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Market Snapshot

CAGR:8.01

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	8.01

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Report Overview

Wave & Tidal Energy Market Analysis By Type (Wave Energy, Tidal Energy), By Technology (Tidal Stream Systems, Oscillating Water Column, Point Absorber, Others), and By Region Forecast to 2032:

The Wave & Tidal Energy Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing global focus on renewable energy sources, the potential for consistent and predictable energy generation from ocean resources, and the growing need to reduce greenhouse gas emissions.

Wave & Tidal Energy Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Wave & Tidal Energy Market is the increasing demand for clean and sustainable energy sources. As concerns about climate change and the environmental impact of traditional fossil fuels grow, there is a heightened focus on harnessing the power of the ocean's waves and tides to generate electricity. Wave and tidal energy offer a reliable and predictable source of renewable energy, contributing to a reduction in greenhouse gas emissions.

Furthermore, technological advancements in wave and tidal energy conversion systems play a crucial role in driving market growth. Innovations in turbine design, materials, and installation techniques have improved the efficiency and cost-effectiveness of harnessing energy from the ocean.

Trends:

An emerging trend shaping the Wave & Tidal Energy Market is the development of offshore energy farms. These farms consist of arrays of wave and tidal energy devices deployed in the ocean to capture energy on a larger scale. Offshore energy farms have the potential to generate significant electricity and are being explored as a viable solution for powering coastal communities and industries.

Additionally, advancements in energy storage technologies are positively impacting market growth. Efficient energy storage solutions enable the stabilization and continuous supply of electricity generated from wave and tidal sources, reducing the reliance on intermittent power generation.

Restraints:

One of the key challenges hindering the growth of the Wave & Tidal Energy Market is the high initial capital costs associated with developing and deploying wave and tidal energy systems. The installation of offshore energy devices, maintenance, and grid integration can be expensive, which may deter potential investors and developers.

Furthermore, the environmental impact of wave and tidal energy systems on marine ecosystems is a potential restraint. Careful consideration and environmental impact assessments are required to minimize any adverse effects on marine life and ecosystems.

Wave & Tidal Energy Market Segmentation By Type:

Wave Energy: Wave energy systems capture the kinetic and potential energy of ocean waves and convert it into electricity.
Tidal Energy: Tidal energy systems harness the gravitational forces of the moon and sun to generate electricity from the movement of tides.

Wave & Tidal Energy Market Segmentation By Technology:

Tidal Stream Systems: Tidal stream systems use underwater turbines to capture the energy from the horizontal movement of tidal currents.
Oscillating Water Column: Oscillating water column systems utilize the motion of rising and falling water columns to generate air pressure variations that drive turbines.
Point Absorber: Point absorber devices move in response to wave motion, generating mechanical energy that is converted into electricity.

Regional Overview:

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Europe is poised to be a key contributor to the global Wave & Tidal Energy Market, accounting for a significant share of the market's growth during the forecast period. European countries have made substantial investments in offshore wind and tidal energy projects, with a focus on reducing carbon emissions and transitioning to clean energy sources.

North America is another important market for wave and tidal energy, driven by the United States' growing interest in offshore renewable energy projects along its coastlines. Collaboration between government agencies and private companies is fostering the development of these technologies.

Wave & Tidal Energy Market Customer Landscape:

The Wave & Tidal Energy Market report encompasses a diverse customer base, including government agencies, utilities, renewable energy developers, and research institutions. It delves into customer preferences and requirements related to wave and tidal energy technologies and their integration into the existing energy infrastructure.

Major Wave & Tidal Energy Companies:

Companies in the wave and tidal energy market are actively engaged in research and development efforts to enhance the efficiency and reliability of their systems.

Example companies include:

Ocean Power Technologies, Inc.: OPT specializes in innovative wave energy technology, including the PowerBuoy system, which generates electricity from the motion of ocean waves.
Minesto AB: Minesto is a pioneer in ocean energy with its Deep Green technology, designed to harness tidal and ocean currents to produce electricity.
Atlantis Resources Ltd.: Atlantis focuses on the development of tidal stream generation systems, including the MeyGen project in Scotland, one of the world's largest tidal energy projects.

The competitive landscape analysis in the report provides insights into key market players, including:

Carnegie Clean Energy Limited
Nova Innovation Ltd.
Sustainable Marine Energy Ltd.
Aquamarine Power Ltd.
SIMEC Atlantis Energy Ltd.
Wello Oy
CorPower Ocean AB
AWS Ocean Energy Ltd.
Eco Wave Power Ltd.
Bombora Wave Power Pty Ltd.

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Wave & Tidal Energy Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Type Outlook (USD Million, 2019 - 2032):

Wave Energy
Tidal Energy

Technology Outlook (USD Million, 2019 - 2032):

Tidal Stream Systems
Oscillating Water Column
Point Absorber
Others

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL WAVE & TIDAL ENERGY MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. WAVE & TIDAL ENERGY MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Wave & Tidal Energy Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. WAVE & TIDAL ENERGY MARKET BY Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Wave Energy

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Tidal Energy

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. WAVE & TIDAL ENERGY MARKET BY Technology INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Tidal Stream Generator

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Oscillating Water Columns

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4. Barrage

6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. WAVE & TIDAL ENERGY MARKET REGIONAL OUTLOOK

7.1. Wave & Tidal Energy Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Wave & Tidal Energy Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Wave & Tidal Energy Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Wave & Tidal Energy Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Wave & Tidal Energy Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Wave & Tidal Energy Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Ocean Power Technologies Inc. (US)

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2. Simec Atlantis Energy (Singapore)

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3. Carnegie Clean Energy (Australia)

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4. OPRC Inc. (US)

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5. Yam Pro Energy (Israel)

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6. AW Energy OY (Finland)

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7. Aquanet Power (Taiwan)

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8. Andritz Hydro Hammerfest (UK)

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9. Orbital Marine Power (UK)

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10. BioPower Systems Pty Ltd (Australia)

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Wave Tidal Energy Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032