Press release
Wave and Tidal Energy Market Size To Grow At A CAGR Of 21.2% In The Forecast Period Of 2024-2032
Wave and Tidal Energy Market
The global wave and tidal energy market is on the cusp of a significant transformation, propelled by the urgent need for sustainable and renewable energy sources. Expert Market Research (EMR) reports that this wave and tidal energy market size was valued at USD 0.92 billion in 2023, is poised for a remarkable growth trajectory, projected to expand at a Compound Annual Growth Rate (CAGR) of 21.2% from 2024 to 2032. This surge is expected to elevate the market's valuation to approximately USD 5.20 billion by 2032, driven by technological advancements, supportive government policies, and an increasing global emphasis on reducing carbon footprints.
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Wave and tidal energy, derived from the natural movements of water bodies, stands as a cornerstone for sustainable and renewable energy solutions. Tidal energy, harnessed from the gravitational pull between the Earth, moon, and sun, and wave energy, captured from surface wave motions, both offer promising pathways to reducing global reliance on fossil fuels and minimizing environmental footprints.
The surge in the global wave and tidal energy market is primarily fueled by escalating concerns over climate change, the urgent need for sustainable energy sources, and supportive government policies fostering renewable energy investments. Additionally, technological innovations facilitating more efficient energy capture from waves and tides have significantly contributed to the sector's growth.
Driving Forces Behind the Market Growth
One of the pivotal factors propelling the wave and tidal energy market is the global commitment to reducing greenhouse gas emissions and combating climate change. With wave and tidal energy offering a virtually inexhaustible and clean energy source, nations worldwide are increasingly investing in this sector to diversify their energy mix and ensure energy security without harming the environment.
Technological advancements play a crucial role in the market's expansion. Innovations in turbine designs, energy capture methods, and storage solutions have dramatically improved the efficiency and reliability of wave and tidal energy systems. These advancements have made wave and tidal energy a more competitive alternative to traditional renewable energy sources, such as solar and wind.
Government policies and financial incentives are also significant market drivers. Many countries have introduced subsidies, tax incentives, and regulatory support aimed at encouraging investments in wave and tidal energy projects. Such initiatives have not only boosted the market but have also facilitated research and development activities in the field.
Moreover, the growing demand for electricity globally, coupled with the shift towards renewable energy, has spotlighted wave and tidal energy as viable components of future energy systems. The reliability and predictability of tidal energy, in particular, make it an attractive option for supplementing and stabilizing the renewable energy supply.
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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
Global Trends and Opportunities
The wave and tidal energy market is witnessing a geographical expansion, with Europe leading the charge, thanks to its advanced technological base and supportive policy framework. The UK, France, and Portugal, in particular, have emerged as hotspots for tidal and wave energy development, driven by favorable geographic conditions and government incentives. However, the potential is global, with North America, Asia-Pacific, and other regions also investing in research and development to explore their wave and tidal energy potential.
The global wave and tidal energy market is also seeing a trend towards collaboration and partnerships between governments, research institutions, and private sector players. These collaborations are crucial for sharing knowledge, reducing risks, and accelerating the path to commercialization. Furthermore, the global drive towards energy security and independence is encouraging countries to explore their domestic renewable energy resources, including wave and tidal energy, as part of a diversified energy mix.
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