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Wave and Tidal Energy Market

Wave and Tidal Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027

Wave and Tidal Energy Market: Snapshot

Growing need for clean energy source is projected to push the growth of the global wave and tidal energy market during forecast period. Tidal energy is considered as green energy source owing to its zero greenhouse gas emissions. Many companies engaged in the global wave tidal market are using diverse strategies to make the maximum use of the available advanced technologies to fulfill the rising need for sustainable energy. In addition, many government and private companies have increased investments to discover alternative clean energy sources. This is a big positive for the global wave and tidal energy market.

Several vendors representing the global wave and tidal energy are chasing the tactics of collaborations. The main motive of this move is to trim down the high amount of initial investment required for projects. As a result, they are successfully bringing tariff rates down. At the same time, key players are focused on setting commercial deployment of projects to develop wave and tidal energies. All these efforts are pegged to offer long-term benefits and support the growth of the wave and tidal energy market.

The wave and tidal energy market is projected to gather significant amount of revenues in the upcoming period. This success can be attributed to growing efforts from developed and developing economies to introduce additional tidal power plants. Many vendors in the wave and tidal energy market are using strategies of partnerships to advance their products and fulfill the potential market demands. A case in point here is recent announcement by Ocean Power Technologies. The firm stated that it has entered into a new common stock purchase agreement with Aspire Capital Fund, LLC. Through this agreement, the firm aims to increase its research activities and advance production capabilities. Thus, this move by the firm is projected to help in propelling the global wave and tidal energy market during upcoming years.

Global Wave and Tidal Energy Market: Overview

The worsening energy crisis has urged governments, consumers, and manufacturers to focus on alternative sources of energy. This has put the wave and tidal energy that can be harnessed from the oceans in a spotlight. The development of wave and tidal energy sector is gaining an accelerated momentum due to growing initiatives by several governments and developing countries to reduce the consumption of fossil fuels and reducing their carbon footprint. The research report states that the global wave and tidal energy market is expected to be worth US$ 17,535.30 Mn by the end of 2027 from US$ 3,244.44 Mn in 2018. During the forecast period of 2019 and 2024, the global market is expected to rise at a CAGR of 23.5%.

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Tidal Power Plants Dominate the Global Wave and Tidal Energy Market

Oceans are estimated to be inexhaustible sources of clean energy. Harnessing tidal and wave energy from the ocean surfaces is expected to be the next sustainable source of energy. Currently, tidal energy is expected to dominate the global market. The tidal energy segment is further divided into tidal range and tidal stream energy. Though both the concepts are new to the market, the tidal range energy sub-segment is known to be more developed than the other. Both the sub-segments are expected to undergo tremendous development with increasing investments in finding alternative sources of energies.

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Collaboration between Companies will bring down Fixed Costs and Tariff Rates

With a raft of companies experimenting with the development of wave and tidal energy sector, there isn’t single leading technology. However, the fact that both tidal and wave energy sources will reap phenomenal benefits remains for certain. Presently, the market requires a high initial cost of investments in wave and tidal stream power plants in order to achieve better output and higher penetration. If the both these factors are achieved, the market will be able to offer wave and tidal energy at competitive and affordable prices.

The future is likely to be witness to cost cuts as the overall industry is emphasizing on large-scale array deployment instead of project demonstration and prototype testing. Thus, the economies of scale are expected to benefit the manufacturers of energy converter devices and on-shore grid connection and power take-off systems infrastructure. Companies are also expected to collaborate to share fixed costs, which will further bring down the cost of production and overall tariffs.

Europe Leads the Pack as Region Witnesses Tremendous Technological Advancements

Geographically, the global wave and tidal energy market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The report suggests that Europe will be at the forefront of the wave and tidal energy market. The ongoing efforts by the governments in the region to cut down the carbon footprint, smaller region with surrounded by the coastline, and the rapid pace of technological advancements are expected to be the key contributors to the regional market’s growth in the near future. Meanwhile, the tidal barrage operations in South Korea are expected to put Asia Pacific on the global map in the coming years. Furthermore, Australia is also expected to make a significant contribution to the soaring revenue of the Asia Pacific wave and tidal energy market.

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Competition Landscape

The key players operating in the global wave and tidal energy market are

  • Ocean Power Technologies, Inc.
  • Pelamis Wave Power Ltd.
  • Carnegie Wave Energy Ltd.
  • Ocean Renewable Power Company LLC
  • Tenax Energy
  • Atlantis Resources Ltd.
  • AquaGen Technologies
  • S.D.E. Energy Ltd. (WERPO Wave Energy)
  • Marine Current Turbines Ltd.
  • Aquamarine Power Ltd.

