Wave Energy Market Size to Cross $190 Million Revenue by 2030

Wave Energy Market Snapshot

“The Global Wave Energy Market is expected to grow rapidly at a 16.5% CAGR consequently, it will grow from its existing size of from $76 Million in 2023 to $190 Million by 2030.”

Tidal energy is one type of renewable energy that is produced by converting energy generated by tides to electricity using a variety of techniques. Tidal energy is more predictable than wind and, consequently, the sun. While tidal energy is a renewable but it has always been a victim of high costs and the inaccessibility of web websites with sufficient rates of flow or tidal change which has limited its potential.

However, a number of recent technological advances and improvements both in design as well as turbine technology, suggest that the potential of tidal power may be much higher than previously thought, which means that environmental and economic costs could be reduced to competitive levels.

If converted into a 60-Hertz frequency waves can be described as an erratic and oscillating source of energy that is able to be integrated in the electrical utility system. The motion of water along with the wave's different speeds and heights provide energy required by waves. Kinetic energy, also referred to by the term "energy of motion is a huge force in waves.

More than 35,000 horsepower are produced for every mile along the shoreline an ocean wave that is four feet tall and 10 seconds in length. Waves get their energy from wind. The wind is produced through solar energy. The energy is collected, stored, and then efficiently transferred across vast distances via waves. So long as the sun shines the energy of waves is never depleted. While its strength fluctuates in the summer, it's always there 24/7. Ocean wave energy technology utilizes the waves' up-and-down movement to produce energy.

The French engineer Girard as well as his son, Jean-Paul, received the first patent for wave power in 1799, based on their concept of utilizing direct mechanical force to power pumps, mills and saws as well as other machinery of a large size. Numerous nations have constructed or are building structures which include Scotland, Portugal, Norway and The United States of America, China, Japan, Australia and India. The energy of ocean waves is captured by converters for wave energy that then use generators and turbines to create energy.

Many devices, including oscillating body converters as well as oscillating water column convertors and overtopping converters can be utilized to collect waves' energy. The market is rapidly growing because of the rapid growth of the renewable energy sector and increasing electricity consumption.

Demand Outlook

The market is buoyed by the growing possibilities of using wave energy. Because of the benefits of tidal and wave energy projects for a greener energy source, countries across the globe are implementing policies like supporting projects that use tidal and wave energy and limit the expansion of conventional power plants, and setting limits on these projects' development.

Through tidal and wave energy projects, countries like China and India seek to satisfy an important portion of their energy needs which is driving the market expansion. The market for energy from waves is expected as a result of rapid commercialization of energy conversion devices and the abundance of energy sources from waves over the coming time.

Furthermore, technological advances and the increasing utilization in renewable sources of energy are expected to increase the demand for renewable energy sources during the forecast time. In addition, driving market growth are the increasing efforts to build more power plants for tidal streams both in developed and developing countries.

For the next five years the market for wave energy is predicted to see profitably growing due to the crucial technological advancements driven by government initiatives and research and development efforts of the most prominent market players. In addition, the detrimental impact of waves on marine life impede the expansion of the market.

In the coming years In the upcoming years, in the coming years, Wave Energy Market is anticipated to be influenced by rapid commercialization of technology for energy conversion growing adoption of renewable energy production and the abundant wave energy sources. Desalination of water, generation of electricity or water pumping, are a few possibilities for using wave energy.

Of all green technologies, tidal and wave energy are the most sustainable sources of energy. Oceans provide unending, pure energy. Oceanic power from waves and tidal is the most eco-friendly type of electricity. Best practices to use marine renewable energy sources to generate electricity.

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Wave Energy Market Dynamics

Growth Drivers

The urgent need to replace fossil fuels with renewable sources of energy

The reduction of the dependence on fossil fuels as well as environmental problems can be solved by utilizing alternative energy resources. CO2 emissions and local effects such as air pollution are two interconnected factors that contribute to environmental degradation. Utilizing fossil fuels, which are harmful to global warming, leads to this kind of energy production. The inequitable distribution of fossil fuels across the globe can lead to conflict. To ensure peace and security most nations are trying to decrease their dependence on foreign countries.

