Wave and Tidal Energy Market Size, Share, Trends, & Industry Analysis Report
By Type (Wave Energy, Tidal Energy), By Application, By Technology, By Region – Market Forecast, 2025–2034
- Published Date:Oct-2025
- Pages: 119
- Format: PDF
- Report ID: PM2856
- Base Year: 2024
- Historical Data: 2020-2023
What is Wave and Tidal Energy Market Size?
The global wave and tidal energy market was valued at USD 1.21 billion in 2024 and is expected to grow at a CAGR of 33.3% during the forecast period. The growing need to replace currently existing energy sources such as coal, gas, and oil along with the rising funding by public and private sectors especially for having control over employment generation, economic positioning, energy security, and climatic conditions are key factors driving the growth of the global market.
Key Insights
- The tidal stream generator is expected to witness significant growth during the forecast period due to rising shift toward cleaner fuel sources.
- The tidal energy segment accounted for the largest share in 2024 driven by increase in awareness towards green energy.
- Asia Pacific dominated with largest share in 2024 due to growing number of environmental regulations, public funding programs, and various government favorable policies.
- Asia Pacific is projected to accounted for a significant share in the global market due to availability of highly developed technology and growing awareness of green energy resources in the region.
Industry Dynamics
- The rapid increase in power generation with the help of renewable energy is fueling the industry growth.
- Rising power demand worldwide is fueling the growth.
- The technological advancement is driving the growth.
- High installation and maintenance costs associated with underwater infrastructure and harsh marine environments limits the growth.
Market Statistics
- 2024 Market Size: USD 1.22 Billion
- 2034 Projected Market Size: USD 21.41 Billion
- CAGR (2025-2034): 33.3%
- Largest Market: Asia Pacific
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Wave and tidal energy are forms of renewable energy harnessed from the movement of ocean water. Wave energy captures energy from surface waves caused by wind, while tidal energy uses the rise and fall of tides or underwater currents. Both are predictable, sustainable sources that can help reduce reliance on fossil fuels
Technological advancements and ease of development deployed along with growing funding from the public & private sectors in the wind and tidal industry have resulted in higher adoption of the market worldwide. For instance, in October 2022, the U.S. Department of Energy, announced the funding of USD 35 million, for the advancements of the existing river and tidal energy systems. Various structure and component developers in the market are undertaking several cost-cutting initiatives, which include the use of advanced materials, environmental monitoring, and better control of software and systems. Moreover, various upcoming development activities in the globally especially in developed countries such as France, Canada, United Kingdom, and Sweden are expected to fuel the growth. For instance, in June 2021, EcoWave Power announced the installation of a wave conversion device at Jaffa, Israel. The project is funded by Israel’s Energy Ministry & EDP project collaborates with the EDF renewables IL. It will be located on land, which has enabled better and easy access for operations and maintenance.
Industry Dynamics
Growth Drivers
What are the Factors Driving the Market Growth?
The rapid increase in power generation with the help of renewable energy sources to meet the global demand and rising power generation capacity globally are factors driving the growth. Energy conversion by the several oceans wave is considered one of the leading technologies for generating over 1,000-10,000 GW of electrical power, which is projected to foster market growth and propel large growth opportunities to produce electricity with ocean wave power. Furthermore, the high transformation of energy around the world is fueling the renewable sector through growing development priorities, technological progress, and others owing to increasing environmental concerns and the high exhaustion of fossil fuels. The United Kingdom is the country expected to have the highest potential for wave power & produced around 20% of its electric energy from ocean waves, in 2020. Countries such as the U.K. have initiated various strategies for the development and growth of clean energy including a reduction in carbon emissions, advancement in leading technology, and cost reduction in technology, thereby driving the growth.
Report Segmentation
The market is primarily segmented based on technology, application, and region.
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By Type |
By Application |
By Technology |
By Region |
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Which Segment by Type Dominated with Largest Share in 2024?
The tidal energy segment dominated with largest share in 2024 due to a rapid increase in awareness towards green energy. Growing stringent government rules and regulations on the emission of greenhouse gases are driving the awareness regarding green energy. Tidal energy is an alternative for the generation of energy from fossil fuels without harming the environment which is compelling companies to seek these types of pollution-free energy generation methods and fostering the segment market growth in recent years.