Global Wave and Tidal Energy Market: Recent Developments

  • In December 2019, Nova Innovation announced that the company was expanding its presence in North America region. The company had received a permit to develop a 1.5MW tidal array in Petit Passage, in the Bay of Fundy area of Nova Scotia. The company has planned to install a single turbine in 2020, and then installation of 15 tidal stream turbines in three phases of 0.5MW by 2023. The project is expected to create enough energy to power 600 homes in the region.
  • In October 2019, SIMEC Atlantis Energy Limited announced that the company has signed a contract with Kyuden Mirai Energy of Japan, to provide tidal generation equipment and offshore construction services for a demonstration project in Japan. The demonstration project is located in the straits of Naru Island within the Goto island chain of southern Japan, and has a total budget of about US$ 16.54 Mn. The Atlantis Turbine and Engineering Services Division would provide and install an AR-Series turbine. The system was to be deployed in the Nagasaki Prefecture for demonstration and was expected to be operating at a reduced generation output of around 500 kW. The turbine would be acting as a data collection and validation device for Kyuden Mirai Energy and Japanese regulatory bodies.

Global Wave and Tidal Energy Market: Segmentation

This report on the global wave and tidal energy market provides segmentation of the market based on type and region

Type

  • Wave Power Plants
  • Tidal Power Plants

Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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Frequently Asked Questions

What is the Wave and Tidal Energy Market Size?

Wave and Tidal Energy Market is projected to reach US$ 17,535.30 Mn by the end of 2027

What is the CAGR for Wave and Tidal Energy Market?

Wave and Tidal Energy Market is expected to grow at a CAGR of 23.5% during 2019 - 2027

What are the key factors driving the growth of the Wave and Tidal Energy Market?

The notable demand for next-generation technologies for harnessing renewable sources of energy at scale is a notable factor boosting the market

Which region is more attractive for vendors in the Wave and Tidal Energy Market?

Europe is a more attractive region for vendors in the Wave and Tidal Energy Market

Who are the key players in the Wave and Tidal Energy Market?

Key vendors in the Wave and Tidal Energy Market are Ocean Power Technologies, Inc., Pelamis Wave Power Ltd., Carnegie Wave Energy Ltd., Tenax Energy, Atlantis Resources Ltd., etc

1. Executive Summary: Global Wave and Tidal Energy Market

2. Market Overview

    2.1. Market Segmentation

    2.2. Market Definitions

    2.3. Market Trends

    2.4. Market Dynamics

        2.4.1. Drivers

        2.4.2. Restraints 

        2.4.3. Opportunities 

    2.5. Porter’s Five Forces Analysis

    2.6. Value Chain Analysis

        2.6.1. List of Service Providers

    2.7. Regulatory Landscape 

3. Wave and Tidal Energy: Lifetime Plant Cost Analysis

    3.1. Wave Energy Generation

    3.2. Tidal Energy Generation

4. Global Wave and Tidal Energy Market Analysis and Forecast, by Type

    4.1. Key Findings

    4.2. Market Definitions

    4.3. Global Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

        4.3.1. Wave Power Plants

        4.3.2. Tidal Power Plants

    4.4. Global Wave and Tidal Energy Market Attractiveness Analysis, by Type

5. Global Wave and Tidal Energy Market Analysis and Forecast, by Region

    5.1. Global Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Region, 2018–2027

        5.1.1. North America

        5.1.2. Europe

        5.1.3. Asia Pacific

        5.1.4. Rest of the World

    5.2. Global Wave and Tidal Energy Market Attractiveness Analysis, by Region

6. North America Wave and Tidal Energy Market Analysis and Forecast

    6.1. Key Findings

    6.2. North America Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    6.3. North America Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Country/Sub-region, 2018–2027

        6.3.1. U.S.

        6.3.2. Canada

        6.3.3. Mexico 

    6.4. U.S. Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    6.5. Canada Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    6.6. Mexico Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    6.7. North America Wave and Tidal Energy Market Share and Attractiveness Analysis, by Type

    6.8. North America Wave and Tidal Energy Market Share and Attractiveness Analysis, by Country/Sub-region

7. Europe Wave and Tidal Energy Market Analysis and Forecast

    7.1. Key Findings

    7.2. Europe Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    7.3. Europe Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Country/Sub-region, 2018–2027

