Wave and Tidal Energy Market Size

ID: MRFR/EnP/2598-CR

108 Pages

Priya Nagrale

October 2020

Wave and Tidal Energy Market Research Report Information By Type (Wave Energy, Tidal and Energy), By Technology (Tidal Stream Generator, Oscillating Water Columns, Barrage, And Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2035

Wave and Tidal Energy Market Infographic

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Wave And Tidal Energy Size

Wave and Tidal Energy Market Growth Projections and Opportunities

There are various forces that determine the state of wave and tidal energy market. One of the major market drivers is escalating worldwide demand for green and renewable energy sources. With the increase in the fears of climate change and environmental degradation, other options than fossil fuels are searched by governments as well as businesses and consumers. While wave and tidal energy offer a viable alternative, they are renewable sources with far less environmental effects compared to traditional resources. Government policies and regulations are integral in driving the wave and tidal energy market development. Such supportive policies as subsidies, tax incentives and feed-in tariffs can motivate investments in advances of research development, production deployment for these technologies. On the other hand, regulatory barriers and uncertainties can be an obstacle to market growth. Well-structured and supportive regulatory environments empower developers as well as investors with the security required in long term projects leading to growing wave and tidal power market. The market is significantly influenced by innovations in technology. With the ongoing research and development activities, wave and tidal capture technologies innovations have enhanced efficiency, reduced costs as well as improved reliability. Wave and tidal energy become even more economically feasible with the advances in storage solutions. These developments not only aid in attracting investors but also ease the incorporation of such renewable energy sources into existing power networks. In infrastructure development is another important market driver. Market growth is primarily determined by the number of available sites for wave and tidal energy initiatives, as well as grid linkages required to establish the appropriate transmission infrastructure. This works towards the effective transportation of the generated energy to end-users, allowing for more development and sustainability in wave and tidal power. The wave and tidal energy market is also driven by global economic trends as well the financial markets. Large-scale projects require economic stability and capital access. The sector’s investment proposition is dictated by the cost of capital, interest rates and funding sources among other factors. Delays in project development and sluggish market trends can result from economic recessions or ambiguity about financial matters. Two major elements that strongly influence the wave and tidal power industry are market competition as well as established competitor presence. The more companies make their way into the market, and competition gets tougher, innovation becomes faster, prices drop down and all in all efficiency increases. Old and new firms coexist in a dynamic market that provides an environment of constant growth. Awareness and acceptability of wave and tidal energy by the public contributes to market development. Education and outreach initiatives contributes to demystifying these technologies, generating support from local communities. Positive public perception can help smooth project approvals, decrease oppositions, and ensure a favorable environment for the prevalence of wave and tidal energy sector.

Market Highlights

Author

Priya Nagrale

Senior Research Analyst

With an experience of over five years in market research industry (Chemicals & Materials domain), I gather and analyze market data from diverse sources to produce results, which are then presented back to a client. Also, provide recommendations based on the findings. As a Senior Research Analyst, I perform quality checks (QC) for market estimations, QC for reports, and handle queries and work extensively on client customizations. Also, handle the responsibilities of client proposals, report planning, report finalization, and execution

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FAQs

What is the current valuation of the Wave and Tidal Energy Market as of 2024?

The Wave and Tidal Energy Market was valued at 0.39 USD Billion in 2024.

What is the projected market valuation for the Wave and Tidal Energy Market in 2035?

The market is projected to reach a valuation of 3.581 USD Billion by 2035.

What is the expected CAGR for the Wave and Tidal Energy Market during the forecast period 2025 - 2035?

The expected CAGR for the Wave and Tidal Energy Market during 2025 - 2035 is 22.33%.

Which companies are considered key players in the Wave and Tidal Energy Market?

Key players include Siemens Gamesa Renewable Energy, General Electric, Andritz Hydro, Schneider Electric, and Ocean Power Technologies.

What are the main segments of the Wave and Tidal Energy Market?

The main segments include Wave Energy and Tidal Energy, with respective valuations of 1.5 USD Billion and 2.08 USD Billion projected.

How does the Tidal Stream Generator segment perform in terms of valuation?

The Tidal Stream Generator segment is projected to reach a valuation of 1.5 USD Billion by 2035.

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Market Summary

As per MRFR analysis, the Wave and Tidal Energy Market Size was estimated at 0.39 USD Billion in 2024. The Wave and Tidal Energy industry is projected to grow from 0.4771 USD Billion in 2025 to 3.581 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 22.33 during the forecast period 2025 - 2035.

Key Market Trends & Highlights

The Wave and Tidal Energy Market is poised for substantial growth driven by technological advancements and regulatory support.

