Vertical: EnPBase Year: 201710 Sections
Market Size (2017)
$1.38B
Projected (2024)
$6.98B
CAGR (2016–2024)
26.0%
Key Players
10+
The demand for wave and tidal energy is increasing primarily due to the growing demand for clean energy globally. Wave and tidal energy is available in abundance and successfully harnessing it can drastically reduce a region’s dependence on fossil fuels for electricity generation. Many research organizations, government bodies, and companies are conducting and funding R&D activities to develop wave and tidal energy harnessing technology.
The global wave & tidal energy market is projected to grow at 26.38% CAGR during the forecast period, 2018–2024. In 2017, the global wave & tidal energy market was led by Europe with a 42.6%% share, followed by Asia-Pacific and North America with shares of 34.9% and 18.7 %, respectively.
The global wave & tidal energy market has been segmented based on type, technology, and region. On the basis of type, the global market has been divided into well wave energy and tidal energy. The tidal energy segment is expected to grow at a faster rate during the forecast period. In 2018, the tidal energy segment held 75.7% share of the global wave & tidal energy market. On the basis of technology, the global market has been segmented into tidal stream generator, oscillating water column, barrage, and others. The tidal stream generator segment is expected to grow at the faster rate during the forecast period. In 2018, the tidal stream generator segment held a 63.9% share of the global wave & tidal energy market.
The Wave Tidal Market market is projected to grow at a CAGR of 26.0% from 2016 to 2024.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSubscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansVarious technologies and equipment are required to harness wave and tidal energy from the oceans. Waves are naturally occurring phenomenon, where waves occur due to the movement of air along the surface of the water on the ocean. Tides are formed because of the effect of the gravitational force of the Earth, Sun, and the Moon on large water bodies.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSubscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSubscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2017
Historical Period
2016 – 2016
Forecast Period
2018 – 2024
Primary Interviews
150+
Historical data (2016–2017) and forecast period (2017–2024)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansThe global wave & tidal energy market is characterized by the presence of many global, regional, and local vendors. The global market is highly competitive with all the players constantly competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the key factors that could restrain market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. It is crucial for vendors to provide cost-effective and efficient communication devices to survive and succeed in an intensely competitive market environment.
The success of the market vendors depends on market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and improving services. Ocean Power Technologies Inc., Simec Atlantis Energy, Carnegie Clean Energy, OPRC Inc., Yam Pro Energy, AW Energy OY, Aquanet Power, Andritz Hydro Hammerfest, Orbital Marine Power, and BioPower Systems Pty Ltd are some of the major companies operating in the market. These companies compete in terms of availability, quality, price, and technology. They are primarily focused on developing products for use in generating energy from waves and tides. Although international players are dominating the market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period. The improvement of the global economic scenario, owing to the combined efforts to enhance infrastructure in emerging nations, is expected to fuel the market growth during the forecast period. This makes it an ideal time for the companies to offer wave and tidal energy solutions and increase their market shares, globally
Market estimates by geography (2024)
InsightAsia Pacific leads with $3.23B by 2024.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription Plans| REGION | 2016 | 2017 | 2024 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $385.70M | $942.90M | $2.37B | 25.5% | 34% |
| Europe | $211.80M | $494.70M | $1.19B | 24.1% | 17% |
| Asia Pacific | $454.50M | $1.19B | $3.23B | 27.8% | 46% |
| Rest of the World | $46.20M | $93.40M | $194.20M | 19.7% | 3% |
| Total | $1.10B | $2.73B | $6.98B | 26.0% | 100% |
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansTotal Market Size
$6.98B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Tidal | $5.39B | 26.4% | 77% |
| Wave | $1.59B | 24.7% | 23% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSee plans for professionals or small and medium businesses.
Analytical insights on Wave Tidal Market covering market dynamics, competitive landscape, and strategic outlook.
The Wave Tidal Market market is projected to reach $6.98B by 2024, growing at 26.0% CAGR. The Tidal segment holds the largest share.
The global wave & tidal energy market is expected to grow primarily due to the rising demand for clean energy and increasing favorable government incentives.
Fossil fuels witness high demand due to their scarcity leading to the rise in the number of exploration & production activities This increases the environmental concerns. Focus on the development of cleaner power generation technologies, which reduce the environmental impact, have been driving the global wave & tidal market. Additionally, as the global economy continues to undergo intense growth and restructuring, natural resources are depleting at alarming rates and irreversible damage is being done to the environment. As a strategy to increase the production of clean energy, various national authorities consider ocean energy as a long-term way to meet growing energy demand. As of 2017, the capacity of ocean energy generated annually has been depicted
The global population growth, thriving industries in emerging economies, and a rise in infrastructure development activities lead to a massive rise in demand for electricity. This factor with a rise in stringent environment protection regulations, across the globe, leads the power generation industry to switch to clean and environment-friendly energy resources. This is expected to drive the global wave and tidal energy market in the future. Almost two thirds of the world is occupied by the ocean. Thus, it can be regarded as a very vast source of energy, exploring which can reduce the use of fossil fuels to a great extent. This is expected to increase the research and development activities in the wave & tidal energy systems. Therefore, the growing demand for clean energy is expected to drive the market during the forecast period.
