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Wave and Tidal Energy Market

Publisher Fortune Business Insights Pvt. Ltd.
Published Oct 01, 2024
Length 180 Pages
SKU # FOB19224131

Description

Wave and Tidal Energy Market



Growth Factors of Wave and Tidal Energy Market

The global wave and tidal energy market size was valued at USD 0.98 billion in 2023 and is projected to grow from USD 1.28 billion in 2024 to USD 19.75 billion by 2032, exhibiting a CAGR of 40.75% during the forecast period of 2024-2032.

The pandemic boosted the Power Monitoring System Market by accelerating virtual adoption and smart grid investments. Increased power demand and a focus on sustainability drove businesses to seek answers to green energy control, regardless of temporary challenges, delays, and delivery chain problems impeding the wave and tidal energy market growth.

The Wave and Tidal Energy Market is driven by rising calls for renewable power, authority's assistance in sustainability, and technological advancements that decorate strength performance. Additionally, efforts to lessen carbon emissions and reliance on fossil fuels boost interest in marine electricity answers.

Grid integration is a crucial issue in the wave and tidal strength marketplace. These renewable strength sources evolve with stepped-forward competencies to seamlessly connect to the power grid, ensuring a reliable and efficient electricity supply. Energy garage structures are paired with that technology to cope with the intermittent nature of wave and tidal strength, increasing the global wave and tidal energy market share. By storing extra energy for high manufacturing periods and liberating it for periods of low manufacturing, the power garage facilitates the stabilization of the grid. It maximizes the advantages of wave and tidal power. This integration of energy storage enhances the reliability and cost of those renewable power sources.

Comprehensive Analysis of Wave and Tidal Energy Market

The Wave and Tidal Energy Market is segmented by technology and alertness. The era segment consists of tidal power, which capabilities tidal mills and barrages, and wave energy, encompassing oscillating water columns (OWC) and oscillating frame converters (OBC). Tidal energy holds an excellent market proportion due to its performance in harnessing water motion. In terms of packages, the energy era leads the market, driven by growing global strength demand. Simultaneously, desalination is crucial in offering clean water from seawater.

The Europe region led the wave and tidal energy market by benefitting a size of USD 0.63 billion in 2023 due to the growing electricity delivery from renewable resources; the marketplace percentage throughout Europe is increasing, which is anticipated to power a market boom inside the location.

The leading players in the wave and tidal energy market significantly shape its growth trajectory and set industry standards. Key companies, including Eco Wave Power (Sweden), CorPower Ocean AB (Sweden), Mocean Energy (Scotland), Aquamarine Power (U.K.), SSE Renewables (U.K.), Wello Oy (Finland), SINN Power GmbH (Germany), OceanEnergy (Ireland), Ocean Power Technologies (U.S.), Ocean Renewable Power Company (U.S.), Orbital Marine Power (Scotland), Tacardo B.V. (Netherlands), SIMEC Atlantis Energy (U.K.), Tidal Lagoon Plc (U.K.), Nova Innovations (Scotland), Andritz Hydro Hammerfest (Austria), and Tenax Energy (Australia), contribute to a competitive landscape, driving innovation and advancement in the market.

In March 2024, Scottish renewable electricity corporation Orbital Marine Power has been distinct because the technology partner for the planned Orcas Power and Light Cooperative (OPALCO) project is located in Washington State's Rosario Strait, near Blakely Island. This assertion comes after the U.S. Department of Energy (DOE) presented USD 6 million to 2 marine electricity projects in 2021 to establish a pilot website online focused on tidal energy studies, improvement, and demonstration.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 40.75% from 2024 to 2032

Unit Value (USD Billion) & Volume (MW)

Segmentation By Technology
  • Wave Energy
  • Oscillating Water Columns
  • Oscillating Body Convertor
  • Others
  • Tidal Energy
  • Tidal Turbine
  • Tidal Barrages
  • Others
By Application
  • Power Generation
  • Desalination
  • Others
By Region
  • North America (By Technology, By Application, and By Country)
  • U.S.
  • Canada
  • Europe (By Technology, By Application, and By Country)
  • U.K.
  • Scotland
  • France
  • Sweden
  • Italy
  • Germany
  • Rest of Europe
  • Asia Pacific (By Technology, By Application, and By Country)
  • China
  • South Korea
  • Rest of Asia Pacific