Why desalination is expected to Register Significant Growth?
The desalination segment is expected to grow over the anticipated period as the emergence of seawater as a practice to produce portable drinking water and the wide utilization of these systems due to their more resilient nature are major reasons propelling the growth of the segment. Moreover, the ability of the desalination process to provide fresh water for various purposes including human consumption and agriculture as it removes salt and other types of unwanted content from the seawater is further fueling its adoption, thereby driving the segment growth.
How Asia Pacific Captured Largest Market Share in 2024?
Asia Pacific dominated with largest share in 2024 due to a growing number of environmental regulations, public funding programs, and various government favorable policies and initiatives to promote the use of pollution-free renewable energy resources. Major countries in region such as China has turned into a major market in the wave and tidal energy sector due to various national test sites and a growing focus on the development of the electricity generation process, thereby driving the growth in Asia Pacific.
What is the Reason for North America's Fastest Growth?
North America is witnessing the fastest-growing CAGR during the forecast period, owing to the availability of highly developed technology and growing awareness of green energy resources in the region. Countries such as Canada has presence of a strong legislative framework and national public funding for tidal energy. For instance, Nova Scotia is one of eastern Canada’s Maritime Provinces in the enhancement and development of FORCE, the leading research center of in-stream tidal energy, with a contribution of USD 11 million, along with the support for a wide range of strategic research projects in the marine energy sector. Consequently, driving the growth in the region.
Competitive Insight
Key players in the global market are Eco Wave Power, Mocean Energy, Aquamarine Power, SSE Renewables, Wello Oy, SINN Power, Ocean Power Technologies, Orbital Marine Power, Ricardo, SIMEC Atlantis Energy, Tidal Lagoon, Andritz Hydro Hammerfest, Tenax Energy, CorPower Ocean, and ocean energy.
Recent Developments
October 2025, The Faroe Islands advanced their 100% renewable energy goal by deploying Minesto’s tidal energy kite, Luna, in their fjords. This commercial-scale project demonstrated tidal power’s potential to provide stable, cost-effective electricity and reduce reliance on fossil fuels.
In June 2021, Mocean Energy announced the testing of its Blue-X tidal wave energy prototype at the “European Marine Energy” with the device currently generating power. In this Scapa testing phase, the company tested power production and compare results against several numerical predictions.
In April 2021, Orbital Marine introduced “Orbital O2”. Turbine expected to connect to the “European Marine Center” (EMC), established in the Orkney, where it got operational.
Wave and Tidal Energy Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 1.22 billion |
| Market size value in 2025 | USD 1.61 billion |
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Revenue forecast in 2034 |
USD 21.41 billion |
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CAGR |
33.3% from 2025 – 2034 |
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Base year |
2024 |
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Historical data |
2020 – 2023 |
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Forecast period |
2025 – 2034 |
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Quantitative units |
Revenue in USD billion and CAGR from 2025 to 2034 |
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Segments covered |
By Type, By Application, By Technology, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Eco Wave Power, Mocean Energy, Aquamarine Power, SSE Renewables, Wello Oy, SINN Power GmbH, Ocean Power Technologies, Orbital Marine Power, Tacardo B.V., SIMEC Atlantis Energy, Tidal Lagoon Plc, Andritz Hydro Hammerfest, Tenax Energy, CorPower Ocean AB, and OceanEnergy. |
FAQ's
• The market size was valued at USD 1.22 Billion in 2024 and is projected to grow to USD 21.41 Billion by 2034.
• The market is projected to register a CAGR of 33.3% during the forecast period
• A few of the key players in the market are Eco Wave Power, Mocean Energy, Aquamarine Power, SSE Renewables, Wello Oy, SINN Power GmbH, Ocean Power Technologies, Orbital Marine Power, Tacardo B.V., SIMEC Atlantis Energy, Tidal Lagoon Plc, Andritz Hydro Hammerfest, Tenax Energy, CorPower Ocean AB, and OceanEnergy.
• The tidal wave segment accounted for the largest market share in 2024.
• The desalination segment is expected to record significant growth.
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