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Wave and Tidal Energy Market Achieves USD 483 MILLION IN 2023, Braces for 29.01% CAGR Elevate Until 2030

Wave and Tidal Energy Market Wave and Tidal Energy Market

Wave and Tidal Energy Market Research Report: Forecast (2024-2030)

The Global Wave and Tidal Energy Market size is valued at around USD 483 million in 2023 and is estimated to grow at a CAGR of around 29.01% during the forecast period, i.e., 2024-30. The heightened global awareness of climate change and the imperative to curb greenhouse gas emissions are pivotal drivers behind the surge in interest and investment in wave and tidal energy.

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Market Dynamics

Global Wave and Tidal Energy Market Driver – Rising Investments to Drive the Market Growth in Wave and Tidal Energy Solutions

The growth of the Wave and Tidal Energy Market is being propelled by increased investments in clean energy sources from various nations, such as the US, China, and others. This surge in investment is driven by the desire to develop sustainable energy solutions, reduce dependence on imported fossil fuels, enhance energy security, and mitigate exposure to global energy market fluctuations. Consequently, governments are actively channeling funds into wave and tidal energy projects within their respective countries. For instance:

In 2023, the US Department of Energy (DOE) allocated USD 35 million in funding, made available through the Bipartisan Infrastructure Law, to advance tidal and river current energy systems.

These strategic investments in energy projects are fueling market growth and stimulating the demand for cleaner energy solutions in the foreseeable future.

Leading Companies in Wave and Tidal Energy Market:

Aquagen Technologies, Pelamis Wave Power Ltd, Carnegie Wave Energy Ltd., Tenax Energy, SIMEC Atlantis Energy Ltd, Corpower Ocean AB, Mocean Energy, SSE, Ocean Energy, Eco Wave Power, Verdant Power Inc., SINN Power, Orbital Marine Power, Ricardo, Tacardo BV, and others

Segmentation of the Industry

The Wave and Tidal Energy Market is highly fragmented and bifurcates into the following segmentations:

By Type

-Wave Energy

-Tidal Energy

By Application

-Power Generation

-Desalination

Power generation held a greater share of the Wave and Tidal Energy Market.

By Technology

-Tidal Stream Generator

-Oscillating Water Columns

-Tidal Turbines

-Tidal Barrages

-Tidal Fences

Europe is the region with the maximum demand for wave and tidal energy.

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Regional Landscape

On the geographical front, the Wave and Tidal Energy Market expands across the following:

By Region

-North America

-South America

-Europe

-Middle East & Africa

-Asia-Pacific

Geographically, North America witnessed a progression in the Global Wave and Tidal Energy Market owing to increasing deployment of the 5G network in countries like the US & Canada, an increasing adoption of 5G network in the different end-user organizations such as BFSI, Healthcare, IT & Telecom, and an excellent supervisory environment for telecommunications and cybersecurity.

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