        7.3.1. Scotland

        7.3.2. U.K.

        7.3.3. France

        7.3.4. Norway

        7.3.5. Russia

        7.3.6. Rest of Europe

    7.4. Scotland Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    7.5. U.K. Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    7.6. France Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    7.7. Norway Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    7.8. Russia Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    7.9. Rest of Europe Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    7.10. Europe Wave and Tidal Energy Market Share and Attractiveness Analysis, by Type

    7.11. Europe Wave and Tidal Energy Market Share and Attractiveness Analysis, by Country/Sub-region

8. Asia Pacific Wave and Tidal Energy Market Analysis and Forecast

    8.1. Key Findings

    8.2. Asia Pacific Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    8.3. Asia Pacific Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Country/Sub-region, 2018–2027

        8.3.1. South Korea

        8.3.2. Australia 

        8.3.3. China

        8.3.4. Rest of Asia Pacific

    8.4. South Korea Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    8.5. Australia Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    8.6. China Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    8.7. Rest of Asia Pacific Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    8.8. Asia Pacific Wave and Tidal Energy Market Share and Attractiveness Analysis, by Type

    8.9. Asia Pacific Wave and Tidal Energy Market Share and Attractiveness Analysis, by Country/Sub-region

9. Rest of the World Wave and Tidal Energy Market Analysis and Forecast

    9.1. Key Findings

    9.2. Rest of the World Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    9.3. Rest of the World Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Country/Sub-region, 2018–2027

        9.3.1. Ghana

        9.3.2. South Africa

        9.3.3. Others

    9.4. Ghana Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    9.5. South Africa Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    9.6. Others Wave and Tidal Energy Market Volume (MW) & Value (US$ Mn), by Type, 2018–2027

