New Delhi, July 29, 2024 (GLOBE NEWSWIRE) -- The global wave and tidal energy market was valued at US$ 575.2 million in 2023 and is projected to reach US$ 14,391.8 million by 2032 at a CAGR of 43.01% during the forecast period 2024-2032.
Wave and tidal energy, as two of the most promising forms of marine renewable energy, are steadily reshaping the global energy landscape. The potential of harnessing the ocean's kinetic power is vast, with the ability to provide a consistent and reliable energy source that complements other renewable technologies. As of 2023, the global installed capacity of tidal energy has reached 600 megawatts (MW), with the leading projects situated in the UK, France, and Canada. Similarly, wave energy installations are gaining momentum, with notable projects in Portugal and Australia contributing to a total capacity of 400 MW worldwide.
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The advancements in wave and tidal energy market are driven by technological innovations and significant investments. The European Marine Energy Centre (EMEC) has seen over 30 devices tested at its facilities, fostering a robust environment for research and development. In the UK, the MeyGen project, the world's largest tidal stream array, has already generated over 50 gigawatt-hours (GWh) of electricity. In South Korea, the Sihwa Lake Tidal Power Station, the largest of its kind, produces 552.7 gigawatt-hours annually. Moreover, the Australian Renewable Energy Agency (ARENA) has invested over AUD 50 million in wave energy projects, indicating a strong commitment to marine energy development.
The environmental and economic benefits of wave and tidal energy are substantial. According to the International Renewable Energy Agency (IRENA), the global wave and tidal energy industry has the potential to create over 80,000 jobs by 2030. The deployment of marine energy technologies also aligns with global decarbonization goals, reducing reliance on fossil fuels and cutting greenhouse gas emissions. With countries like China and India embarking on pilot projects to harness tidal energy, the global installed capacity is expected to rise significantly. As nations strive to meet their renewable energy targets, wave and tidal energy are set to play an increasingly critical role in the sustainable energy transition.
Key Findings in Wave and Tidal Energy Market
| Market Forecast (2032) | US$ 14,391.8 million |
| CAGR | 43.01% |
| Largest Region (2023) | Europe (46.2%) |
| By Type | Tidal Energy (87.1%) |
| By Technology | Tidal Energy (87.1%) |
| By Application | Power Generation (81.5%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Technological Advancements and Demonstrations Shaping the Wave and Tidal Energy Market
Wave and tidal energy technologies have seen significant advancements and successful demonstrations in recent years. The Swedish developer CorPower Ocean has achieved breakthrough results with its first commercial-scale device, demonstrating efficient power generation and storm survivability, which addresses some of the toughest challenges in wave energy. Additionally, the National Renewable Energy Laboratory (NREL) has been instrumental in improving the performance of various wave energy converter designs, which are set for in-water, grid-connected testing at the PacWave South test site off the coast of Oregon. These advancements are crucial for the widescale adoption of wave energy technologies.
Policy Support and Investment
Governments and organizations worldwide are increasingly supporting wave and tidal energy market through policies and investments. In the U.S., the fiscal year 2023 federal budget allocated $123 million for ocean wave energy, reflecting a strong commitment to this renewable energy source. The U.S. Department of Energy’s “Powering the Blue Economy” initiative also provides grants and sponsors competitions to foster technological innovation. Similarly, New Jersey has passed legislation promising financial incentives for regional tidal power projects, aiming to boost local economies and contribute to energy security. These policy measures are essential for creating favorable conditions for the development and deployment of marine energy technologies.
Global Projects and Collaborations
Several countries are leading the way in advancements across the global wave and tidal energy market through ambitious projects and international collaborations. The UK, for instance, has seen the world's largest tidal power facility begin producing power, adding 2 gigawatts (GW) to the grid. In Scotland, QED Naval has secured over $1.8 million in new tidal funding, highlighting the region's commitment to marine energy. Additionally, the European Marine Energy Centre (EMEC) has tested over 30 devices, fostering a robust environment for research and development. International collaborations, such as the partnership between UK-based HydroWing and Indonesia Power, are also paving the way for the development of tidal energy projects in new regions.
