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LONDON, GREATER LONDON, UNITED KINGDOM, June 13, 2025 /EINPresswire.com/ -- The Business Research Company’s Latest Report Explores Market Driver, Trends, Regional Insights - Market Sizing & Forecasts Through 2034
The global wave and tidal energy market report 2025 reveals an exponential growth in the sector attributed to growing environmental concerns and a shift toward renewable energy sources. According to the Business Research Company, the market is forecasted to increase from $0.92 billion in 2024 to $1.14 billion in 2025, representing a compound annual growth rate CAGR of 24.4%. Evidence points toward increasing market demand due to integral factors like government incentives, subsidies, and technological advancements, alongside ever-growing energy security concerns.
What's Fueling The Growth Of The Wave And Tidal Energy Market Going Forward?
The market size of the wave and tidal energy sector sees greener pastures in the following years. Advancements suggest a rise to $2.71 billion in 2029 at a compound annual growth rate CAGR of 24.1%. This forecasted increase can be traced back to rising investments in clean energy infrastructure, the expansion of offshore energy projects, the embracement of energy storage solutions, global carbon emission reduction targets, and increased collaboration between public and private sectors.
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What’s Driving The Wave And Tidal Energy Market Growth?
Further in the decade, key trends to keep a close eye on include advancements in turbine efficiency, state-of-the-art energy capture technologies, innovation in energy storage systems, the emergence of hybrid energy solutions, and greater integration of wave and tidal energy with grid systems. Renewable energy sources like sunlight, wind, water, and biomass, have seen increasing adoption, which is suspected to further drive the growth of the wave and tidal energy market. These continuously replenishing sources lower greenhouse gas emissions and combat climate change.
What Key Player Strategies Are Driving The Wave And Tidal Energy Market?
Several leading companies operate within the wave and tidal energy market. Some key industry players include OpenHydro Group Ltd., Minesto AB, SIMEC Atlantis Energy Limited, AW-Energy Oy, Seabased AB, Nova Innovation Ltd., NEMOS GmbH, Tocardo Tidal Power B.V., Verdant Power Inc., Orbital Marine Power Ltd., Magallanes Renovables SL, Wello Oy, Carnegie Clean Energy Limited, CorPower Ocean AB, Wave Swell Energy Limited, Mocean Energy Ltd., Oscilla Power Inc., Marine Power Systems Ltd., MAKO Turbines Pty Ltd., Ocean Power Technologies Inc., Eco Wave Power Global AB, Wavepiston A/S , Aquanet Power Limited, HydroQuest SAS.
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What Are The Emerging Trends In The Wave And Tidal Energy Market?
Innovation serves as the lifeblood of the sector with several companies developing new technologies like xWave technology. This wave energy system developed by CalWave and fully submerged beneath the ocean's surface, converts ocean wave motion into renewable electricity. CalWave Power Technologies Inc. launched California's first at-sea, long-duration wave energy pilot project using its xWave technology in March 2022, proving the system's potential to convert the sea’s natural motion into electrical power and prove wave energy as a dependable and sustainable electricity source for coastal regions.
How Is The Wave And Tidal Energy Market Segmented?
Focusing on the market segmentation, the wave and tidal energy market report covers:
1 By Type: Wave Energy, Tidal Energy
2 By Technology: Tidal Stream Generator, Oscillating Water Columns, Tidal Turbines, Tidal Barrages, Other Technologies
3 By Application: Power Generation, Desalination, Environmental Protection, Other Applications
4 By End-User: Utilities, Commercial, Residential, Industrial
Further in-depth analysis reveals the following subsegments:
1 By Wave Energy: Oscillating Water Columns OWC, Point Absorbers, Attenuators, Overtopping Devices, Oscillating Wave Surge Converters
2 By Tidal Energy: Tidal Stream Generators Tidal Turbines, Tidal Barrages, Dynamic Tidal Power DTP, Tidal Lagoons
What Are The Regional Insights In The Wave And Tidal Energy Market?
North America stood as the largest region in the wave and tidal energy market in 2024, and Asia-Pacific projects to be the fastest-growing region in the forecast period - extending across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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