(MENAFN- GlobeNewsWire - Nasdaq) Wave and tidal energy market size from USD 1.6 billion in 2023 to USD 5.1 billion in 10 years. The increasing demand for renewable sources of energy drives the market's growth. North America emerged as the largest global wave and tidal energy market, with a 39% market revenue share in 2023.Newark, April 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.6 billion wave and tidal energy market will reach USD 5.1 billion by 2033. Wave energy is captured from ocean surface waves and used to pump water into reservoirs, generate electricity, and desalinate. Since they produce the most concentrated form of renewable energy, wave and tidal energies are the most promising green technologies. An endless supply of renewable energy can be found in the oceans. Thus, the most sustainable energy source is anticipated to be generated using wave and tidal energy from the ocean's surface. These are the environmentally friendly ways to generate electricity by using the energy of the oceans. These renewable energy sources are commonly used by nations worldwide because they offer a reliable and consistent clean energy supply. Growing reliance on electricity has resulted in a rise in sustainable power generation, of which wave and tidal energy is one. Nevertheless, sustainable government power generation projects may be the main driver of wave and tidal energy growth.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | USD 1.6 billion |
| Market Size in 2033 | USD 5.1 billion |
| CAGR | 12.5% |
| No. of Pages in Report | 237 |
| Segments Covered | by Type, Technology, and Application |
| Drivers | Job creation and economic growth |
| Opportunities | Renewable energy transition |
Key Insight of the Wave and Tidal Energy Market
North America will account for the largest market size during the forecast period.
Due largely to the availability of highly developed technology and the growing awareness of green energy resources in the region, North America is seeing the fastest-growing CAGR during the forecast period. With a robust regulatory framework and widespread public support, Canada has emerged as the largest market in North America for wave and tidal energy. For example, with a contribution of USD 11 million, Nova Scotia is one of the Maritime Provinces in eastern Canada that is involved in the development and enhancement of FORCE, the premier research centre for in-stream tidal energy, as well as providing support for numerous strategic research projects in the marine energy industry.
The wave energy segment dominated the market with the most significant revenue of USD 0.94 billion.
The wave energy segment dominated the market with the most significant revenue of USD 0.94 billion. Wave power is more widely accepted than other renewable resources because of its many benefits, which include high availability, ease of forecasting, and the highest production capacity of ocean waves, which produce energy 90% of the time compared to other resources. These factors are expected to drive the segment's growth shortly.
The tidal stream generator segment dominated the market with the most significant revenue of USD 0.44 billion.
The tidal stream generator segment dominated the market with the most significant revenue of USD 0.44 billion. Due to their increased availability and environmental friendliness, cleaner fuel sources are becoming increasingly popular, which is largely responsible for the segment's rise. Furthermore, several government agencies are placing a great deal of emphasis on tidal stream generator installation through various advantageous policies and programmes.
The power generation segment dominated the market with the most significant revenue of USD 0.88 billion.
The power generation segment dominated the market with the most significant revenue of USD 0.88 billion. One of the main factors propelling the segment's growth over the forecast years is probably the increasing acceptance and penetration of ocean power generation due to its many potentials, high predictability, and ease of availability compared to other renewable resources globally.
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Market Dynamics:
Drivers: Power generation
The ability to generate enough power to meet the world's demand has increased due to the rapid development in power consumption worldwide. Because renewable energy sources (RESs) are abundant and environmentally benign, they provide the best alternative for power generation. Ocean wave energy conversion is regarded as one of the most advanced RESs and has the potential to produce more than 1,000–10,000 GW of electrical power. This is expected to meet the growing need for electricity and open up new chances for wave power electricity production.
Restraint: Lack of technological developments
The ocean's power is captured using wave and tidal devices to generate electricity. Since the 1970s, scientists have researched various theories and methods for extracting power from tides and waves. This technology is developing to the point where wave project demonstrations are being implemented. However, the technology has yet to converge with any design technique, and the industry has become more complex due to the exploration of this technology.
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Some of the major players operating in the wave and tidal energy market are:
● Pelamis Wave Power
● Wave Swell
● Orbital Marine Power
● OpenHydro
● CorPower Ocean
● AW Energy
● Ocean Power Technologies
● Wello
● Carnegie Clean Energy
● SIMEC Atlantis Energy
● Eco Wave Power
● Aquamarine Power
● Seabased
● BioPower Systems
Key Segments cover in the market:
By Type:
● Tidal Energy
● Wave Energy
By Technology:
● Oscillating Water Columns
● Tidal Barrages
● Tidal Stream Generator
● Tidal Turbines
● Tidal Fences
By Application:
● Desalination
● Power Generation
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About the report:
The global wave and tidal energy market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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