Wave and Tidal Energy Market Outlook
According to the report by Expert Market Research (EMR), the global wave and tidal energy market size is projected to grow at a CAGR of 21.2% between 2024 and 2032. Aided by the growing environmental concerns and the shift towards renewable energy sources, the market is expected to grow significantly by 2032.
Wave and tidal energy harness the power of ocean waves and tidal movements to generate electricity, offering a sustainable and reliable alternative to traditional fossil fuels. This form of energy is not only renewable but also possesses a lower environmental footprint, making it a highly appealing option in the global shift towards clean energy.
The escalation in demand for renewable energy sources, in response to the increasing awareness of climate change and environmental degradation, is a significant catalyst for the wave and tidal energy market growth. Governments and organisations worldwide are implementing policies to reduce carbon emissions, with renewable energy at the forefront of these initiatives. This policy-driven approach is substantially boosting the investment and development in wave and tidal energy projects.
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In addition, technological advancements in energy conversion and storage systems are playing a pivotal role in the market’s growth. According to the wave and tidal energy market analysis, innovations in turbine and generator design, coupled with improvements in materials and construction techniques, are enhancing the efficiency and reducing the cost of wave and tidal energy installations. This progress is crucial in making wave and tidal energy a more competitive and viable option in the renewable energy sector.
The global market is witnessing a surge in strategic collaborations and partnerships among key players, aimed at sharing expertise, resources, and technology to accelerate development and deployment of wave and tidal energy systems. These collaborations are not only fostering innovation but also aiding in navigating the regulatory landscapes and market entry barriers.
Europe accounts for a significant portion of the wave and tidal energy market share, due to its favourable geographic location, strong government support, and advanced technological capabilities. The United Kingdom, in particular, stands out as a hub for tidal energy, with several large-scale projects and research initiatives underway.
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Wave and Tidal Energy Market Segmentation
The market can be divided based on type, technology, application, and region.
Market Breakup by Type
- Wave Energy
- Tidal Energy
Market Breakup by Technology
- Tidal Stream Generator
- Oscillating Water Columns
- Tidal Turbines
- Tidal Barrages
- Tidal Fences
Market Breakup by Application
- Power Generation
- Desalination
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global wave and tidal energy market. Some of the major players explored in the report by Expert Market Research are as follows:
- Ocean Power Technologies, Inc.
- Carnegie Wave Energy Ltd.
- SIMEC Atlantis Energy LTD. (SAE)
- Eco Wave Power Ltd.
- Verdant Power, Inc.
- CorPower Ocean AB
- Mocean Energy Ltd.
- Wello Oy
- Tocardo B.V.
- Others
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