2020 to
2031)
10.2. Incremental Growth Analysis and Infographic Presentation
10.3. U.S.
10.3.1. Market Size & Forecast, (USD Billion) 2020-2031
10.4. Canada
10.4.1. Market Size & Forecast, (USD Billion) 2020-2031
10.5. Mexico
10.5.1. Market Size & Forecast, (USD Billion) 2020-2031
10.6. UK
10.6.1. Market Size & Forecast, (USD Billion) 2020-2031
10.7. France
10.7.1. Market Size & Forecast, (USD Billion) 2020-2031
10.8. Germany
10.8.1. Market Size & Forecast, (USD Billion) 2020-2031
10.9. Russia
10.9.1. Market Size & Forecast, (USD Billion) 2020-2031
10.10. Italy
10.10.1. Market Size & Forecast, (USD Billion) 2020-2031
10.11. Spain
10.11.1. Market Size & Forecast, (USD Billion) 2020-2031
10.12. China
10.12.1. Market Size & Forecast, (USD Billion) 2020-2031
10.13. India
10.13.1. Market Size & Forecast, (USD Billion) 2020-2031
10.14. Japan
10.14.1. Market Size & Forecast, (USD Billion) 2020-2031
10.15. Indonesia
10.15.1. Market Size & Forecast, (USD Billion) 2020-2031
10.16. South Korea
10.16.1. Market Size & Forecast, (USD Billion) 2020-2031
10.17. Australia
10.17.1. Market Size & Forecast, (USD Billion) 2020-2031
10.18. Brazil
10.18.1. Market Size & Forecast, (USD Billion) 2020-2031
10.19. Argentina
10.19.1. Market Size & Forecast, (USD Billion) 2020-2031
10.20. Saudi Arabia
10.20.1. Market Size & Forecast, (USD Billion) 2020-2031
10.21. UAE
10.21.1. Market Size & Forecast, (USD Billion) 2020-2031
10.22. South Africa
10.22.1. Market Size & Forecast, (USD Billion) 2020-2031
Chapter 11. Competitive Landscape
11.1. Company Market Share Analysis
11.2. Vendor Landscape
11.3. Competition Dashboard
Chapter 12. Company Profiles
12.1. Business Overview, Product Landscape, Financial Performanceand Company
Strategies for below companies
12.2. Ocean Power Technologies
12.2.1. Company Overview
12.2.2. Financial Performance
12.2.3. Product Benchmarking
12.2.4. Geographic Footprint
12.2.5. Strategic Initiatives
12.3. Siemens Gamesa Renewable Energy
12.3.1. Company Overview
12.3.2. Financial Performance
12.3.3. Product Benchmarking
12.3.4. Geographic Footprint
12.3.5. Strategic Initiatives
12.4. Wave Swell Energy
12.4.1. Company Overview
12.4.2. Financial Performance
12.4.3. Product Benchmarking
12.4.4. Geographic Footprint
12.4.5. Strategic Initiatives
12.5. Atlantis Resources Ltd.
12.5.1. Company Overview
12.5.2. Financial Performance
12.5.3. Product Benchmarking
12.5.4. Geographic Footprint
12.5.5. Strategic Initiatives
12.6. Orbital Marine Power
12.6.1. Company Overview
12.6.2. Financial Performance
12.6.3. Product Benchmarking
12.6.4. Geographic Footprint
12.6.5. Strategic Initiatives
12.7. Carnegie Clean Energy
12.7.1. Company Overview
12.7.2. Financial Performance
12.7.3. Product Benchmarking
12.7.4. Geographic Footprint
12.7.5. Strategic Initiatives
12.8. Wello Oy
12.8.1. Company Overview
12.8.2. Financial Performance
12.8.3. Product Benchmarking
12.8.4. Geographic Footprint
12.8.5. Strategic Initiatives
12.9. SIMEC Atlantis Energy
12.9.1. Company Overview
12.9.2. Financial Performance
12.9.3. Product Benchmarking
12.9.4. Geographic Footprint
12.9.5. Strategic Initiatives
12.10. Sustainable Marine Energy
12.10.1. Company Overview
12.10.2. Financial Performance
12.10.3. Product Benchmarking
12.10.4. Geographic Footprint
12.10.5. Strategic Initiatives
12.11. Pelamis Wave Power
12.11.1. Company Overview
12.11.2. Financial Performance
12.11.3. Product Benchmarking
12.11.4. Geographic Footprint
12.11.5. Strategic Initiatives
12.12. Aquamarine Power
12.12.1. Company Overview
12.12.2. Financial Performance
12.12.3. Product Benchmarking
12.12.4. Geographic Footprint
12.12.5. Strategic Initiatives
12.13. Eco Wave Power
12.13.1. Company Overview
12.13.2. Financial Performance
12.13.3. Product Benchmarking
12.13.4. Geographic Footprint
12.13.5. Strategic Initiatives
12.14. Seabased
12.14.1. Company Overview
12.14.2. Financial Performance
12.14.3. Product Benchmarking
12.14.4. Geographic Footprint
12.14.5. Strategic Initiatives
12.15. Verdant Power
12.15.1. Company Overview
12.15.2. Financial Performance
12.15.3. Product Benchmarking
12.15.4. Geographic Footprint
12.15.5. Strategic Initiatives
12.16. CorPower Ocean
12.16.1. Company Overview
12.16.2. Financial Performance
12.16.3. Product Benchmarking
12.16.4. Geographic Footprint
12.16.5. Strategic Initiatives
Chapter 13. Conclusion
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