The global waves and tidal energy market Size Overview
The global waves and tidal energy market reached US$983.11 million in 2024 and is expected to reach US$1850.90 million by 2032, growing at a CAGR of 8.23% during the forecast period 2025-2032.
The global wave and tidal energy market is gaining momentum as developed nations shift toward cleaner, renewable energy sources. Wave energy captures power from surface ocean waves, while tidal energy utilizes the reliable ebb and flow of tides to generate electricity. Together, these technologies offer a sustainable substitute for fossil fuels, playing a vital role in the worldwide push to cut greenhouse gas emissions and combat climate change.
Wave and tidal energy are rapidly emerging as a dynamic frontier in the renewable energy landscape, the remarkable technological breakthroughs and growing success in harnessing the vast power of the oceans. These marine energy sources are not only abundant and sustainable, but recent developments have significantly improved their efficiency and scalability.
Trends and Strategic Insights
The Europe region dominates the market in the market, capturing the largest revenue share of 46.23%in 2024.
By application, the power generation segment is projected to experience the largest waves and tidal energy market,
Market Size and Future Outlook
2024 Market Size: US$983.11Million
2032 Projected Market Size: US$ 1850.90 Million
CAGR (2025-2032):8.23%
Largest Market: Europe
Fastest Market: Asia-Pacific
Market Scope
Metrics | Details |
By Application | Power Generation, Desalination& Others |
By Technology | Wave Energy Systems, Tidal Energy Systems & Others |
By Region | North America, South America, Europe, Asia-Pacific, Middle East and Africa |
Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth |
Market Dynamics
Market Growth Accelerated by Government Policies and Environmental Commitments
Number of macroeconomic and environmental factors are fueling the growth of the tidal energy market. Industrialization and urbanization in both developed and developing countries have increased the demand for reliable and clean energy. To support this shift, the Indian government has recognized ocean energy, including tidal and wave power as part of its renewable energy portfolio. It is also planning pilot tidal power projects in cost-effective coastal regions like the Gulf of Kutch to assess feasibility and promote innovation.
For instance,in2025, In 2025, India intensified its clean energy efforts by turning to ocean-based solutions such as wave and tidal power. A significant milestone in this direction is the pilot wave energy project initiated off the coast India, spearheaded by Bharat Petroleum Corporation Limited (BPCL) in collaboration with Eco Wave Power Global AB. This project marks a strategic step toward harnessing India’s vast marine energy potential and diversifying its renewable energy portfolio.
Challenges of High Costs and Infrastructure in Wave and Tidal Energy
Tidal and wave energy projects face steep upfront costs, from conducting site assessments and feasibility studies to building specialized turbines and connecting to the grid. These financial demands often discourage investment and hinder large-scale deployment. Moreover, selecting appropriate locations involves intensive data gathering and environmental evaluations, making the launch process more complex and resource heavy. Site selection alone demands detailed environmental assessments and feasibility studies, adding to upfront expenses. Additionally, technologies like tidal barrages, lagoons, and fences require large-scale engineering and long-term investment before becoming economically viable.
Segmentation Analysis
The global waves and tidal energy are segmented based on technology, application and region.
Power Generation Leads Wave and Tidal Energy Expansion Amid Rising Global Demand
Power generation holds a substantial share of the wave and tidal energy market, driven by the rising global demand for electricity fueled by population growth. Rapid urbanization has further amplified the need for dependable energy sources such as wave and tidal power for residential and commercial use. This segment continues to dominate the market due to increasing electricity consumption worldwide and ongoing technological advancements. As a result, expanding power generation capacity has become essential to meet the growing global energy demand.
Supporting this growth, government is trying to gather ways to utilize the power generation and this can be seen in the news. For instance, in 2025, the Port of Los Angeles launched the first onshore wave energy pilot in the U.S., developed by Eco Wave Power. The system uses dock-mounted paddles to convert ocean wave motion into electricity, with potential to power up to 60,000 homes if scaled across the port’s breakwater.