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Table of Contents

180 Pages
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
4.6. Impact of COVID-19 on the Wave & Tidal Energy Market
5. Global Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Technology
5.2.1. Wave Energy
5.2.1.1. Oscillating Water Columns
5.2.1.2. Oscillating Body Convertors
5.2.1.3. Others
5.2.2. Tidal Energy
5.2.2.1. Tidal Turbine
5.2.2.2. Tidal Barrages
5.2.2.3. Others
5.3. Market Analysis, Insights and Forecast – By Application
5.3.1. Power Generation
5.3.2. Desalination
5.3.3. Others
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
6. North America Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Technology
6.2.1. Wave Energy
6.2.1.1. Oscillating Water Columns
6.2.1.2. Oscillating Body Convertors
6.2.1.3. Others
6.2.2. Tidal Energy
6.2.2.1. Tidal Turbine
6.2.2.2. Tidal Barrages
6.2.2.3. Others
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1. Power Generation
6.3.2. Desalination
6.3.3. Others
6.4. Market Analysis, Insights and Forecast – By Country
6.4.1. US
6.4.2. Canada
7. Europe Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Technology
7.2.1. Wave Energy
7.2.1.1. Oscillating Water Columns
7.2.1.2. Oscillating Body Convertors
7.2.1.3. Others
7.2.2. Tidal Energy
7.2.2.1. Tidal Turbine
7.2.2.2. Tidal Barrages
7.2.2.3. Others
7.3. Market Analysis, Insights and Forecast – By Application
7.3.1. Power Generation
7.3.2. Desalination
7.3.3. Others
7.4. Market Analysis, Insights and Forecast – By Country
7.4.1. UK
7.4.2. Scotland
7.4.3. France
7.4.4. Sweden
7.4.5. Italy
7.4.6. Germany
7.4.7. Rest of Europe
8. Asia Pacific Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
8.1. Key Findings / Summary
8.2. Market Analysis, Insights and Forecast – By Technology
8.2.1. Wave Energy
8.2.1.1. Oscillating Water Columns
8.2.1.2. Oscillating Body Convertors
8.2.1.3. Others
8.2.2. Tidal Energy
8.2.2.1. Tidal Turbine
8.2.2.2. Tidal Barrages
8.2.2.3. Others
8.3. Market Analysis, Insights and Forecast – By Application
8.3.1. Power Generation
8.3.2. Desalination
8.3.3. Others
8.4. Market Analysis, Insights and Forecast – By Country
8.4.1. China
8.4.2. South Korea
8.4.3. Rest of Asia Pacific
9. Competitive Analysis
9.1. Company Market Share Analysis, 2023
9.2. Company Profile
9.2.1. Eco Wave Power
9.2.1.1. Business Overview
9.2.1.2. Product Applications, & Services
9.2.1.3. Recent Developments
9.2.1.4. Financials
9.2.2. CorPower Ocean AB
9.2.2.1. Business Overview
9.2.2.2. Product Applications, & Services
9.2.2.3. Recent Developments
9.2.2.4. Financials
9.2.3. Mocean Energy
9.2.3.1. Business Overview
9.2.3.2. Product Applications, & Services
9.2.3.3. Recent Developments
9.2.3.4. Financials
9.2.4. Aquamarine Power
9.2.4.1. Business Overview
9.2.4.2. Product Applications, & Services
9.2.4.3. Recent Developments
9.2.4.4. Financials
9.2.5. SSE Renewables
9.2.5.1. Business Overview
9.2.5.2. Product Applications, & Services
9.2.5.3. Recent Developments
9.2.5.4. Financials
9.2.6. Wello Oy
9.2.6.1. Business Overview
9.2.6.2. Product Applications, & Services
9.2.6.3. Recent Developments
9.2.6.4. Financials
9.2.7. SINN Power GmBH
9.2.7.1. Business Overview
9.2.7.2. Product Applications, & Services
9.2.7.3. Recent Developments
9.2.7.4. Financials
9.2.8. OceanEnergy
9.2.8.1. Business Overview
9.2.8.2. Product Applications, & Services
9.2.8.3. Recent Developments
9.2.8.4. Financials
9.2.9. Ocean Power Technologies
9.2.9.1. Business Overview
9.2.9.2. Product Applications, & Services
9.2.9.3. Recent Developments
9.2.9.4. Financials
9.2.10. Ocean Renewable Power Company
9.2.10.1. Business Overview
9.2.10.2. Product Applications, & Services
9.2.10.3. Recent Developments
9.2.10.4. Financials
9.2.11. Orbital Marine Power
9.2.11.1. Business Overview
9.2.11.2. Product Applications, & Services
9.2.11.3. Recent Developments
9.2.11.4. Financials
9.2.12. Tacardo B.V
9.2.12.1. Business Overview
9.2.12.2. Product Applications, & Services
9.2.12.3. Recent Developments
9.2.12.4. Financials
9.2.13. SIMEC Atlantis Energy
9.2.13.1. Business Overview
9.2.13.2. Product Applications, & Services
9.2.13.3. Recent Developments
9.2.13.4. Financials
9.2.14. Tidal Lagoon Plc
9.2.14.1. Business Overview
