Wave And Tidal Energy Market (By Energy Type: Wave, Tidal) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

The global wave and tidal energy market was estimated at USD 298.68 million in 2021 and it is expected to surpass around USD 7.46 billion by 2030, poised to grow at a CAGR of 42.98% from 2022 to 2030.

Need to reduce dependency on fossil fuels, increasing investments, and supportive government regulations are likely to fuel market growth over the coming years.

The renewable energy sector has witnessed significant expansion in terms of installations worldwide in 2021. The capacities in wind, marine, solar, waste-to-energy, small geothermal and hydro sources, and biomass combined added up to 138.5 GW in 2021, up from 127.5 GW in 2015. Investments in electricity generation through novel renewable sources was twice in comparison to fossil fuels.

Ocean energy is witnessing significant development in terms of new projects in various economies including U.K., Ireland, Sweden, Portugal, Thailand, India, Japan, China, Canada, and U.S., which is likely to fuel market growth over the coming years. However, high cost and socio-economic and environmental barriers are likely to restrain the development of the market over the forecast period.

Scope of The Report

Energy Type Insights

The penetration of wave energy in the global market is less in comparison to tidal energy. Investors have been involved in the assessment of an effective deployment plan for wave projects. The market is expected to witness considerable growth in Asia Pacific due to increasing investments in numerous economies including Japan, Thailand, Philippines, and India

Globally, the number of wave energy projects installed between 2017 and 2021 were limited. Majority of the projects include small-sized WECs (rated power < 50 kW) and a limited number of devices with higher power rating such as CETO5 (240 kW) and WaveRoller (300 kW).

Tidal energy technology accounted for a global revenue share of 97.1% in 2021.Development of converters has progressed steadily over the past few years. The most significant step toward the commercialization of tidal technology is represented by the MeyGen project, which has been operational since 2021.

The European Union is at the forefront of technological development. The period from 2017–2021 witnessed significant progress in the tidal energy technology sector, which has contributed toward its commercialization. Key technology developers such as Atlantis Resources, Andritz Hydro-Hammerfest, and Openhydro have optimized their technologies for deployment in Scotland (Atlantis and Andritz), France (Sabella and Openhydro), and Canada (Openhydro).

Regional Insights

Asia Pacific accounted for a revenue share of 39.0% in the global market in 2021. Public funding programs, environmental regulations, government policies, and competition are likely to facilitate the growth of marine energy technology in the region. Manufacturers have been involved in development of new designs as well as manufacturing processes to cater to rising demand for clean energy.

Asia Pacific is one of the key and most attractive markets for wave and tidal energy worldwide. Substantial growth of the economy, awareness amongst the population, availability of resources, and developments in open test sites are anticipated to boost market growth over the forecast period.

China has been turning heads in the wave & tidal energy market as well. China saw several developments in terms of their national test sites in 2021. Three test sites are being worked on, namely the small-scale site located in the Weihai Shandong province; the tidal energy full-scale site located in Zhejiang province; and a wave energy full-scale site located in Wanshan, Guangdong province

Projects in China have shown good progress in the past couple of years, such as the deployment of LHD Tidal current energy demonstration project near the Xiushan Island in 2021; installation of new turbines near the Zhairuoshan Island in 2017; the hybrid project, which includes a 300-kW wave energy device, has been approved by SOA in 2021.

The North America market has witnessed several developments in recent years. As of 2021, renewable sources accounted for approximately 15.0% of the total electricity generation in U.S. Canada has a major market for ocean technology in the region. Nova Scotia is estimated to be a major market in Canada at the provincial level, where a sum of USD 50.0 million has been committed to marine energy since 2010.

Canada is estimated to account for the major share in the North America wave and tidal energy market. A strong legislative framework has played a major role in driving the wave & tidal energy market in the country. As of 2021, over USD 50.0 million national public funding has been devoted to marine energy since 2010. Nova Scotia, one of eastern Canada’s Maritime Provinces in the Atlantic Ocean, has directly invested in the development of FORCE, Canada’s leading research center for in-stream tidal energy, through a contribution of USD 11.0 million, in addition to the support for a number of strategic research projects in marine energy.

A few deployments associated to ocean energy technology in the country in 2021 are as follows: in-stream tidal turbine at Dent Island, British Columbia, by Water Wall Turbine; Neptune wave energy device on Keats Island by Mermaid Power Corporation; and Idénergie tested six river hydrokinetic turbines in British Columbia. 

In 2021, more than 90.0% of the entire ocean technology operating capacity was represented by two tidal barrage facilities, namely Sihwa plant in the Republic of Korea with a capacity of 254 MW and France’s La Rance power station with a capacity of 240 MW. The rest of the projects are under pre-commercialization and development phases.

Key Players

• Atlantis Resources Corp
• AW-Energy
• AWS Ocean Energy
• Andritz Hydro Hammerfest
• BioPower Systems
• Kepler Energy Limited
• Minesto
• Ocean Power Technologies
• Pelamis Wave Power Limited
• Seabased AB
• Tidal Power Limited
• Trident Energy
• Tidal Energy Limited
• Wave Dragon
• Wave Star Energy A/S
• Wello Oy
• Ocean Renewable Power Company
• CorPower Ocean AB
• Nautricity Limited

Market Segmentation

• By Energy Type Outlook

• Wave
• Tidal
• By Regional Outlook
• North America

• Canada
• Europe
• The U.K.
• France
• Asia Pacific
• China
• South Korea