According to MarkNtel Advisors study 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.
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Key Findings of the Study: Wave and Tidal Energy market
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
Global Wave and Tidal Energy Market Challenge:
Capital Challenge Hurdles in Wave and Tidal Energy Projects – The high capital costs associated with wave and tidal energy projects present a significant hurdle for both developers and investors in this renewable energy sector. These projects involve complex engineering and cutting-edge technology, from the design and manufacturing of wave and tidal energy systems to their deployment and installation in the challenging marine environment.
The substantial upfront investment requirement challenges the installment of the smaller companies and emerging markets. As a result, securing the necessary funding for these projects can be challenging, and the return on investment takes longer to materialize. Due to this, the industry depicts slower growth than expected, hampering the Wave and Tidal Energy Market expansion.
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Scope of the Report and Wave and Tidal Energy Market Segmentation:
By Type
- Wave Energy- Market Size & Forecast 2018-2028F, USD Million
- Tidal Energy- Market Size & Forecast 2018-2028F, USD Million
By Application
- Power Generation- Market Size & Forecast 2018-2028F, USD Million
- Desalination- Market Size & Forecast 2018-2028F, USD Million
By Technology
- Tidal Stream Generator- Market Size & Forecast 2018-2028F, USD Million
- Oscillating Water Columns- Market Size & Forecast 2018-2028F, USD Million
- Tidal Turbines- Market Size & Forecast 2018-2028F, USD Million
- Tidal Barrages- Market Size & Forecast 2018-2028F, USD Million
- Tidal Fences- Market Size & Forecast 2018-2028F, USD Million
Power generation held a greater share of the Wave and Tidal Energy Market.
Wave and Tidal Energy Market Development:
- 2023: Mocean Energy secured USD 3.7 million in EU funding to develop and deploy a 250 kW wave energy device in Orkney, Scotland.
- 2023: SSE, secured USD 120 million investment in the Coire Glas project, that could hold 30 gigawatt hours of long-term storage of water-based renewable energy
Geographical Analysis:
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Europe is the region with the maximum demand for wave and tidal energy
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