Market Research ReportDec 2, 2022

Wave Tidal Market

Wave Tidal Market Research Report: Size, Share, Trend Analysis Type (Tidal, Wave), Technology (Tidal Stream Generator, Oscillating Water Columns, Barrage, Others) and By Region (North America, Europe, Asia Pacific, Rest of the World) - Growth Outlook & Industry Forecast To 2024

Vertical: EnPBase Year: 201710 Sections

Book Demo

Executive Summary

Wave Tidal Market — Snapshot

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.

Key Insight

The Wave Tidal Market market is projected to grow at a CAGR of 26.0% from 2016 to 2024.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

Geographic Coverage: This analysis covers 4 regions: North America, Europe, Asia Pacific, Rest of the World.
Market Segmentation: The market is analyzed across 2 segments: Tidal, Wave. Forecasts are provided for each segment from 2016 to 2024.
Competitive Landscape: 10 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Wave Tidal Market — Growth Trajectory

Various 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.

Wave Tidal Market — Growth Trajectory

Tidal

Wave

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

Type is broken down into: Tidal, Wave.
Technology is broken down into: Tidal Stream Generator, Oscillating Water Columns, Barrage, Others.

Geographic Analysis

Regional market breakdown

North America market size reached $385.70M in 2016 and is projected to reach $2.37B by 2024, growing at a CAGR of 25.5%.
Europe market size reached $211.80M in 2016 and is projected to reach $1.19B by 2024, growing at a CAGR of 24.1%.

Asia Pacific market size reached $454.50M in 2016 and is projected to reach $3.23B by 2024, growing at a CAGR of 27.8%.
Rest of the World market size reached $46.20M in 2016 and is projected to reach $194.20M by 2024, growing at a CAGR of 19.7%.

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Research Methodology

Wave Tidal Market — How We Researched This Market

This 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+

Research Process

Historical data (2016–2017) and forecast period (2017–2024)

Problem Definition

Market scoping
Objective setting
Framework design

Secondary Research

Literature review
Data mining
Trend analysis

Primary Research

Expert interviews
Field visits
Surveys

Data Analysis

Quantitative modeling
Statistical testing
Validation

Insights & Reporting

Synthesis
Recommendations
Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)

Forecast (modelled)

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Competitive Landscape & Porter's Five Forces

Wave Tidal Market — Competitive Analysis

The 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

Quantitative Analysis

Regional Breakdown

Regional market breakdown for Wave Tidal Market.

Regional Market Size (USD Mn)

Market estimates by geography (2024)

North America$2.37B

Europe$1.19B

Asia Pacific$3.23B

Rest of the World$0.19B

USD Mn

InsightAsia Pacific leads with $3.23B by 2024.

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Regional Market Data

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%

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Segment Revenue (2024)

Tidal

Wave

02356

Tidal77%
Wave23%

Total Market Size

$6.98B

Market by Segment (2024)

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.

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Analytics

Wave Tidal Market — Key Findings

Analytical insights on Wave Tidal Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

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.

Market Dynamics

The global wave & tidal energy market is expected to grow primarily due to the rising demand for clean energy and increasing favorable government incentives.

Market Drivers

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.

Market Opportunities

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.

Market Restraints

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.

Strategic Outlook and Future Directions

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.

Market Value by Segment (2024)

Value (USD Mn)

Tidal

Wave

Companies

Key companies profiled in Wave Tidal Market

Profiles of 107 companies operating in the Wave Tidal Market market, including revenue, employee count, and market positioning where available.

Region

Industry

Founded Year

Showing 107 of 107 companies

Carnegie C

Carnegie Clean Energy

Energy & Power

Company Headquarters: Fremantle, Australia Founded: 1987 Workforce: ~200 Company Working: Carnegie Clean Energy is engaged in harnessing renewable energy from various sources including solar and wave. Additionally, it offers battery storage solutions to the global market. The company is the primary developer of CETO wave energy technology. The firm operates through two business segments, which are CETO wave technology and solar & battery engineering. It offers wave energy harnessing system through its CETO wave technology segment. Some of the other products offered by the company include solar, battery solutions, and microgrids. Carnegie Clean Energy has sales offices located in Australia, Chile, Ireland, and the UK. It operates in these countries through completely owned subsidiaries. Ocean Power Technologies Inc., Yam Pro Energy, and AW Energy OY are some of the company’s major competitors.

Simec Atlantis Energy

Energy & Power

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.

Ocean Power Technologies Inc. (OPT)

Energy & Power

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).

Monroe Township, New Jersey, US

BioPower S

BioPower Systems Pty Ltd

Energy & Power

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

Orbital Marine Power

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.

Andritz Hydro Hammerfest

Energy & Power

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.

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Charts

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.

Pro

Energy & UtilitiesJul 30, 2026

Global Wave Tidal Market South Africa, Brazil and Chile Of Rest Of The World

Pro

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Global Wave Tidal Market China, South Korea and Rest Of Asia Pacific By Country

Pro

Energy & UtilitiesJul 30, 2026

Global Wave Tidal Market France, United Kingdom, Russian Federation and Rest Of Europe By Country

Pro

Energy & UtilitiesJul 30, 2026

Global Wave Tidal Market United States, Canada and Mexico Of North America By Country

Pro

Energy & UtilitiesJul 30, 2026

Global Wave Tidal Market By Region

Pro

Energy & UtilitiesJul 6, 2026

Wave Tidal Market Rest Of The World

Browse All Charts

About the Author

Energy & Power Research Team

Energy & Power

This report comes from Wantstats' energy team — analysts who spend their days tracking utility filings, generation capacity, and grid investment plans across markets most research glosses over. Every number here has been checked against our own databases and validated through conversations with people actually running these projects.

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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.

Michael Robert

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Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

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.

Mark Irwin

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.

Rob Kooiker

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!

Jason Lee

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.

Akif Moroglu

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.

Wave Tidal Market

Wave Tidal Market Research Report: Size, Share, Trend Analysis Type (Tidal, Wave), Technology (Tidal Stream Generator, Oscillating Water Columns, Barrage, Others) and By Region (North America, Europe, Asia Pacific, Rest of the World) - Growth Outlook & Industry Forecast To 2024

Starting from

$4,950

Wave Tidal Market

Wave Tidal Market Research Report: Size, Share, Trend Analysis Type (Tidal, Wave), Technology (Tidal Stream Generator, Oscillating Water Columns, Barrage, Others) and By Region (North America, Europe, Asia Pacific, Rest of the World) - Growth Outlook & Industry Forecast To 2024

Key Insight

Market Performance Trend

Market Scope & Coverage

What this report covers

Wave Tidal Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Wave Tidal Market — Competitive Analysis

Regional Market Data

Segment Revenue (2024)

Segment Market Share

Market by Segment (2024)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2024)

About the Author

Energy & Power Research Team

Market Performance Trend

Wave Tidal Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Wave Tidal Market — Competitive Analysis

Regional Market Data

Segment Revenue (2024)

Segment Market Share

Market by Segment (2024)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2024)

About the Author

Energy & Power Research Team

Save over 20% on
Annual Subscription

Save over 20% on
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