All over the world there is a pressing necessity to substitute fossil fuels such as oil, gas and coal with more environmentally sustainable alternatives. As fossil fuels diminish and environmental concerns grow as the renewable energy sector is growing faster due to technological advancements, priorities for development, as well as other factors.

Solar and wind power, two of the most popular examples of renewable energy sources, are widely used however, they have limitations due to the availability of land as well as supply and demand mismatches. Huge amounts of potential that isn't fully utilized. Additionally, a strategic approach for this industry could help implement the Green Transition into practice and provide significant export opportunities in areas in which there is a high chance that the United Kingdom is currently a world leader.

Growth in Ocean Technologies is Boosted by Government Funding

Furthermore, government efforts to promote tidal and wave energy have been recognized as a major aspect in the development of the market. Tidal and wave power projects are gaining popularity all over the globe due to their environmental benefits.

Several governments are taking various steps to promote these projects such as subsidies, limiting expanding conventional power plants and growth based on targets. A large portion of their energy requirements for instance, in countries such as China and India are being supplied through tidal and wave energy projects, and this is increasing the demand for these projects.

Infrastructure resources permit governments to examine the all energy sources and come up with affordable strategies that could be scaled down. Countries like that of the United Kingdom have launched policies to promote the development of renewable energy sources, such as the reduction of costs in technology as well as a reduction in carbon emissions and the development of top technology, to determine the viability for a new method of electricity. There are a variety of technologies that have been recognized as being effective in reducing carbon emissions, such as solar, wind and tides.

Restraints

The High Cost and Lack of Maturity of the Technology Is a Stumbling Block

The increasing number of socio-economic security, environmental, and socio-economic restrictions could be used as market constraints for the development of energy from waves and tides within the time frame mentioned above. The rising demand for power, which could represent a significant obstacle to the growth of the market. Tidal energy production is likely to be faced with significant difficulties in the coming years because of the cost of capital investment as well as production costs.

In the energy and wave sector, it has been discovered that the erratic nature of certain waves and tidal energy sources is one of the major obstacles to wave and Tidal power generation is hampered due to a lack of financing channels, in addition to an insufficient commercialization of the projects. Due to the high operating costs and the potential for marine mammal and fish being hit by turbine blades of tidal power, this market's expansion is restricted by the need for the location to be specific.

Opportunities

A Combination of Government Programs and Technological Advancements Will Open New Doors

Companies operating in the tidal and wave energy market have immense opportunities for growth due to bold initiatives like permitting large projects to be built in stages, strong government policies, incentive programs, and reliable and continuous resources of clean energy.

The global market is progressing by achieving numerous milestones, receiving capital or testing prototypes, or participating in other tasks that aid in their growth. These projects are at the point of becoming cost-competitive in a particular segment, which is believed to provide the most efficient method of constructing and demonstrating expertise in tidal and wave power, as well as crucial advancements in utility-scale scale. Furthermore, a variety of techniques are employed to produce power from both sources, which improves chances of the creation of wave and tidal power systems.

Wave Energy Market Segment Analysis

The global tidal and wave market share of energy is divided into various segments based on the type of energy and regions (Geographies).

According to Energy Type the global market for tidal and wave energy is divided in Wave as well as Tidal. The market for global energy from waves is lower than the market worldwide for Tidal energy. Evaluation of an effective wave energy project includes investors. It is predicted that the Asia Pacific market is predicted to grow dramatically as a result of the increased investment from Japan, Thailand, the Philippines as well as India.

 Between 2018 to 2022, there was just a handful of wave energy facilities installed across the globe. Only a handful of high-power equipment such as that of CETO5 (240 5 kW) as well as the WaveRoller are part of the plans. Most of them are low-power WECs (rated as lower than 50kW) (300 3000 kW). 

In 2023, tidal energy technology had a 99.1% global revenue share. In the last few years, the number of converters has kept growing. The MeyGen project is the most significant step in the commercialization of Tidal technology.

Europe is in the forefront of technological innovations. In the period 2017-2021 the tidal energy sector has made significant progress towards commercialization. Thanks to the efforts of top technology companies like Atlantis Resources, Andritz Hydro-Hammerfest and Openhydro several the products they have developed are available for use in the UK, France, Canada as well as Canada, the United States, and elsewhere (Openhydro).

