Global Wave and Tidal Energy Market Is Likely To Grow At A CAGR Value Of Around 32.1% By 2028

The Wave and Tidal Energy Market was worth around USD 428.5 million in 2021 and is estimated to grow to about USD 2,277.02 million by 2028, with a compound annual growth rate (CAGR) of approximately 32.1 percent over the forecast period. The report analyzes the Wave and Tidal Energy Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Wave and Tidal Energy Market.

The energy derived from the ocean or sea waves is known as wave energy. It is also referred to as ocean energy or sea wave energy, and it is utilized for water desalination, electricity generation, water pumping, and a variety of other jobs. Tidal energy is a type of hydropower that uses tide energy to generate electricity. A primary market driver is the urgent need to replace present energy sources, such as gas, oil, and coal. The market is also being bolstered by increased funding from the public and private sectors, primarily for gaining control of energy security, job creation, economic positioning, and managing changing climatic conditions. In addition, greater investment and new rules from local governments are encouraging technology innovators to bring energy-converting gadgets to market as soon as possible. The global wave and tidal energy industry have the biggest demand due to increased project expansion in all nations, which has resulted in a substantial reduction in the cost of electricity. Both forms of energy are still in the early stages of technological development. This gives new entrants a lot of room to enter the market by introducing new and improved technologies. Furthermore, prospective market changes in nations such as Canada, France, Scotland, Belgium, Sweden, the United Kingdom, and South Korea are expected to boost ocean technology in the near future. However, substantial capital expenditure and the cost of producing energy from these sources are projected to stymie the expansion of the wave and tidal energy industries in the coming years.

The Wave and Tidal Energy Market are segregated based on Type, Technology, and End User. Based on Type, the global market is distinguished into Wave Power plants and Tidal Power Plants. Based on Technology, the global market is distinguished into Tidal Stream Generator, Pendulum Device, Oscillating Water Columns, Barrage, and Others. Based on End User, the global market is distinguished into Residential, Commercial, and Industrial.

During the projection period, Europe is expected to dominate the market. Growth is being driven by significant efforts by governments from various economies to promote the transition to a low-carbon economy, as well as significant leaps made by the energy sector across the area. During the forecast period, the market in the United Kingdom is likely to rise rapidly. Renewable energy is gaining market share in Europe and is predicted to drive industry growth in the region. In the forecast period, the Asia-Pacific area will account for a significant percentage of worldwide revenue. Manufacturers in this sector have contributed to the development of novel designs and manufacturing techniques in order to meet the growing need for renewable energy. Significant economic growth, population awareness, availability of resources, and the establishment of open test sites are projected to fuel market expansion throughout the projection period.

Key players functioning in the Wave and Tidal Energy Market include Aquamarine Power Ltd, Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Ocean Power Technologies, Inc., Ocean Renewable Power Company LLC, Tenax Energy, AquaGen Technologies, Atlantics Resources Ltd., S.D.E. Energy Ltd. (WERPO Wave Energy), and Marine Current Turbines Ltd.

Recent Development

• In 2021, EcoWave Power announced the arrival of a wave conversion device on the site in Jaffa, Israel. The EWP – EDP project, which is supported by Israel's Energy Ministry, is a collaboration with EDF Renewables IL. The conversion unit will be built on land, allowing for convenient access for operations and maintenance.
• In 2021, Mocean Energy has begun testing its Blue X wave energy prototype at the European Marine Energy Centre (EMEC) in Orkney. The wave energy machine was recently transported from Kirkwall to the EMEC's Scapa flow test site for early sea trials.

Browse the full “Wave And Tidal Energy Market By Type (Wave Power Plants And Tidal Power Plants). By Technology (Tidal Stream Generator, Pendulum Device, Oscillating Water Columns, Barrage, And Others). By End User (Residential, Commercial, And Industrial), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/wave-and-tidal-energy-market

Wave and Tidal Energy Market is segmented as follows:

By Type

• Wave Power plants
• Tidal Power Plants

By Technology

• Tidal Stream Generator
• Pendulum Device
• Oscillating Water Columns
• Barrage
• Others

By End User

• Residential
• Commercial
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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