Wave And Tidal Energy Market Size, Share & Forecast [2031]

(MENAFN- Straits Research) Introduction

The Global Wave and Tidal energy market was valued at USD 1233.21 million in 2021 and is predicted to reach at USD 28802.48 million by 2030, increasing at a CAGR of 41.92% from 2022 to 2030.

Wave energy can be used for water pumping, desalination, and electricity generation. Wave and tidal energy generate the most renewable energy of any green technology. Oceans give endless clean energy. Tidal and wave power from the oceans is the most sustainable source of energy. Best practices for generating electricity from maritime renewables.

Wind and solar power provide clean, sustainable energy for many countries. Several countries have an abundance of ocean surface and energy producing capabilities, prompting them to seek ocean energy as a future renewable energy source. Depending on tide strength, tidal energy uses a wind-like turbine with 12-to-18-minute blades. Turbine gearbox powers generator.

Wave power and tidal power both generate electricity. Wind-driven waves generate wave energy, not tidal motions. It produces electricity.

Market
Dynamics Global Wave and Tidal Energy Market: DRIVERS

• Urgent Need to Replace Fossil Fuels with Renewable Energy

Renewable energy reduces dependence on fossil fuels and environmental problems. CO2 emissions and local repercussions like air pollution are interwoven sources of environmental degradation. Using fossil fuels, which contribute to global warming, results in this form of energy production. This unequal distribution of abundant fossil fuels has the potential to trigger wars.

Globally, there is a pressing need to replace fossil fuels like gas, oil, and coal with more sustainable alternatives. As fossil fuels dwindle and environmental concerns mount, the renewable sector is accelerated by technology developments, development agendas, and other factors.

• Government Funding Boosts Ocean Tech Growth

Government efforts to promote wave and tidal energy
have also contributed to the market's growth. Wave and tidal power projects are growing more popular around the world because of their environmental advantages. Countries are implementing various methods to support these projects, including subsidies, restrictions on the expansion of conventional power projects, and target-based growth.

Infrastructure resources allow government agencies to look beyond total energy supply and develop cost-effective solutions that can be scaled up and down. Countries such as the UK have implemented programs for the expansion of clean energy, including cost reduction in technology, reduction of carbon emissions, and development of leading technology, to investigate the practicality of a new kind of electricity.

• Combining Government Programs with Technological Advancements Will Open New Doors

Wave and tidal energy industry players have huge development prospects due to proactive measures such as permitting major projects to be developed in phases, powerful government policy frameworks and incentive schemes, and stable and steady sources of renewable energy.

The global market is making substantial progress, with many projects hitting milestones, acquiring investment funds, testing prototypes, or engaging in other growth-promoting activities. These projects are on the verge of being cost-competitive in a specialized niche market, which is the most effective technique for building and proving experience in wave and tidal power as well as essential developmental milestones at utility sizes.

Regional Overview of Global Wave and Tidal Energy Market

The Global Wave and Tidal Energy Market is categorized by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

In 2021, Asia Pacific accounted for 42.5% of the worldwide market. Public funding schemes, environmental limitations, government measures, and competition are expected to facilitate the spread of marine energy technology in the region. To meet the increased demand for renewable energy, manufacturers have developed innovative designs and manufacturing processes.

Asia-Pacific is one of the most important and lucrative markets for wave and tidal energy in the world. During the projection period, economic growth, public awareness, resource availability, and advances in open test sites are expected to expand the market.

The North American market has advanced in recent years. In 2021, renewable sources accounted for 16.2% of U.S. electricity. Canada has a big market for maritime technologies. Nova Scotia is anticipated to be a large Canadian provincial market. Since 2010, more than USD 80 million has been allocated to marine energy projects in the province.

According to some estimations, Canada has the largest market for wave and tidal energy in North America. The country's wave and tidal energy market has grown significantly because to a rigorous regulatory framework.

Key Highlights

• The Global Wave and Tidal Energy Market was valued at USD 1233.21 million in 2021 and is predicted to reach at USD 28802.48 million by 2030, increasing at a CAGR of 41.92% from 2022 to 2030.
• By Energy Type, the Global Wave and Tidal Energy Market is segmented into Wave and Tidal. The global market for wave energy is smaller than the global market for tidal energy.
• By Region or Geography, the Global Wave and Tidal Energy Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, Asia Pacific had a 42.5 percent share of the global market in sales.