There is great potential for wave & tidal energy to become a major renewable energy source in the future. Although the wave & tidal energy harvesting technologies are at the developing stage, they are estimated to have a high potential, globally. Further research and development are needed to improve the technology and durability of the equipment, as well as it is needed to identify, reduce, and potentially mitigate their negative impact on marine life. However, recent innovations in design and turbine technology for tidal energy are expected to influence and increase the installed capacity of tidal plants. For instance, throughout 2018, Minesto AB (UK) had been testing its DG500 marine energy kite and finally commissioned it in August 2018. Additionally, in December 2018, Ocean Power Technologies (US) in collaboration with ENI SPA (Italy), launched its product Power Buoy in the Adriatic Sea for the development of integrated subsea systems. Such equipment, post successful testing, may be used as charging and communication stations for a long period.
The costs of the plants and the equipment involved in wave and tidal energy technology are high. Wave and tidal technologies, like most emerging energy technologies, are more expensive than traditional energy generating resources, especially in developing countries. However, when the technology improves and the demand for renewable energy technology increases, the investment and the cost of wave energy technology ad equipment are expected to decrease. This is expected to be observed as the commercial production of products begin and enable economies of scale.
So far, tidal barrage power generation has witnessed two large plants in operation, the La Rance barrage in France and the Sihwa dam in South Korea. The construction cost for La Rance were around USD 340 per kilowatt, while the cost for the Sihwa barrage was USD 117 per kilowatt in 2011.
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 107 companies operating in the Wave Tidal Market market, including revenue, employee count, and market positioning where available.
Showing 107 of 107 companies
Carnegie Clean Energy is a pre-commercial Australian wave energy technology developer whose principal asset is the proprietary CETO submerged point-absorber wave energy converter, carried on its balance sheet at A$18.9 million. After a troubled 2016–2019 diversification into solar and battery microgrids that ended in large write-downs and the exit of its Energy Made Clean subsidiary, the company has been rebuilt as a lean, grant-leveraged technology house with its operational centre of gravity in Europe. Its near-term value hinges on a single event: the staged ocean deployment of a grid-connected CETO unit at Spain's Biscay Marine Energy Platform (BiMEP) under the ACHIEVE Programme, scheduled to begin in October 2026. A spin-off product, MoorPower, targets diesel displacement on aquaculture feed barges. Revenue (A$0.45M in FY2026) comes almost entirely from a legacy solar-battery microgrid supplying the Department of Defence at Garden Island, WA. The company is loss-making, lightly capitalised and carries a going-concern material uncertainty. --- ### Company's own description In its FY2026 Financial Report the company states that the principal activity of the Group during the year was the development of the CETO Wave Energy Technology. Its standard corporate boilerplate describes Carnegie as a technology developer focused on delivering ocean energy technologies, the owner and developer of the CETO and MoorPower technologies, which capture energy from ocean waves and convert it into electricity, operating from Australia with wholly owned international subsidiaries (notably CETO Wave Energy Ireland and Carnegie Technologies Spain). The FY2026 Directors' Report also describes an "Other Products" activity: using the wave energy IP portfolio and know-how to investigate remote-power applications for Defence, aquaculture and data centres. ### Independent characterisation Carnegie is best understood as a single-technology, pre-revenue IP developer with a small legacy utility cash stream. It sits at the very upstream end of the ocean-energy value chain: concept, design, numerical modelling, controls software, component specification and system integration. Fabrication and assembly are outsourced (power take-off assembly by SKF in Germany; the electrical module with Basque supplier SEI), and offshore installation is subcontracted to marine contractors. It does not own manufacturing capacity, vessels or large-scale project pipelines in operation. The company's funding model is distinctive and central to the investment case. Rather than fund development wholly from equity, Carnegie stacks non-dilutive sources: (i) competitive pre-commercial procurement (EuropeWave PCP, €3.75M for the ACHIEVE Project); (ii) national and regional grants (Spain's RENMARINAS DEMOS programme, €1.2M; Basque Energy Agency EVE, €2.1M); (iii) EU Horizon Europe collaborative research (COIN, €4M consortium budget); (iv) the Australian R&D Tax Incentive and the sale of Spanish R&D tax deductions; and (v) Blue Economy CRC co-funding for MoorPower. Under its accounting policy, grants relating to capitalised development are offset against the intangible asset rather than recognised as income, which is why reported "revenue" is tiny even in years when several million dollars of grant cash is received. ### Revenue model and mix (FY2026) Source: FY2026 Financial Report, Note 2. Product sales, subscription or licensing revenue: nil. The intended long-run model (per the company's impairment methodology) is IP licensing and royalties on CETO units sold into third-party projects, plus potential project development equity and MoorPower product sales. ### Customer types and end-markets
Company Headquarters: Singapore Founded: 1996 Workforce: ~50 Company Working: Simec Atlantis Energy is engaged in designing, developing, manufacturing, converting, installing, commissioning, operating, and maintaining sustainable power projects. It is primarily focused on generating energy from tidal waves and has been involved in projects of over 1,000 MW in various stages of development, across the globe. The company manufactures and distributes tidal turbines through its turbine and engineering services segment. Simec Atlantis Energy is currently operating in collaboration with Simec (UK) and the GFG Alliance (UK) for the development of a diversified portfolio in the sustainable energy generation sector. It has an extensive presence in North America, Europe, and Asia-Pacific, with a large number of offices located across Europe and Asia-Pacific. The company has four sales offices located in the UK. GFG Alliance, the company’s collaborating partner, has offices in more than 30 countries and is expected to improve the R&D processes of the company in the next few years.
