Wave and Tidal Energy Market Scenario 2035

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15 Companies Covered

108 Pages

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Technological Advancements and Renewable Energy Demand to Drive the Wave and Tidal Energy Market at a CAGR of 22.33% during the Forecast Period 2025 to 2035

Market Research Future (MRFR) has published a cooked research report on the “Global Wave and Tidal Energy Market” that contains information from 2019 to 2035.
The Wave and Tidal Energy Market is estimated to register a CAGR of 22.33% during the forecast period of 2025 to 2035.

MRFR recognizes the following companies as the key players in the Global Wave and Tidal Energy Market — Siemens Gamesa Renewable Energy (ES), General Electric (US), Andritz Hydro (AT), Schneider Electric (FR), Ocean Power Technologies (US), Minesto (SE), Tidal Energy Ltd (GB), Aquamarine Power (GB), and Verdant Power (US).

Market Highlights

The Global Wave and Tidal Energy Market is accounted for to register a CAGR of 22.33% during the forecast period and is estimated to reach USD 3.581 Billion by 2035.

The Wave and Tidal Energy Market is witnessing rapid expansion, driven by increasing global emphasis on renewable energy, technological innovation, and government support for clean energy transitions. With nations worldwide targeting net-zero carbon emissions, wave and tidal energy are emerging as reliable and sustainable alternatives to fossil fuels. These technologies offer consistent and predictable energy generation, making them valuable additions to the renewable energy mix.

Wave energy currently dominates the market, supported by mature technology and established projects, while tidal energy is emerging as the fastest-growing segment, propelled by advances in turbine efficiency and new demonstration projects across Europe, North America, and Asia-Pacific. Furthermore, government incentives, feed-in tariffs, and funding programs are enhancing market stability and encouraging private investments in ocean energy systems.

Key players are using more and more strategies like partnerships, going digital, and making things locally to improve their position in the market. Technological advances, such as AI-based monitoring platforms and new materials for turbines, are expected to make systems even more efficient and lower the cost of running them.

Segment Analysis

The Global Wave and Tidal Energy Market has been segmented based on Type, Technology, and Region.

By Type: The market is divided into Wave Energy and Tidal Energy. Among these, Wave Energy is projected to dominate the market revenue through the forecast period due to its technological maturity and widespread deployment. Conversely, Tidal Energy is expected to grow at the fastest rate, supported by significant R&D and pilot projects globally.

By Technology: The segment includes Tidal Stream Generators and Oscillating Water Columns. Tidal Stream Generators currently lead the market, while Oscillating Water Columns are gaining momentum due to their innovative design and adaptability to diverse marine environments.

Region Analysis

By Region, the Wave and Tidal Energy Market is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.

North America dominates the global market, accounting for the largest share, driven by strong government policies, robust investment, and extensive coastal resources. The U.S. and Canada are leading with major demonstration and commercial-scale projects.

Europe remains a global innovation hub for marine energy, with the U.K. and France spearheading development. Supportive frameworks such as the European Green Deal continue to encourage investments in renewable ocean technologies.

Asia-Pacific is the fastest-growing regional market, led by China and Japan, which are investing heavily in clean energy infrastructure and R&D to meet rising power demand sustainably.

The Middle East & Africa are emerging markets showing growing interest in tidal energy as part of their diversification and sustainability strategies.

Key Findings of the Study

The Global Wave and Tidal Energy Market is expected to reach USD 3.581 Billion by 2035, growing at a CAGR of 22.33% during the forecast period.

North America accounted for the largest market share in 2024, while Asia-Pacific is projected to be the fastest-growing region.

Based on Type, the Wave Energy segment dominated the market in 2024.

Based on Technology, the Tidal Stream Generator segment held the largest share in 2024.

Siemens Gamesa Renewable Energy, General Electric, Andritz Hydro, Ocean Power Technologies, and Minesto are key players driving technological innovation and market expansion.

Industry Developments

Q2 2024: SIMEC Atlantis Energy secures government approval for expansion of the MeyGen tidal array in Scotland.

Q1 2024: Eco Wave Power signs agreement with the Port of Los Angeles for a wave energy pilot project.

Q2 2024: Orbital Marine Power raises £20 million to scale production of its O2 tidal turbine.

Q1 2025: Eco Wave Power receives a permit for wave energy installation in New Jersey.

Q2 2025: Orbital Marine Power partners with EDF to develop a tidal energy project in France.

Q2 2025: Eco Wave Power completes its IPO on Nasdaq Stockholm to fund global expansion.

Future Outlook

The Wave and Tidal Energy Market is expected to experience robust growth through 2035, driven by the integration of hybrid energy systems, expansion of offshore infrastructure, and investments in advanced energy storage. With continuous innovation and favorable government support, the market is set to play a key role in the global transition toward sustainable and renewable energy solutions.