Wave and Tidal Energy Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Wave and Tidal Energy Market is expected to grow at a skyrocketing rate of around 23% during the forecast period. Wave and Tidal Energy is energy generated by harnessing the energy of ocean waves and converting it into electricity. Additionally, this involves a device called the wave energy converter WLC), which is placed on the ocean floor and uses waves to turn turbines and generate electricity. The energy from tidal currents, driven by the gravity of the Moon and the Sun, is used to generate electricity. This is typically done using a device called a tidal turbine, which is placed in the ocean and uses the movement of tidal flows to turn a turbine and generate electricity.

The Wave and Tidal Energy Market are expected to grow at a skyrocketing rate of around 23% owing to the growing demand for energy along with the ability to reduce greenhouse gas emissions. Major launchers are taking place in the market and offering to create more advanced features of Wave and Tidal Energy. For instance, in Jan 2023, USD 11.30 million project was launched to create the ‘world’s largest tidal turbine blades’ by the European Union and UK Research and Innovation.

CorPower Ocean; Eco Wave Power Global AB; Orbital Marine Power; Nova Innovation; Ocean Power Technologies, Inc.; Mocean Energy; SSE; Blue Energy Canada Inc.; Verdant Power, Inc.; and SAE are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst technology, power generation is expected to grow with a significant CAGR during the forecast period”

On the basis of technology, the market is categorized into power generation, desalination, and others. Among these, power generation is expected to grow with a significant CAGR during the forecast period. Due to the rapid growth of electricity consumption worldwide and technological progress. The conventional and high availability compared to other traditional sources of renewable energy, electricity generation from the ocean has been growing in a market leading to show domination in the future time. Thus, power generation wave and tidal energy offer better control capability and performance in the field.

“Amongst application, tidal turbine category is expected to grow with a significant CAGR during the forecast period”

Based on application, the wave and tidal energy market have been classified as oscillating water columns, oscillating body converter, tidal turbine, tidal barrages, and others. The tidal turbine category is expected to grow with a significant CAGR during the forecast period. This is mainly used to generate electricity by harnessing the power of ocean tides. They’re working by using tidal forces to rotate the rotor on top of a generator that generates electricity. Additionally, it is an increasingly important role in meeting the world’s energy needs while reducing greenhouse gas emissions and mitigating the impacts of climate change. For instance, in Jan 2023, USD 11.53 million in projects were launched to create the ‘world’s largest tidal turbine blades.

Wave and Tidal Energy Market Report Coverage

“Europe is anticipated to grow at a substantial CAGR during the forecast period”

In 2021, Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the growing demand for clean energy, advancements in technology, significant investments, and supportive policies. Moreover, the region’s dependence on fossil fuels and achieving its climate targets, there has been an increasing demand for renewable energy sources. The EU’s target of reducing greenhouse gas emissions to 55% by 2030 is set, and renewables such as wind and wave energy are expected to be an important factor in meeting this objective. Also, major projects in the market continue to invest in launching large-scale wave energy. For instance, in Oct 2022, A new four-year project was launched to test the viability of large-scale wave energy in Europe with an investment of USD 19.3 million.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global wave and tidal energy market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Wave and Tidal Energy Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global wave and tidal energy market were the three major steps undertaken to create and analyze the adoption of wave and tidal energy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global wave and tidal energy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the wave and tidal energy market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the wave and tidal energy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as energy type, technology, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the wave and tidal energy market. Further, we conducted factor analysis using dependent and independent variables such as various energy type, technology, and application of wave and tidal energy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the wave and tidal energy market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global wave and tidal energy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the wave and tidal energy market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global wave and tidal energy market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global wave and tidal energy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of energy type, technology, and application in the global wave and tidal energy market.

The main objective of the Global Wave and Tidal Energy Market Study

The current & future market trends of the global wave and tidal energy market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the wave and tidal energy market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of energy type, technology, and application.
• Define and analysis of the regulatory framework for the wave and tidal energy
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the wave and tidal energy market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the wave and tidal energy market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team