Waves and Tidal Energy market

Wave and Tidal Energy Market Size (2024-2029):

The Global Wave and Tidal Energy Market was estimated at USD 0.94 billion in 2023 and is projected to reach a revised size of US$ 5.56 billion by 2029, growing at a CAGR of 42.71% over the period 2024-2029.

Market Overview:

Wave energy is defined as the energy of waves from the ocean surface, which is captured for power generation, desalination, and pumping water to reservoirs, wave and tidal energy is considered to be the most promising green technologies, generating the most concentrated renewable energy source. The oceans are an unlimited source of clean energy. Harnessing tidal and wave energy from ocean surfaces should therefore be the most sustainable source of energy. Wave and tidal energy are sustainable methods of harnessing energy from the oceans for the production of electricity. Countries around the world tend to use these forms of renewable energy because they provide a constant source of clean energy. The abundance of ocean surface and power generation capacity in various countries has prompted governments to pursue ocean power generation as a major source of renewable energy in the future.

Market Growth:

The global wave and tidal energy market have the highest demand due to the increased expansion of projects in all countries resulting in a massive reduction in the cost of electricity. In addition, increased investment and new policies from local governments are encouraging technology developers to bring their energy-converting devices to market quickly. Technological progression is still in the development phase for both forms of energy. This leaves a lot of leeway for new players to enter the market by introducing new and advanced technologies. There is a greater opportunity for the development of tidal power stations based on new technologies. Both sectors are expected to experience considerable market growth in terms of installed capacity and investments.

Market Drivers:

The acceleration of electricity consumption around the world, as well as the increase in environmental pollution due to the use of conventional energy resources, are some of the major drivers of the global wave and tidal energy market. The main driver recognized in the wave and tidal energy market is government initiatives to boost the source of the wave and tidal energy. Due to the benefits of the Wave and Tidal Power Project as a cleaner source of energy, countries around the world are opting for various initiatives, such as grants for wave and tidal power projects, limiting the expansion of conventional energy projects and growth based on these goals. Projects. Countries like China and India aim to meet a significant portion of the energy needs of wave and tidal power projects, which in turn drive market growth.

Market Restraints:

The main limitation identified in the global wave and tidal energy market is the intermittent nature of some wave and tidal energy sources. In addition, the immature technology in generating electricity through the wave and tidal power sources, and the lack of funding channels and commercial deployment of projects are hampering the growth of the market. Additionally, the risk of marine mammals and fish being affected by tidal turbine blades is another factor that is slowing the market growth to some extent.

WAVE AND TIDAL ENERGY MARKET REPORT COVERAGE:

Market Segmentation:

Wave and Tidal Energy Market - By Type:

• Tides
• Waves

The tidal power segment has been the fastest growing in the worldwide market. Increased investment in emerging economies is driving market growth. The MeyGen project to commercialize tidal technology is the most important step. Technological development in the tidal power segment promotes commercialization, leading to the growth of the segment.

Wave and Tidal Energy Market - By Technology:

• Oscillating Water Columns
• Tidal Steam Generator
• Pendulor Devise
• Barrage

Oscillating water columns are the fastest growing in the wave energy market. It is a type of wave energy converter that is used to generate electrical energy. This is done by the oscillation of waves inside a chamber. It has a low environmental impact and is the preferred source of renewable energy. Companies focus on increasing the efficiency of oscillating water columns.

Wave and Tidal Energy Market - By End Use:

• Introduction
• Industrial
• Automotive
• Marine
• Commercial
• Residential 
• Other Users

Market Regional Analysis: 

The Global Wave and Tidal Energy Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

The North American market has seen several developments in recent years. In 2020, renewable sources accounted for about 16% of total electricity production in the United States. Canada has a significant market for ocean technology in the region. Nova Scotia is estimated to be a major market in Canada at the provincial level, where $ 60.0 million has been committed to marine energy since 2015.

In 2020, over 92.0% of all ocean technology operational capacity was represented by two tidal barrier facilities, namely the Sihwa power station in the Republic of Korea with a capacity of 255 MW, and the La Rance power station de France with a capacity of 245 MW. The other projects are in the pre-commercialization and development phase.

Europe is expected to lead the pack during the forecast period. Growth is being driven by the substantial efforts of governments of various economies to support the transition to a low-carbon economy and the great strides that the energy sector is making across the region.

The Asia-Pacific region accounted for a 41.0% revenue share of the global market in 2020. Manufacturers in this area have participated in the development of new designs and production processes to meet the growing demand for clean energy. The substantial growth of the economy, awareness of the population, availability of resources, and development of open test sites are expected to drive market growth during the forecast period.

Competitive Landscape:

Currently, more than 250 companies are operating in the market, most of which are engaged in the development of energy conversion technologies. It is difficult to predict whether or not the competitive landscape will consolidate in the near future. However, for small businesses to gain traction in the global marketplace, strategic alliances with special-purpose project companies would be imperative.

Impact of COVID-19 on Waves and Tidal Energy Market:

The coronavirus pandemic has resulted in travel, work, and market constraints in 2020. Due to this pandemic, the wave and tidal energy market around the world are facing significant challenges. The lack of availability of raw materials, components, and technical support had a significant impact on the development of the project, causing delays.

Market Key Players:

1. Ocean Renewable Power Company
2. LLC, Pelamis Wave Power Ltd.
3. AquaGen Technologies,
4. Tenax Energy
5. Carnegie Wave Energy Ltd.,
6. Atlantis Resources Ltd.
7. Ocean Power Technologies, Inc.

Market Recent Developments:

• In December 2019, Nova Innovation, a Scotland-based tidal energy company, announced that it had won a contract to develop an innovative subsea electrical connector for Wave Energy Scotland.
• In October 2019, SIMEC Atlantis Energy Limited announced the acquisition by SIMEC Energy of the project development, asset management, operations, and maintenance activities of Green Highland Renewables (“GHR”). The project includes more than 65 hydropower projects and has built more than 45 hydropower projects. The project also provides operation and maintenance services for more than 45 hydropower projects in the UK.