North America remains the largest market for wave and tidal energy, showcasing robust investment and development.
Asia-Pacific is emerging as the fastest-growing region, propelled by increasing energy demands and environmental sustainability initiatives.
Wave energy continues to dominate the market, while tidal energy is rapidly gaining traction as a viable alternative.
Rising energy demand and government incentives are key drivers fueling the expansion of both wave and tidal energy sectors.

Wave and Tidal Energy Market

CAGR

22.33%

Market Size & Forecast

2024 Market Size	0.39 (USD Billion)
2035 Market Size	3.581 (USD Billion)
CAGR (2025 - 2035)	22.33%
Largest Regional Market Share in 2024	Europe

Major Players

Siemens Gamesa Renewable Energy (ES), General Electric (US), Andritz Hydro (AT), Schneider Electric (FR), Ocean Power Technologies (US), Minesto (SE), Tidal Energy Ltd (GB), Aquamarine Power (GB), Verdant Power (US)

Market Trends

The Wave and Tidal Energy Market is currently experiencing a notable transformation, driven by an increasing global emphasis on renewable energy sources. This sector appears to be gaining traction as nations seek to diversify their energy portfolios and reduce reliance on fossil fuels. The integration of advanced technologies and innovative solutions is likely to enhance the efficiency and viability of wave and tidal energy systems. Furthermore, the growing awareness of climate change and its impacts seems to be propelling investments in sustainable energy infrastructure, thereby fostering a conducive environment for market expansion. In addition, collaboration among governments, private entities, and research institutions is becoming more prevalent, which may lead to accelerated development and deployment of wave and tidal energy projects. Regulatory frameworks are evolving to support this shift, indicating a potential for increased funding and incentives for renewable energy initiatives. As the Wave and Tidal Energy Market continues to mature, it is expected that technological advancements will play a crucial role in overcoming existing challenges, ultimately paving the way for a more sustainable energy future.

Technological Advancements

Recent innovations in turbine design and energy conversion systems are enhancing the efficiency of wave and tidal energy capture. These advancements may lead to more reliable and cost-effective solutions, potentially attracting greater investment in the sector.

Regulatory Support

Governments worldwide are increasingly implementing policies that favor renewable energy development. This regulatory support could facilitate the growth of the Wave and Tidal Energy Market by providing financial incentives and streamlining project approvals.

Increased Investment

There appears to be a growing interest from private investors and venture capitalists in the wave and tidal energy sector. This influx of capital may drive research and development efforts, fostering innovation and accelerating market growth.

Wave and Tidal Energy Market Market Drivers

Rising Energy Demand

The Wave and Tidal Energy Market is experiencing a surge in energy demand, driven by population growth and industrial expansion. As urbanization accelerates, the need for sustainable energy sources becomes increasingly critical. According to recent estimates, global energy consumption is projected to rise by approximately 30% by 2040. This growing demand for energy, coupled with the finite nature of fossil fuels, propels the exploration of renewable energy sources, including wave and tidal energy. The industry is poised to benefit from this trend, as governments and private sectors seek to diversify their energy portfolios. The integration of wave and tidal energy into the energy mix could potentially provide a reliable and consistent power supply, addressing both current and future energy needs.

Growing Public Awareness

The Wave and Tidal Energy Market is benefiting from a growing public awareness of renewable energy and its benefits. As communities become more informed about the environmental impacts of traditional energy sources, there is a rising demand for cleaner alternatives. Public support for renewable energy initiatives is crucial for the successful implementation of wave and tidal energy projects. Surveys indicate that a significant portion of the population favors investments in renewable energy, viewing it as a pathway to energy independence and environmental stewardship. This heightened awareness can lead to increased pressure on policymakers to prioritize renewable energy solutions, thereby creating a favorable environment for the wave and tidal energy industry. As public sentiment continues to shift, the industry may find new opportunities for growth and collaboration.

Technological Innovations

The Wave and Tidal Energy Market is witnessing rapid technological innovations that enhance the efficiency and viability of energy generation. Advances in turbine design, energy conversion systems, and materials science are contributing to improved performance and reduced costs. For instance, the development of more resilient materials for tidal turbines can extend their operational lifespan and reduce maintenance costs. Additionally, innovations in energy storage solutions are enabling better integration of wave and tidal energy into existing power grids. As technology continues to evolve, the industry is likely to see a decrease in the levelized cost of energy, making wave and tidal energy more competitive with traditional energy sources. This technological progress could attract further investment and accelerate the deployment of wave and tidal energy projects.