Based on geography or region The global market for tidal and wave energy is classified in North America, Europe, Asia Pacific, Latin America as well as in the Middle East & Africa. The year 2022 was the last time Asia Pacific had a 41.05 percent share of the global waves and tidal market sales. Environmental regulations, laws and policies of the government as well as public-funded initiatives are likely to allow the industry to grow within the region. To meet the increasing demand for energy that is sustainable, companies have been active in the development of novel designs and manufacturing techniques.

Tidal and wave energy is among the most lucrative and important sectors around the globe. In the next few years, this industry is predicted to grow because of an expanding economy, greater public awareness, the accessibility of resources, and advances in test sites that are open to the public.

A number of changes have taken place within several aspects of the North American market in the past few years. Renewable energy will produce 16.2 percent of the nation's electric power by 2022 in accordance with the Energy Information Administration. The ocean technology industry is huge industry in Canada across the entire region. In total, dollars 50.0 millions has been allocated to projects involving marine energy across Nova Scotia since 2010, making it one of most important markets for the province of Canada.

Competitive Landscape of the Wave Energy Market

• Aquagen Technologies
• Carnegie Wave Energy Ltd.
• Corpower Ocean AB
• Ocean Renewable Power Company, LLC
• Orbital Marine Power
• SIMEC Atlantis Energy Ltd
• Verdant Power, Inc.
• Eco Wave Power AB
• Pelamis Wave Power
• BioPower Systems Pty. Ltd.
• Blue Energy Canada Inc.
• Nova Innovation Ltd.
• Applied Technologies Company, Ltd.
• Aqua-Magnetics Inc.
• Ocean Power Technologies Inc.

Recent Developments in Wave Energy Market

25 October 2023: Orbital Marine Power has been selected by the European Commission’s Horizon Europe Programme to deliver a multi-turbine tidal energy project, Euro-tides.

Sep 8, 2023: Tidal Energy Firm Orbital Wins Two CfDs in UK Renewables Auction

Jul, 05 2023: Tidal Energy Developer SAE said Wednesday it had deployed the upgraded 'Turbine 2' at the MeyGen tidal energy project site, located off the northern tip of Scotland.SAE said that the turbine had undergone significant upgrades to improve performance and reliability.'One of the major steps was to convert the turbine to use a wet-mate connection system.

In October 2022, A 6.2km subsea export cable has been built off the coast of northern Portugal by Danish offshore vessel owner Maersk Supply Service and Swedish wave energy converter company CorPower Ocean in order to power the HiWave-5 Project.

In August 2022, A floating foundation structure suitable for the InSPIRE system, which combines a wind turbine with Bombora’s mWave technology into a single floating offshore platform, just completed tank testing by the wave energy converter developer Bombora Wave Power (Bombora).

In order to verify the system loads and dynamics, a modified version of the semi-submersible INSPIRE platform that was developed in partnership with TechnipFMC underwent tank testing tests at the FloWave test facility.

In July 2022, In order to lay the groundwork for utility-scale wave farms, CorPower Ocean announced the CorPower C4, its first commercial scale Wave Energy Converter, and CorPack clusters.The new CorPower C4 gadget will eventually be a component of a four-system wave array off the Portuguese coast of Aguçadoura, resulting in grid-connected wave farms.

In May 2022, Spanish port Adriano and wave energy technology company Eco Wave Power have formally agreed to discuss the prospective building of a 2MW wave energy power station.

According to the terms of the agreement, Eco Wave Power will be given a potentially suitable location by Port Adriano for a 20-year period. Eco Wave Power will be in charge of obtaining all necessary licences, building and commissioning the power plant or power plants, and selling the electricity produced by those power plants in accordance with a production quota that will be established for the site.

April 2022 - Wave energy power plants of up to 2MW could be built in Port Adriano, Spain, according to Eco Wave Power Global AB, a pioneer in the production of sustainable electricity from the ocean and sea waves. Taking advantage of the country's extensive coastline, Eco Wave Power will assist Spain to meet its ambitious targets for renewable energy generation under the terms of the deal.

October 2021 - As a result of a grant from the Blue Economy Cooperative Research Centre, Carnegie Wave Energy Ltd. has been able to begin work on the MoorPower a Scaled Demonstrator project (Blue Economy CRC). Clean and reliable power generation for offshore activities can be made easier with MoorPower, an innovative wave energy product developed by CETO for moored vessels.

