The global wave and tidal energy market size are expected to reach USD 4,541.8 million by 2030, according to a new study by Polaris Market Research. The report “Wave and Tidal Energy Market Share, Size, Trends, Industry Analysis Report, By Type (Wave Energy and Tidal Energy); By Application; By Technology; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Continuously growing penetration of renewable energy sources & fast depletion of non-renewable energy sources driving the market forward. To exploit ocean energy systems favorable legislation is required, in line with this, the Australian government in 2021, introduced the “Offshore Electricity Infrastructure Bill” to develop ocean energy technologies. Moreover, effective policies, public and private investments are also needed for the inclusive and sustainable future of energy systems that drives the market.
Moreover, an increasing number of wave power plants developed across the developed economies are expected to favor market growth. For instance, in April 2022, EcoWave Power, a producer of electricity from ocean waves, announced its plans to build tidal energy power plants with a capacity of up to 2 megawatts in Spain.
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The market is a relatively underexplored technology of renewable power generation, and many companies across the globe are still working on their pilot projects, and numerous researchers are focusing on different parameters corresponding to the viability and ways to bring down the cost without compromising efficiency, which is likely to impact the global market.
According to a report published by European Marine Energy Center, in October 2022, WEDUSEA, a collaboration that includes 14 partners from academia and industry with a funding of USD 19.3 million is set to last for four years. In its initial phase, the project is concentrating on the designing of OE35, 1-megawatt version, and is coordinated by OceanEnergy.
Wave and Tidal Energy Market Report Highlight
Polaris Market Research has segmented the wave and tidal energy market report based on type, application, technology, and region:
Wave and Tidal Energy, Type Outlook (Revenue - USD Million, 2018 - 2030)
Wave and Tidal Energy, Application Outlook (Revenue - USD Million, 2018 - 2030)
Wave and Tidal Energy, Technology Outlook (Revenue – USD Million, 2018 – 2030)
Wave and Tidal Energy, Regional Outlook (Revenue - USD Million, 2018 - 2030)