Government Incentives and Policies

The Wave and Tidal Energy Market is significantly shaped by government incentives and supportive policies aimed at promoting renewable energy. Many governments are implementing feed-in tariffs, tax credits, and grants to encourage investment in wave and tidal energy projects. These financial incentives can lower the barriers to entry for new market participants and stimulate innovation within the industry. For example, countries like the United Kingdom and Canada have established dedicated funds to support the development of marine energy technologies. Such initiatives not only foster growth in the wave and tidal energy sector but also contribute to job creation and economic development. As policies continue to evolve, the industry may experience increased stability and predictability, further attracting investment.

Environmental Sustainability Initiatives

The Wave and Tidal Energy Market is significantly influenced by the increasing emphasis on environmental sustainability. As climate change concerns escalate, there is a pressing need to transition from fossil fuels to renewable energy sources. Wave and tidal energy, being inherently low in carbon emissions, aligns with global sustainability goals. Many countries are setting ambitious targets to reduce greenhouse gas emissions, with some aiming for net-zero emissions by 2050. This shift towards cleaner energy sources is likely to drive investments in wave and tidal energy technologies. Furthermore, the industry may see enhanced support from environmental organizations advocating for the adoption of renewable energy solutions, thereby fostering a more sustainable energy landscape.

Market Segment Insights

By Type: Wave Energy (Largest) vs. Tidal Energy (Fastest-Growing)

The Wave and Tidal Energy Market reflects a significant distinction between its key segments: Wave Energy and Tidal Energy. Currently, Wave Energy holds the largest market share, attributed to its established technology and numerous operational projects worldwide. In contrast, Tidal Energy, while smaller in share, is rapidly gaining ground due to advancements in technology and increasing investments in renewable energy sources. This dichotomy plays a crucial role in shaping the market dynamics as stakeholders navigate through opportunities and challenges of both segments.

Energy Types: Wave Energy (Dominant) vs. Tidal Energy (Emerging)

Wave Energy has emerged as the dominant player in the wave and tidal energy market, characterized by its maturity in technology and a myriad of successful implementations globally. It capitalizes on the consistent and predictable nature of ocean waves, making it a reliable source of renewable energy. On the other hand, Tidal Energy stands as an emerging alternative, marked by innovative projects and growing interest from renewable energy investors. Tidal Energy harnesses the kinetic and potential energy from tides, and with advancements in turbine technology, its capacity for growth and contribution to the energy mix is steadily increasing. As environmental concerns rise, both segments present unique benefits; Wave Energy offers robustness, while Tidal Energy signifies future potential.

By Technology: Tidal Stream Generator (Largest) vs. Oscillating Water Columns (Fastest-Growing)

The Wave and Tidal Energy Market is significantly shaped by its technology segment, where Tidal Stream Generators hold the largest market share. This technology effectively harnesses the kinetic energy produced by moving water, making it a preferred choice among developers and investors. Oscillating Water Columns, on the other hand, are emerging rapidly, capturing attention for their innovative approach to converting wave energy into electricity. The growing awareness about sustainable energy solutions is also aiding this segment's expansion.

Technology: Tidal Stream Generator (Dominant) vs. Oscillating Water Columns (Emerging)

Tidal Stream Generators stand as the dominant technology in the Wave and Tidal Energy Market due to their proven efficiency and reliability in energy extraction from tidal currents. They benefit from mature technology and established operational models, which attract significant investment. Conversely, Oscillating Water Columns are gaining traction as an emerging technology. They utilize changes in air pressure created by wave motion to generate power, marking them as an innovative alternative. The appeal of this technology lies in its adaptability to various marine environments and its potential for scalability, making it an attractive option for future energy projects.

Get more detailed insights about Wave and Tidal Energy Market Research Report - Global Forecast till 2035

Regional Insights

North America : Renewable Energy Leader

North America is witnessing significant growth in the wave and tidal energy market, driven by increasing investments in renewable energy and supportive government policies. The United States holds the largest market share at approximately 60%, followed by Canada with around 25%. Regulatory frameworks, such as the Clean Power Plan, are catalyzing demand for sustainable energy solutions, enhancing the region's commitment to reducing carbon emissions. The competitive landscape is robust, featuring key players like General Electric and Ocean Power Technologies, which are at the forefront of innovation. The U.S. is leading in technological advancements, while Canada is focusing on harnessing its vast coastal resources. Collaborative efforts among government agencies and private sectors are fostering a conducive environment for market growth, ensuring a sustainable future for wave and tidal energy.