Wave Energy Market Regional Insights

The global tidal energy and wave market share is segmented in terms of geography. North America, Europe, Asia Pacific, Latin America as well as Asia Pacific, and the Middle East & Africa.

The global Wave as well as Tidal Energy Market's growth in 2022 Asia Pacific accounted for the market share equivalent to 42.5 percent. It is expected that public financing schemes as well as environmental regulations, government policies and competition all play a part in helping to expand technology for energy from the sea within the region. To satisfy the rising need for energy from renewable sources sources, the manufacturers are actively involved in the development of innovative designs and innovative manufacturing techniques.

The Asia-Pacific region is among the most significant and lucrative markets for tidal and wave energy throughout the world. It is predicted that throughout the forecast period, there will be significant economic growth, increased awareness in the general public, access of resources, and advances of open-access test locations will all play a role in the growth of this market.

In the world of waves and tidal energy China is establishing an impression. The country's 2021 testing sites were subject to a variety of changes as a consequence of these modifications. There are currently three test sites at present including a small-scale facility within the province of Weihai, Shandong; a full-scale site for tidal energy located in Zhejiang province. Zhejiang and a large-scale wave energy site located in the Province of Wanshan, Guangdong.

Markets in North America has been witness to many technological advancements over the past few years. Within the United States, the generation of electricity derived from energy sources that are renewable was responsible for approximately 16.7 percent of total by 2022. In the region around, Canada has a significant market for ocean technology. It is anticipated by experts that Nova Scotia will be a important market in Canada in the province level.

According to estimations, Canada holds the largest market share for tidal energy and wave waves across North America. The nation's wave and tidal energy sector has been pushed to significant growth owing to the strong regulatory framework established. Since 2010, over USD 80 million of public finance has been devoted to marine energy when the year 2021 comes around.

Direct investment worth USD 11.0 million was committed by Nova Scotia, one of the eastern Canada's Maritime Provinces in the Atlantic Ocean. The investment was made during the creation of FORCE which is Canada's most renowned research center for in-stream tidal power. Additionally, Nova Scotia has provided support to various strategic research studies on marine energy.

There have been several deployments of technologies for ocean energy across the nation Some of them include one: an in-stream tidal generator constructed in the form of Water Wall Turbine on Dent Island in British Columbia; and a Neptune wave energy device, which was installed in Keats Island by Mermaid Power Corporation.

Segments Covered in the Wave Energy Market

Wave Energy Market By Technology

• Wave Energy

o   Oscillating Water Columns

o   Oscillating Body Converter

o   Others

• Tidal Energy

o   Tidal Turbine

o   Tidal stream generator

o   Tidal Barrages

o   Tidal Fences

o   Others

Wave Energy Market By Application

• Power Generation
• Desalination
• Others

Wave Energy Market By Regions

• North America
• Europe
• APAC
• Middle East and Africa
• LATAM

Frequently Asked Questions:

What is the growth rate for the Wave and Tidal Energy Market?

Global Wave Energy Market is expected to grow rapidly at a 16.5% CAGR consequently, it will grow from its existing size of from $76 Million in 2023 to $190 Million by 2030.

Who are the prominent players in the Wave and Tidal Energy Market?

Some of the top industry players in Wave and Tidal Energy Market are, BioPower Systems Pty. Ltd., Blue Energy Canada Inc., Nova Innovation Ltd., Applied Technologies Company, Ltd., Aqua-Magnetics Inc., Ocean Power Technologies Inc., Aquagen Technologies, Carnegie Wave Energy Ltd., Corpower Ocean AB, Ocean Renewable Power Company, LLC, Orbital Marine Power, SIMEC Atlantis Energy Ltd, Verdant Power, Inc., Eco Wave Power AB, Pelamis Wave Power, etc.

Which is the region that holds the majority share of the Wave and Tidal Energy Market?

In the Wave and Tidal Energy Market, Asia Pacific has established itself as the market leader with a significant market share.

Which region has the highest growth rate in the Wave and Tidal Energy Market?

The North America region has experienced the highest growth rate in the Wave and Tidal Energy Market.

Which segments are covered by the global Wave and Tidal Energy Market report?

The global Wave and Tidal Energy Market report is segmented as follows: By Energy Type