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Marine Power (Wave and Tidal) Market Forecast Driven by Renewable Energy Expansion and Industrial-Scale Power Needs | Valuates Reports
Marine Power (Wave and Tidal) MarketThe global market for Marine Power (Wave and Tidal) was valued at US$ million in the year 2024 and is projected to reach a revised size of US$ million by 2031, growing at a CAGR of %during the forecast period.
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The marine power market, encompassing wave and tidal energy, is experiencing robust market growth as it gains attention as a consistent, low-emission renewable power source. The market size continues to expand significantly, propelled by increasing investments-especially in Europe and North America-for large-scale generation and grid integration.
By power type, tidal energy currently leads the market share, backed by mature technologies such as tidal stream generators and barrages that reliably supply grid-connected power. Wave energy, while accounting for a slightly smaller share, is growing rapidly, as technological advances in oscillating water columns and point absorbers make harnessing surface waves more commercially viable. These dynamics highlight market trends shifting towards diversified marine energy portfolios.
Regarding application, industrial power generation dominates the market size, driven by the deployment of utility-scale marine power plants supplying electricity for national grids. Commercial applications-such as standalone offshore systems for island grids, desalination, and remote industrial facilities-follow closely in share. Residential utilization remains niche, typically limited to pilot projects and specialty installations in coastal or island communities, contributing to broader market growth by demonstrating decentralized renewable deployment.
Overall, the marine power market forecast points to continued market growth, supported by increasing government support, expanding demonstration projects, and advancing conversion technologies which collectively enhance confidence in wave and tidal systems for large-scale and localized power needs.
by Type
• Wave Power
• Tidal Power
by Application
• Industrial Applications
• Commercial Applications
• Residential
By Company
Simec Atlantis Energy, Ocean Renewable Power Company, Orbital Marine Power, Nova Innovations, Ocean Power Technologies, Verdant Power, Carnegie Wave Energy, AWS Ocean Energy, Tocardo, Oceanlinx, Exowave, Eco Wave Power, CorPower Ocean, Oscilla Power, Wave Swell Energy, Wello Oy, AW-Energy, Pulse Tidal, Marine Current Turbines (MCT), ORPC, BioPower Systems, Voith Hydro, Aquamarine Power, Fujian Zhisheng EnergyTechnology CO., LTD
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