Wave and Tidal Energy Market Introduction and Overview
According to SPER Market Research, the Global Wave and Tidal Energy Market is estimated to reach USD 1.71 billion by 2033 with a CAGR of 9.62%.
The report includes an in-depth analysis of the Global Wave and Tidal Energy market, including market size and trends, product mix, distribution channels, and supplier analysis. Wave energy is the energy that is captured from ocean surface waves and used to pump water into reservoirs, generate electricity, and desalinate. Given that they produce the most concentrated form of renewable energy, wave and tidal energies are seen to be the most promising green technology. An endless supply of renewable energy can be found in the oceans. Thus, it is anticipated that the most sustainable energy source will be generated by utilizing wave and tidal energy from the ocean's surface. These are the environmentally friendly ways to generate electricity by using the energy of the oceans. These renewable energy sources are commonly used by nations worldwide because they offer a reliable and consistent supply of clean energy.
- Wave energy power stations with a capacity of up to 2MW could be built in Port Adriano, Spain, claims Eco Wave Power AB, a pioneer in the production of sustainable electricity from the ocean and sea waves. By utilizing the vast coastline of the country, Eco Wave Power will assist Spain in meeting its ambitious targets for the production of renewable energy.
- The MoorPower Scaled Demonstrator project at Carnegie Wave Energy Ltd. is now underway thanks to financing from the Blue Economy Cooperative Research Centre. It is now easier to provide clean, dependable electricity for offshore activities with MoorPower, a unique wave energy product developed by CETO for moored vessels.
Market Opportunities and Challenges
Opportunities: The rapid increase in global power consumption has increased power producing capacity to meet global demand. Renewable energy sources (RESs) are the finest alternative choice due to their availability and environmental friendliness. Among RESs, ocean wave energy conversion is regarded as one of the top technologies that can generate more than 1,000 - 10,000 GW of electrical power, which is expected to meet increasing electricity needs while also accelerating chances for producing electricity with wave power.
Challenges: Market growth will be hampered by a lack of technological advancements and environmental challenges. Wave and tidal devices are used to capture the power contained in the water and convert it into electricity. Power extraction from waves and tides is not a new phenomenon, with researchers researching various concepts or solutions since the 1970s. This technology is currently evolving to the point where wave project demonstrations are being installed. However, the technology has not yet converged with any design technology, and the research of this technology has increased the sector's complexity.
Market Competitive Landscape
Global Wave and Tidal Energy market is extremely consolidated. Some major companies in the Wave and Tidal Energy market are Aquagen Technologies, Pelamis Wave Power, TENAX ENERGY, Verdant Power, Inc., Carnegie Wave Energy Ltd., SIMEC Atlantis Energy, Eco Wave Power, Ocean Power Technologies, Inc, Ocean Renewable Power Company, Corpower Ocean AB.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Technology, By Application
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | Aquagen Technologies, Pelamis Wave Power, TENAX ENERGY, Verdant Power, Inc., Carnegie Wave Energy Ltd., SIMEC Atlantis Energy, Eco Wave Power, Ocean Power Technologies, Inc, Ocean Renewable Power Company, Corpower Ocean AB.
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COVID-19 Impact on Global Wave and Tidal Energy Market
The COVID-19 pandemic has slowed the flow of people, products, and technologies around the planet, including in most places where wave and tidal energy systems are mass-produced. As part of increased efforts to halt the spread of COVID-19, a number of local, state, and national governments have imposed various restrictions on business and travel, such as orders to stay home and quarantines, resulting in a significant number of business slowdowns and shutdowns.