Riding the Waves: Breakthroughs and Investments Propel Wave and Tidal Energy Forward in 2023
Wave and tidal energy market is making significant strides in the renewable energy sector as of 2023. The global installed capacity of tidal energy has reached 600 megawatts (MW), while wave energy stands at 400 MW. The MeyGen project in the UK has generated over 50 gigawatt-hours (GWh) of electricity, and South Korea's Sihwa Lake Tidal Power Station produces 552.7 GWh annually. The Australian Renewable Energy Agency (ARENA) has invested over AUD 50 million in wave energy projects, and the U.S. federal budget for 2023 allocated $123 million for ocean wave energy. The world's largest tidal power facility in the UK adds 2 gigawatts (GW) to the grid.
The European wave and tidal energy market is poised to provide one-tenth of the continent’s power demand by 2050, and the International Energy Agency’s (IEA) Ocean Tracking Report models 27 terawatt-hours (TWh) of electricity generation by 2030. The European industry hit a milestone of 60 GWh of production in 2020. Four UK projects generating a total of 4.08 MW were awarded contracts for difference at $213/MWh. The Centre Port project in the UK involves a $2.4 billion investment for a tidal barrage, and QED Naval in Scotland secured over $1.8 million in new tidal funding.
The Wedusea project launched a four-year $20.3 million initiative for wave and tidal energy commercialization. OceanEnergy developed the OE35, the world’s largest capacity floating oscillating water column wave energy device. These developments highlight the growing importance and potential of wave and tidal energy in the global renewable energy landscape.
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Europe's Blue Revolution: Riding the Waves and Harnessing Tides for a Sustainable Future
Europe leads the global wave and tidal energy market, contributing 70% of the world's ocean energy capacity and holding over 46% market share. Ambitious EU targets aim for 100 MW of ocean energy farms by 2027 and 40 GW by 2050, potentially supplying 10% of Europe’s power needs. Public support through the Innovation Fund and Horizon Europe has been pivotal, with wave energy technologies reaching high technological readiness and significant private investments. The UK and France, key markets in tidal energy, have established per-kWh support for tidal farms, expanding the tidal pipeline to 127 MW over the next five years.
Wave and tidal energy projects promise extensive economic and environmental benefits. AW-Energy's WaveFarm aims for a 150 MW global project pipeline, creating local jobs and manufacturing opportunities. Environmental gains are notable, with WaveRoller technology projected to cut CO2 emissions by 250,000 tonnes by 2030. Additionally, WaveFarms have demonstrated benefits for local fishing industries by attracting fish stocks. The sector's growth is further driven by supportive policies, rising R&D activities, and increasing demand from various end users. Wherein, key trends include technological advancements and the push towards clean energy. Despite high capital costs, companies are pursuing strategic alliances, partnerships, and geographical expansions to enhance market presence. With these efforts, Europe is poised to maintain its leadership in the global wave and tidal energy market, aligning with its broader renewable energy goals.
Key Companies:
- Applied Technologies Company, Ltd.
- Aquagen Technologies
- BioPower Systems Pty. Ltd.
- Blue Energy Canada Inc.
- Carnegie Clean Energy Ltd.
- Corpower Ocean AB
- Eco Wave Power AB
- Nova Innovation Ltd.
- Ocean Power Technologies Inc.
- Ocean Renewable Power Company, LLC
- Orbital Marine Power
- Pelamis Wave Power
- SIMEC Atlantis Energy Ltd
- Tidal Lagoon Plc
- Verdant Power, Inc.
- Other Prominent Players
Key Segmentation:
By Type:
- Wave Energy
- Tidal Energy
By Technology:
- Wave Energy
- Floats or Pitching Devices
- Oscillating Water Columns
- Tapered Channel
- Point Absorber
- Attenuators
- Terminator Device
- Tidal Energy
- Barrages or Dams
- Tidal Fences
- Tidal Turbines
By Application:
- Power Generation
- Desalination
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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