Europe : Innovative Energy Solutions

Europe is emerging as a The Wave and Tidal Energy Market, driven by ambitious renewable energy targets and innovative technologies. The region accounts for approximately 30% of the global market share, with the United Kingdom and France being the largest contributors, holding 15% and 10% respectively. Regulatory support, such as the European Green Deal, is propelling investments in clean energy technologies, fostering a favorable environment for market expansion. The competitive landscape is characterized by a mix of established companies and innovative startups. Key players like Siemens Gamesa and Andritz Hydro are actively involved in developing cutting-edge solutions. The UK is particularly focused on tidal stream technologies, while France is investing in wave energy projects. Collaborative initiatives among EU member states are enhancing research and development efforts, ensuring Europe remains at the forefront of the wave and tidal energy sector.

Asia-Pacific : Emerging Market Potential

The Asia-Pacific region is rapidly emerging in the wave and tidal energy market, driven by increasing energy demands and a shift towards sustainable energy solutions. Countries like China and Japan are leading the charge, with China holding approximately 20% of the market share, while Japan follows closely with around 15%. Government initiatives aimed at reducing reliance on fossil fuels are catalyzing investments in renewable energy technologies, creating a favorable landscape for growth. The competitive environment is evolving, with local and international players vying for market share. Companies such as Minesto and Aquamarine Power are making strides in developing innovative technologies tailored to the region's unique geographical features. Collaborative efforts between governments and private sectors are essential for advancing research and development, ensuring that the Asia-Pacific region capitalizes on its vast potential in wave and tidal energy.

Middle East and Africa : Resource-Rich Opportunities

The Middle East and Africa region is beginning to explore the potential of wave and tidal energy, driven by the need for sustainable energy solutions and diversification of energy sources. While the market share is currently low, with countries like South Africa and Morocco leading the way, there is significant potential for growth. Government initiatives aimed at promoting renewable energy are gradually gaining traction, creating a conducive environment for investment in tidal energy projects. The competitive landscape is still developing, with a focus on harnessing local resources. Key players are beginning to emerge, and partnerships between governments and private entities are essential for advancing technology and infrastructure. As awareness of the benefits of tidal energy increases, the region is poised for gradual growth, with a focus on sustainable development and energy security.

Key Players and Competitive Insights

The Wave and Tidal Energy Market is currently characterized by a dynamic competitive landscape, driven by the increasing demand for renewable energy solutions and the urgent need to address climate change. Key players such as Siemens Gamesa Renewable Energy (ES), General Electric (US), and Ocean Power Technologies (US) are at the forefront, each adopting distinct strategies to enhance their market positioning. Siemens Gamesa Renewable Energy (ES) focuses on innovation in turbine technology, while General Electric (US) emphasizes its extensive experience in large-scale energy projects. Ocean Power Technologies (US) is carving a niche in ocean energy solutions, showcasing a commitment to sustainable practices. Collectively, these strategies contribute to a competitive environment that is increasingly focused on technological advancement and sustainability.

In terms of business tactics, companies are increasingly localizing manufacturing to reduce costs and enhance supply chain efficiency. The market structure appears moderately fragmented, with several players vying for market share, yet dominated by a few key firms that wield considerable influence. This fragmentation allows for a variety of innovative solutions to emerge, fostering a competitive atmosphere where collaboration and strategic partnerships are becoming essential for success.

In August 2025, General Electric (US) announced a partnership with a leading marine engineering firm to develop next-generation tidal turbines. This collaboration is poised to leverage advanced materials and design techniques, potentially enhancing efficiency and reducing costs. The strategic importance of this partnership lies in its ability to accelerate product development timelines and improve market responsiveness, thereby positioning General Electric (US) as a leader in tidal energy technology.

In September 2025, Ocean Power Technologies (US) secured a significant contract with a government agency to deploy its innovative wave energy converters along the coast. This contract not only underscores the growing acceptance of wave energy solutions but also highlights the company's ability to navigate regulatory landscapes effectively. The strategic implications of this contract are profound, as it may pave the way for further government partnerships and bolster Ocean Power Technologies' reputation in the sector.

In October 2025, Siemens Gamesa Renewable Energy (ES) unveiled a new digital platform aimed at optimizing the performance of offshore wind and tidal energy systems. This initiative reflects a broader trend towards digital transformation within the energy sector, where data analytics and AI are increasingly utilized to enhance operational efficiency. The strategic significance of this platform lies in its potential to provide real-time insights, thereby improving decision-making processes and operational reliability.

