Wave and Tidal Energy Market Size Projected to Surge $5.1 Billion Growth by 2033, Exhibit a CAGR of 12.5%

The Wave and Tidal Energy Market: A Sustainable Solution for the Future

The Brainy Insights estimates that the wave and tidal energy market will reach USD 5.1 billion by 2033, growing from USD 1.6 billion in 2023. Wave energy, which is captured from ocean surface waves, and tidal energy are the most promising green technologies as they produce the most concentrated form of renewable energy. These renewable energy sources offer a reliable and consistent clean energy supply, making them environmentally friendly ways to generate electricity. The use of wave and tidal energy aligns with the Sustainable Development Goals (SDGs) set by the United Nations to promote sustainable development worldwide.

Report Coverage Details

Key Insight of the Wave and Tidal Energy Market

North America will account for the largest market size during the forecast period.

Due to highly developed technology and growing awareness of green energy resources, North America is experiencing the fastest-growing compound annual growth rate (CAGR) in the wave and tidal energy market. Canada, with its robust regulatory framework and public support, has emerged as the largest market in North America. Nova Scotia, one of the Maritime Provinces in eastern Canada, is actively involved in the development of in-stream tidal energy and supports strategic research projects in the marine energy industry.

The wave energy segment dominated the market with the most significant revenue of USD 0.94 billion.

Wave power is widely accepted due to its benefits such as high availability, ease of forecasting, and high production capacity. It produces energy 90% of the time compared to other resources, making it the preferred choice for renewable energy generation.

The tidal stream generator segment dominated the market with the most significant revenue of USD 0.44 billion.

Cleaner fuel sources like tidal stream generators are gaining popularity due to their increased availability and environmental friendliness. Government agencies are also supporting tidal stream generator installation through advantageous policies and programs.

The power generation segment dominated the market with the most significant revenue of USD 0.88 billion.

Ocean power generation is widely accepted and has high predictability and availability compared to other renewable resources. This has led to the dominance of the power generation segment in the market.

Market Dynamics

Drivers: Power generation

The rapid development in power consumption worldwide has increased the need for power generation. Renewable energy sources, including wave and tidal energy, provide a sustainable alternative for meeting the world’s power demand. Wave energy conversion has the potential to produce a significant amount of electrical power, meeting the growing need for electricity and creating new opportunities for wave power electricity production.

Restraint: Lack of technological developments

The technology for capturing wave and tidal energy is still developing, and there is a lack of convergence with any design technique. This complexity hinders the widespread adoption of wave and tidal energy technologies.

Major Players in the Wave and Tidal Energy Market

• Pelamis Wave Power
• Wave Swell
• Orbital Marine Power
• OpenHydro
• CorPower Ocean
• AW Energy
• Ocean Power Technologies
• Wello
• Carnegie Clean Energy
• SIMEC Atlantis Energy
• Eco Wave Power
• Aquamarine Power
• Seabased
• BioPower Systems

Key Segments in the Market

By Type:

• Tidal Energy
• Wave Energy

By Technology:

• Oscillating Water Columns
• Tidal Barrages
• Tidal Stream Generator
• Tidal Turbines
• Tidal Fences

By Application:

• Desalination
• Power Generation

For more information and detailed analysis, please visit: https://www.thebrainyinsights.com/report/wave-and-tidal-energy-market-14176

About The Brainy Insights

The Brainy Insights is a market research company that provides actionable insights through data analytics to improve business acumen. They offer customized

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 7: Affordable and Clean Energy
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 13: Climate Action

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
• SDG 9.1: Develop quality, reliable, sustainable, and resilient infrastructure.
• SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Market Size in 2023 and 2033 (USD billion) can be used as an indicator to measure the growth of renewable energy in the global energy mix (SDG 7.2).
• CAGR (Compound Annual Growth Rate) can be used as an indicator to measure the development of sustainable infrastructure (SDG 9.1).
• Government support and regulatory framework can be used as indicators to measure the integration of climate change measures into national policies (SDG 13.2).

Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: globenewswire.com

Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.