9.2.14.2. Product Applications, & Services
9.2.14.3. Recent Developments
9.2.14.4. Financials
9.2.15. Nova Innovations
9.2.15.1. Business Overview
9.2.15.2. Product Applications, & Services
9.2.15.3. Recent Developments
9.2.15.4. Financials
9.2.16. Andritz Hydro Hammerfest
9.2.16.1. Business Overview
9.2.16.2. Product Applications, & Services
9.2.16.3. Recent Developments
9.2.16.4. Financials
9.2.17. Tenax Energy
9.2.17.1. Business Overview
9.2.17.2. Product Applications, & Services
9.2.17.3. Recent Developments
9.2.17.4. Financials
10. Introduction
10.1. Research Scope
10.2. Market Segmentation
10.3. Research Methodology
10.4. Definitions and Assumptions
11. Executive Summary
12. Market Dynamics
12.1. Market Drivers
12.2. Market Restraints
12.3. Market Opportunities
13. Key Insights
13.1. Key Emerging Trends – For Major Countries
13.2. Latest Technological Advancement
13.3. Insight on Regulatory Landscape
13.4. Industry SWOT Analysis
13.5. Porters Five Forces Analysis
13.6. Impact of COVID-19 on the Wave & Tidal Energy Market
14. Global Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
14.1. Key Findings / Summary
14.2. Market Analysis, Insights and Forecast – By Technology
14.2.1. Wave Energy
14.2.1.1. Oscillating Water Columns
14.2.1.2. Oscillating Body Convertors
14.2.1.3. Others
14.2.2. Tidal Energy
14.2.2.1. Tidal Turbine
14.2.2.2. Tidal Barrages
14.2.2.3. Others
14.3. Market Analysis, Insights and Forecast – By Application
14.3.1. Power Generation
14.3.2. Desalination
14.3.3. Others
14.4. Market Analysis, Insights and Forecast – By Region
14.4.1. North America
14.4.2. Europe
14.4.3. Asia Pacific
15. North America Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
15.1. Key Findings / Summary
15.2. Market Analysis, Insights and Forecast – By Technology
15.2.1. Wave Energy
15.2.1.1. Oscillating Water Columns
15.2.1.2. Oscillating Body Convertors
15.2.1.3. Others
15.2.2. Tidal Energy
15.2.2.1. Tidal Turbine
15.2.2.2. Tidal Barrages
15.2.2.3. Others
15.3. Market Analysis, Insights and Forecast – By Application
15.3.1. Power Generation
15.3.2. Desalination
15.3.3. Others
15.4. Market Analysis, Insights and Forecast – By Country
15.4.1. US
15.4.2. Canada
16. Europe Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
16.1. Key Findings / Summary
16.2. Market Analysis, Insights and Forecast – By Technology
16.2.1. Wave Energy
16.2.1.1. Oscillating Water Columns
16.2.1.2. Oscillating Body Convertors
16.2.1.3. Others
16.2.2. Tidal Energy
16.2.2.1. Tidal Turbine
16.2.2.2. Tidal Barrages
16.2.2.3. Others
16.3. Market Analysis, Insights and Forecast – By Application
16.3.1. Power Generation
16.3.2. Desalination
16.3.3. Others
16.4. Market Analysis, Insights and Forecast – By Country
16.4.1. UK
16.4.2. Scotland
16.4.3. France
16.4.4. Sweden
16.4.5. Italy
16.4.6. Germany
16.4.7. Rest of Europe
17. Asia Pacific Wave and Tidal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
17.1. Key Findings / Summary
17.2. Market Analysis, Insights and Forecast – By Technology
17.2.1. Wave Energy
17.2.1.1. Oscillating Water Columns
17.2.1.2. Oscillating Body Convertors
17.2.1.3. Others
17.2.2. Tidal Energy
17.2.2.1. Tidal Turbine
17.2.2.2. Tidal Barrages
17.2.2.3. Others
17.3. Market Analysis, Insights and Forecast – By Application
17.3.1. Power Generation
17.3.2. Desalination
17.3.3. Others
17.4. Market Analysis, Insights and Forecast – By Country
17.4.1. China
17.4.2. South Korea
17.4.3. Rest of Asia Pacific
18. Competitive Analysis
18.1. Company Market Share Analysis, 2023
18.2. Company Profile
18.2.1. Eco Wave Power
18.2.1.1. Business Overview
18.2.1.2. Product Applications, & Services
18.2.1.3. Recent Developments
18.2.1.4. Financials
19. *Similar details will be provided for all the listed companies
19.1.
19.1.1. CorPower Ocean AB
19.1.2. Mocean Energy
19.1.3. Aquamarine Power
19.1.4. SSE Renewables
19.1.5. Wello Oy
19.1.6. SINN Power GmBH
19.1.7. OceanEnergy
19.1.8. Ocean Power Technologies
19.1.9. Ocean Renewable Power Company
19.1.10. Orbital Marine Power
19.1.11. Tacardo B.V
19.1.12. SIMEC Atlantis Energy
19.1.13. Tidal Lagoon Plc
19.1.14. Nova Innovations
19.1.15. Andritz Hydro Hammerfest
19.1.16. Tenax Energy

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