    9.7. Rest of the World Wave and Tidal Energy Market Share and Attractiveness Analysis, by Type

    9.8. Rest of the World Wave and Tidal Energy Market Share and Attractiveness Analysis, by Country/Sub-region

10. Competition Landscape

    10.1. Competition Matrix, by Key Players

    10.2. Global Wave and Tidal Energy Market Share Analysis, by Company, 2018

    10.3. Product Mapping

    10.4. Company Profiles

        10.4.1. AQUAMARINE POWER LTD.

            10.4.1.1. Company overview

            10.4.1.2. Product portfolio

            10.4.1.3. Financial overview

            10.4.1.4. Business strategy

            10.4.1.5. SWOT analysis

            10.4.1.6. Recent developments

        10.4.2. CARNEGIE WAVE ENERGY

            10.4.2.1. Company overview

            10.4.2.2. Product portfolio

            10.4.2.3. Financial overview

            10.4.2.4. Business strategy

            10.4.2.5. SWOT analysis

            10.4.2.6. Recent developments

        10.4.3. MARINE CURRENT TURBINES LTD.

            10.4.3.1. Company overview

            10.4.3.2. Product portfolio

            10.4.3.3. Financial overview

            10.4.3.4. Business strategy

            10.4.3.5. SWOT analysis

            10.4.3.6. Recent developments

        10.4.4. OCEAN POWER TECHNOLOGIES INC.

            10.4.4.1. Company overview

            10.4.4.2. Product portfolio

            10.4.4.3. Financial overview

            10.4.4.4. Business strategy

            10.4.4.5. SWOT analysis

            10.4.4.6. Recent developments

        10.4.5. OCEAN RENEWABLE POWER COMPANY LLC

            10.4.5.1. Company overview

            10.4.5.2. Product portfolio

            10.4.5.3. Financial overview

            10.4.5.4. Business strategy

            10.4.5.5. SWOT analysis

            10.4.5.6. Recent developments

        10.4.6. TENAX ENERGY

            10.4.6.1. Company overview

            10.4.6.2. Product portfolio

            10.4.6.3. Financial overview

            10.4.6.4. Business strategy

            10.4.6.5. SWOT analysis

            10.4.6.6. Recent developments

        10.4.7. AQUAGEN TECHNOLOGIES

            10.4.7.1. Company overview

            10.4.7.2. Product portfolio

            10.4.7.3. Financial overview

            10.4.7.4. Business strategy

            10.4.7.5. SWOT analysis

            10.4.7.6. Recent developments

        10.4.8. ATLANTIS RESOURCES LTD.

            10.4.8.1. Company overview

            10.4.8.2. Product portfolio

            10.4.8.3. Financial overview

            10.4.8.4. Business strategy

            10.4.8.5. SWOT analysis

            10.4.8.6. Recent developments

        10.4.9. PELAMIS WAVE POWER

            10.4.9.1. Company overview

            10.4.9.2. Product portfolio

            10.4.9.3. Financial overview

            10.4.9.4. Business strategy

            10.4.9.5. SWOT analysis

            10.4.9.6. Recent developments

        10.4.10. S.D.E ENERGY LTD. (WERPO)  

            10.4.10.1. Company overview

            10.4.10.2. Product portfolio

            10.4.10.3. Financial overview

            10.4.10.4. Business strategy

            10.4.10.5. SWOT analysis

            10.4.10.6. Recent developments

11. Primary Research - Key Insights

12. Appendix

    12.1. Research Methodology and Assumptions 

List of Tables 

TABLE 1 Global Wave and Tidal Energy Market: Snapshot

TABLE 2 Drivers of Wave and Tidal Energy Market: Impact Analysis

TABLE 3 Restraints of Wave and Tidal Energy Market: Impact Analysis

TABLE 4 Global Wave Energy generation cost reduction opportunities, By cost type

TABLE 5 Global Wave Energy generation lifetime plant cost breakdown and forecast, by cost type, 2019–2027 (US$ Mn/MW) 

TABLE 6 Global Tidal Energy generation cost reduction opportunities, By cost type

TABLE 7 Global Tidal Energy generation lifetime plant cost breakdown and forecast, by cost type, 2019–2027 (US$ Mn/MW) 

TABLE 8 U.K & Scotland Wave and Tidal Energy financial incentive schemes, By scheme name and description

List of Figures

FIG. 1 Wave and Tidal Energy: Market segmentation

FIG. 2 Global Wave and Tidal Energy Market Volume and Revenue, 2018–2027(MW) (US$ Mn) 

FIG. 3 Value chain analysis of Wave and Tidal Energy

FIG. 4 Porter’s five forces analysis

FIG. 5 Wave Energy Generation Market, individual cost breakdown of lifetime plant cost, 2018

FIG. 6 Tidal Energy Generation Market, lifetime plant cost breakdown of overall development cost, 2018

FIG. 7 Market attractiveness analysis of Wave Energy Market, by Region, 2018

FIG. 8 Market attractiveness analysis of Tidal Energy Market, by Region, 2018 

FIG. 9 Company market share of Tidal Energy industry (MW), 2018 

FIG. 10 Company market share of Wave Energy industry (MW), 2018 

FIG. 11 Global Wave and Tidal Energy Market, volume share by type, 2018–2027

FIG. 12 Global wave power plant capacity estimates and forecasts, 2018–2027(MW) (US$ Mn)  

FIG. 13 Global tidal power plant capacity estimates and forecasts, 2018–2027(MW) (US$ Mn)  

FIG. 14 Global tidal energy market, volume share by region, 2018 and 2027 (MW) 

FIG. 15 Global wave energy market, volume share by region, 2018 and 2027 (MW) 

FIG. 16 Global wave and tidal energy market, volume share by region, 2018 and 2027 (MW)  

FIG. 17 Europe wave energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 18 Europe tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 19 Europe wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 20 Scotland wave energy market capacity and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 21 Scotland tidal energy market capacity and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 22 Scotland wave and tidal energy market capacity and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 23 U.K. wave energy market capacity and generation, 2018–2027(MW) (US$ Mn) 

FIG. 24 U.K. tidal energy market capacity and generation, 2018–2027(MW) (US$ Mn) 

FIG. 25 U.K. wave and tidal energy market capacity and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 26 France tidal energy market capacity and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 27 France wave energy market capacity and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 28 Norway tidal energy market capacity and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 29 Russia tidal energy market capacity and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 30 Rest of Europe wave energy market capacity and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 31 Rest of Europe tidal energy market capacity and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 32 Asia Pacific wave energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 33 Asia Pacific tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 34 Asia Pacific wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 35 South Korea tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 36 Australia wave energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 37 Australia tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 38 China wave energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 39 China tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 40 China wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 41 Rest of Asia Pacific wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn)

FIG. 42 North America wave energy market volume and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 43 North America tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 44 North America wave and tidal energy market volume and revenue, 2018–2027 (MW) (US$ Mn) 

FIG. 45 U.S. wave energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 46 U.S. tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 47 Canada wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 48 Mexico wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 49 Rest of World wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 50 Ghana wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn)  

FIG. 51 South Africa wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

FIG. 52 Others wave and tidal energy market volume and revenue, 2018–2027(MW) (US$ Mn) 

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