As of October 2025, the competitive trends within the Wave and Tidal Energy Market are increasingly defined by digitalization, sustainability, and the integration of advanced technologies. Strategic alliances are shaping the landscape, enabling companies to pool resources and expertise to tackle complex challenges. Looking ahead, it appears that competitive differentiation will evolve from traditional price-based competition to a focus on innovation, technological advancements, and the reliability of supply chains. This shift may ultimately redefine how companies position themselves in the market, emphasizing the importance of sustainable practices and cutting-edge solutions.

Key Companies in the Wave and Tidal Energy Market market include

Industry Developments

Q2 2024: SIMEC Atlantis Energy secures government approval for expansion of MeyGen tidal array SIMEC Atlantis Energy received regulatory approval from the UK government to expand its MeyGen tidal energy project in Scotland, enabling the installation of additional turbines and increasing total capacity.
Q1 2024: Eco Wave Power signs agreement with Port of Los Angeles for wave energy pilot project Eco Wave Power announced a partnership with the Port of Los Angeles to deploy its wave energy conversion technology in a pilot project, marking its first commercial entry into the U.S. market.
Q2 2024: Orbital Marine Power raises £20 million in Series B funding to scale tidal turbine production Orbital Marine Power completed a £20 million Series B funding round to accelerate manufacturing of its O2 tidal turbine and expand operations in the UK and Europe.
Q1 2024: Minesto signs contract with Faroe Islands utility SEV for tidal energy delivery Minesto AB secured a contract with SEV, the Faroe Islands' main utility, to supply tidal energy generated from its Deep Green technology, supporting the islands' renewable energy targets.
Q2 2024: Nova Innovation wins EU grant for Shetland tidal energy expansion Nova Innovation was awarded a European Union grant to expand its tidal energy array in Shetland, Scotland, funding additional turbines and grid integration.
Q1 2025: Eco Wave Power receives permit for wave energy installation in New Jersey Eco Wave Power obtained a permit from New Jersey state authorities to install its wave energy conversion system at a coastal site, marking its second U.S. deployment.
Q2 2025: Orbital Marine Power announces partnership with EDF for French tidal energy project Orbital Marine Power entered a partnership with EDF to develop a tidal energy demonstration project off the coast of Brittany, France, leveraging Orbital's O2 turbine technology.
Q1 2025: SIMEC Atlantis Energy appoints new CEO to lead global expansion SIMEC Atlantis Energy announced the appointment of a new Chief Executive Officer, tasked with driving international growth and scaling up tidal energy deployments.
Q2 2024: Minesto AB launches new tidal energy facility in Faroe Islands Minesto AB inaugurated a new tidal energy facility in the Faroe Islands, featuring its Deep Green technology and supplying power to the local grid.
Q1 2024: Nova Innovation secures contract to supply tidal turbines to Canada Nova Innovation signed a contract to deliver tidal turbines for a renewable energy project in Nova Scotia, Canada, expanding its international footprint.
Q2 2025: Eco Wave Power announces IPO on Nasdaq Stockholm Eco Wave Power completed its initial public offering on Nasdaq Stockholm, raising capital to fund further wave energy technology deployments in Europe and North America.
Q1 2025: Orbital Marine Power opens new manufacturing facility in Dundee Orbital Marine Power opened a new manufacturing facility in Dundee, Scotland, dedicated to producing its O2 tidal turbines for domestic and international projects.

Future Outlook

Wave and Tidal Energy Market Future Outlook

The Wave and Tidal Energy Market is projected to grow at a 22.33% CAGR from 2024 to 2035, driven by technological advancements, increasing energy demand, and supportive government policies.

New opportunities lie in:

Development of hybrid energy systems integrating wave and tidal technologies.
Investment in advanced energy storage solutions for wave energy.
Expansion of offshore energy infrastructure to enhance grid connectivity.

By 2035, the market is expected to be robust, driven by innovation and strategic investments.

Market Segmentation

Wave and Tidal Energy Market Type Outlook

Wave Energy
Tidal Energy

Wave and Tidal Energy Market Technology Outlook

Tidal Stream Generator
Oscillating Water Columns
Barrage
Others

Report Scope

MARKET SIZE 2024	0.39(USD Billion)
MARKET SIZE 2025	0.4771(USD Billion)
MARKET SIZE 2035	3.581(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	22.33% (2024 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2024
Market Forecast Units	USD Billion
Key Companies Profiled	Market analysis in progress
Segments Covered	Market segmentation analysis in progress
Key Market Opportunities	Advancements in energy storage technologies enhance the viability of the Wave and Tidal Energy Market.
Key Market Dynamics	Technological advancements and regulatory support drive growth in the wave and tidal energy market, enhancing competitive dynamics.
Countries Covered	North America, Europe, APAC, South America, MEA