Key Target Audience
- Energy Industry Professionals
- Policy Makers and Regulators
- Environmentalists and Conservationists
- Investors and Financial Institutions
- Research and Development Community
- Energy Consumers
- Energy Utilities
- Non-Governmental Organizations (NGOs
- Educational Institutions
- Industry Associations
Our in-depth analysis of the Wave and Tidal Energy Market includes the following segments:
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By Type:
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Organic
Inorganic
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By Technology:
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Tidal Stream Generator
Oscillating Water Columns
Tidal turbines
Tidal barrages
Tidal fences
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By Application:
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Power Generation
Desalination
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By Region:
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Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
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Key Topics Covered in the Report- Global Wave and Tidal Energy Market Size (FY’2023-FY’2033)
- Overview of Global Wave and Tidal Energy Market
- Segmentation of Global Wave and Tidal Energy Market By Type (Organic, Inorganic)
- Segmentation of Global Wave and Tidal Energy Market By Technology (Tidal Stream Generator, Oscillating Water Columns, Tidal turbines, Tidal barrages, Tidal fences)
- Segmentation of Global Wave and Tidal Energy Market By Application (Power Generation, Desalination)
- Statistical Snap of Global Wave and Tidal Energy Market
- Expansion Analysis of Global Wave and Tidal Energy Market
- Problems and Obstacles in Global Wave and Tidal Energy Market
- Competitive Landscape in the Global Wave and Tidal Energy Market
- Impact of COVID-19 and Demonetization on Global Wave and Tidal Energy Market
- Details on Current Investment in Global Wave and Tidal Energy Market
- Competitive Analysis of Global Wave and Tidal Energy Market
- Prominent Players in the Global Wave and Tidal Energy Market
- SWOT Analysis of Global Wave and Tidal Energy Market
- Global Wave and Tidal Energy Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Wave and Tidal Energy Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Wave and Tidal Energy Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Wave and Tidal Energy Market
7. Global Wave and Tidal Energy Market, By Type (USD Million)
7.1. Global Wave and Tidal Energy Market Value Share and Forecast, By Type, 2023-2033
7.2. Organic
7.3. Inorganic
8. Global Wave and Tidal Energy Market , By Technology (USD Million)
8.1. Global Wave and Tidal Energy Market Value Share and Forecast, By Technology, 2023-2033
8.2. Tidal Stream Generator
8.3. Oscillating Water Columns
8.4. Tidal turbines
8.5. Tidal barrages
8.6. Tidal fences
9. Global Wave and Tidal Energy Market , By Application (USD Million)
9.1. Global Wave and Tidal Energy Market Value Share and Forecast, By Application, 2023-2033
9.2. Power Generation
9.3. Desalination
10. Global Wave and Tidal Energy Market Forecast, 2019-2033 (USD Million)
10.1. Global Wave and Tidal Energy Market Size and Market Share
11. Global Wave and Tidal Energy Market, By Type, 2019-2033 (USD Million)
11.1. Global Wave and Tidal Energy Market Size and Market Share By Type (2019-2026)
11.2. Global Wave and Tidal Energy Market Size and Market Share By Type (2027-2033)
12. Global Wave and Tidal Energy Market, By Technology 2019-2033 (USD Million)
12.1. Global Wave and Tidal Energy Market Size and Market Share By Technology (2019-2026)
12.2. Global Wave and Tidal Energy Market Size and Market Share By Technology (2027-2033)
13. Global Wave and Tidal Energy Market, By Application, 2019-2033 (USD Million)
13.1. Global Wave and Tidal Energy Market Size and Market Share By Application (2019-2026)
13.2. Global Wave and Tidal Energy Market Size and Market Share By Application (2027-2033)
14. Global Wave and Tidal Energy Market, By Region, 2019-2033 (USD Million)
14.1. Global Wave and Tidal Energy Market Size and Market Share By Region (2019-2026)
14.2. Global Wave and Tidal Energy Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. Aquagen Technologies
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Carnegie Wave Energy Ltd.
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Corpower Ocean AB
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Eco Wave Power
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Ocean Power Technologies, Inc.
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Ocean Renewable Power Company
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Pelamis Wave Power
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. SIMEC Atlantis Energy
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. TENAX ENERGY
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Verdant Power, Inc.
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
