Wilmington, Delaware, United States, July 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global wave and tidal energy market stood at US$ 4.9 billion in 2021, and the global market is projected to reach US$ 40.8 billion by 2031. The global industry is anticipated to record a CAGR of 23.5% between 2022 and 2031.
The value of the wave and tidal energy market is increasing, owing to the increasing demand for renewable energy. There is a growing global demand for clean and renewable energy sources, with the rising concerns over climate change and the need to reduce greenhouse gas emissions. Wave and tidal energy offer a sustainable and environmentally friendly alternative to traditional fossil fuel-based energy sources. The focus on transitioning towards a low-carbon economy is expected to drive the growth of the wave and tidal energy market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 4.9 Bn | |
| Estimated Value | US$ 40.8 Bn | |
| Growth Rate - CAGR | 23.5% | |
| Forecast Period | 2022–2031 | |
| No. of Pages | 204 Pages | |
| Market Segmentation | Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Ocean Power Technologies, Inc., Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Renewable Power Company LLC, Tenax Energy, Atlantis Resources Ltd., Aquagen Technologies, S.D.E. Energy Ltd. (WERPO Wave Energy), Marine Current Turbines Ltd., and Aquamarine Power Ltd. | |
Abundant and predictable energy resource, is another significant factor contributing to the market growth. Wave and tidal energy are derived from the natural movement of ocean waves and tides, which are predictable and abundant energy resources. Wave and tidal energy are more consistent and reliable, offering a stable and constant power generation potential, unlike other renewable energy sources such as solar and wind. The predictability makes wave and tidal energy attractive for meeting the base load energy demand.
Global Wave and Tidal Energy Market: Key Players
Some of the key market players in the global wave and tidal energy market are: Ocean Power Technologies, Inc., Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Renewable Power Company LLC, Tenax Energy, Atlantis Resources Ltd., Aquagen Technologies, S.D.E. Energy Ltd. (WERPO Wave Energy), Marine Current Turbines Ltd., and Aquamarine Power Ltd.
Key Findings of the Market Report
- On the basis of type, tidal power plants segment is expected to fuel at a significant share, and is likely to be most preferred, attributed to the long lifespan and minimal visual impact, and technological advancements in tidal turbine technology.
- Predictability and reliability, as well as high energy density are other major factors that are anticipated to propel the segmental growth.
- Other factors that are expected to accelerate the segmental growth include the potential for co-location with existing infrastructure, environmental sustainability, and government support and incentives.
Global Wave and Tidal Energy Market: Growth Drivers
- The global wave and tidal energy market is projected to expand at a steady pace from 2022 to 2031, owing to the job creation & economic growth, as well as energy security & independence.
- Other factors that are projected to augment the market growth include environmental benefits, and energy diversification & resilience.
- Offshore development opportunities, and research & development activities, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Wave and Tidal Energy Market: Regional Landscape
- Asia Pacific is expected to dominate the wave and tidal energy market, and is expected to hold a significant share during the forecast period, attributed to abundance of coastal areas, and technological advancements & research initiatives in the region.
- The regional market is witnessing an increase, due to the factors such as strong focus on renewable energy, as well as increasing investments & collaborations.
- Environmental & social benefits, and technological transfer & knowledge sharing in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
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Competitive Landscape
Prominent players in the wave and tidal energy industry are taking advantage of the rapidly increasing demand for wave and tidal energy. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, Nova Innovation successfully completed the installation of its Shetland Tidal Array, which consists of three tidal turbines off the coast of Shetland, Scotland. The project represents a significant milestone in the commercialization of tidal energy, showcasing the scalability and reliability of tidal power generation.
- In the same year, Carnegie Clean Energy announced the completion of the design phase for its CETO 6 wave energy technology. The technology utilizes a submerged buoyant structure to capture wave energy and convert it into electricity. The completion of the design phase represents a significant step towards the commercialization of wave energy.
- In 2020, Orsted announced the successful installation of its first commercial-scale tidal energy turbine at the European Marine Energy Centre in Orkney, Scotland. The project, known as the Tidal Energy Project, aims to demonstrate the commercial viability of tidal energy and explore its potential as a reliable and renewable energy source.
Global Wave and Tidal Energy Market: Segmentation
Type
- Wave Power Plants
- Tidal Power Plants
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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