Company Headquarters: Monroe Township, New Jersey, US Founded: 1994 Workforce: ~35 Company Working: OPT is engaged in developing and manufacturing wave energy technology for converting wave energy into electricity. It has been working on developing and perfecting its proprietary ‘Power Buoy’ technology, which uses ocean waves to generate clean energy. The ‘Power Buoy’ system features integrated innovative hydrodynamics, electronics, computer control systems, and energy conversion technologies. The company operates through the two segments, which are Power Buoy technology and PB3. Both segments include products for the wave and tidal market. It primarily serves industries such as oil & gas, R&D, security & defense, and offshore communications. OPT has sales offices in Australia, the UK, and the US. ENI SPA (Italy), U.S. Department of Defense Office of Naval Research, and Premier Oil (UK) are some of its clients. The company manufactures its products in its 56,000 square feet manufacturing facility in Monroe, New Jersey, the US. Additionally, it manufactures all its power take-off components, and procures mooring systems, buoy structures, and cables from external vendors. The company has five wholly owned subsidiaries, which are Ocean Power Technologies Ltd (UK), Reedsport OPT Wave Park LLC (US), Oregon Wave Energy Partners I, LLC(US), Ocean Power Technologies (Australasia) Pty Ltd (Australia), and Victorian Wave Partners Pty. Ltd (Australia).
Company Headquarters: Sydney, Australia Founded: 2006 Workforce: ~50 Company Working: BioPower Systems Pty Ltd (BPS) is engaged in developing marine renewable energy technology. It offers products for harvesting energy from both, wave and tidal energy. The equipment offered by the company for harvesting wave and tidal energy uses a similar energy conversion technology. It is strategically located in Australia where the intensity of tidal waves is generally high throughout the year. The company’s manufacturing facility is located in Australia. It has also operated numerous pilot projects in Australia to improve the efficiency of its equipment
Company Headquarters: Orkney, UK Founded: 2002 Workforce: ~30 Company Working: In October 2018, Scotrenewables Tidal Power Limited was renamed as Orbital Marine Power. Its manufacturing facility is based in the UK. Orbital Marine Power is involved in the business of fabricating, assembly, installation, operation, maintenance, and decommissioning of floating tidal technology. After nine years of R&D, it launched its first prototype in 2011, following which it has been receiving substantial investments from investment companies for the development of the technology. For instance, in January 2019, the company raised funds of about USD 8.26 million through crowdfunding. These funds will be used to build its tidal stream turbine commercially.
Company Headquarters: Glasgow, UK Founded: 1997 Workforce: ~20 Company Working: Andritz Hydro Hammerfest is engaged in manufacturing turnkey tidal power arrays for the global market. It operates through two segments, which are products and services. The company offers tidal turbines under its products segment. Under its services segment, it also offers various services such as feasibility assessment, engineering, designing, manufacturing, commissioning, service, and maintenance. Its manufacturing unit is located in Glasgow. Andritz Group (Austria) and Iberdrola (Spain) are shareholders in the company and have extended substantial assistance to the company for developing tidal energy harvesting systems.
10 interactive charts drawn from the Wave Tidal Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global Wave Tidal Market South Africa, Brazil and Chile Of Rest Of The World
Global Wave Tidal Market China, South Korea and Rest Of Asia Pacific By Country
Global Wave Tidal Market France, United Kingdom, Russian Federation and Rest Of Europe By Country
Global Wave Tidal Market United States, Canada and Mexico Of North America By Country
Global Wave Tidal Market By Region
Wave Tidal Market Rest Of The World
Powering the world's best teams.
From next-gen startups to established enterprises.
Trusted by forward-thinking businesses
for data-driven intelligence
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