Desalination Drives Wave and Tidal Energy Growth Amid Strategic Global Partnerships
The desalination segment is emerging as a major driver of wave and tidal energy market growth, particularly in water-scarce regions like the Middle East and North Africa. Governments and private firms are increasingly investing in renewable-powered desalination technologies. As seawater desalination becomes a standard method for producing potable water, its resilience and scalability make it a critical solution for both human consumption and agricultural use.
For instance, in 2025, during the Global Water Expo in Riyadh, MediSun Energy, a leading Singapore-based company in integrated brine management, signed two significant Memorandums of Understanding (MoUs) with Green Tech Environmental, a Chinese innovator in water treatment and resource recovery. These agreements mark a strategic collaboration aimed at advancing modular desalination and sustainable water solutions.
Geographical Penetration
Innovation and Expansion in Europe
Europe is expected to lead the wave and tidal energy market throughout the forecast period, driven by substantial investments from countries like the UK, Germany, and Italy. These nations have actively advanced research and development, launched pilot initiatives, and pursued commercial-scale projects, underscoring the region’s pioneering role in marine energy. This momentum has been further fueled by robust regulatory frameworks offering generous feed-in tariffs, tax incentives, and grant programs that promote innovation and deployment in maritime energy systems.
In 2025, Europe remains a frontrunner in the wave and tidal energy market, fueled by major investments from the UK, Germany, and Italy. The EU has set ambitious targets of 100 MW by 2025 and 1 GW by 2030, supported by strong regulatory incentives like feed-in tariffs, tax breaks, and grant schemes. France’s NH1 tidal project received €31.3 million (~ USD 33.5 million) in EU funding, while the UK leads with nearly 40% of global marine energy projects. Sweden is also advancing wave energy through AI-powered technologies backed by national innovation programs.
UK Waves and Tidal Energy market
The UK's bold renewable energy goals and strong commitment to cutting carbon emissions have further fueled the demand for marine-based energy solutions.he region's vast coastlines and numerous islands provide abundant oceanic resources, positioning it as a prime location for the deployment of wave and tidal energy technologies. For instance, On 9 January 2025, the Department for Environment, Food & Rural Affairs (DEFRA) unveiled the revised Marine Strategy Part Three: UK Programme of Measures. This strategic document details the UK's approach to achieving Good Environmental Status (GES) in its marine environments, emphasizing the advancement of sustainable marine energy initiatives and the safeguarding of ocean ecosystems.
France Waves and Tidal Energy Market Industry Growth
The French government is intensifying its focus on renewable energy, backed by bold carbon reduction targets. With a vast coastline stretching along the Atlantic Ocean and the English Channel, France is uniquely positioned to capitalize on tidal energy potential. This geographic advantage is driving the deployment of innovative technologies, including tidal barrages, floating energy platforms, and tidal stream generators.
For instance, in 2023, Ocean Energy Europe praised the French government's announcement of at least €65 million in funding (US$75.99 million), along with dedicated revenue support, for the groundbreaking FloWatt tidal energy pilot farm. This initiative marked a significant step forward in France’s commitment to advancing marine renewable energy.
Asia Pacific Leading the Global Wave and Tidal Energy Revolution
Asia-Pacific region has emerged as a dominant force in the wave and tidal energy market, fueled by its vast coastal resources and growing energy demands. Countries like China, Japan, and South Korea are at the forefront, investing billions to diversify their energy portfolios and reduce carbon emissions. China leads with aggressive policy support and massive funding for renewable energy, including wave and tidal technologies.
For reference, in 2025, the Philippine government through the Mitigation Action Facility (MAF) and in collaboration with international partners committed €20 million in grants (approximately USD 21.5 million) to advance tidal Stream Energy (TSE) hybrid systems. This investment supports both technical cooperation and financial mechanisms, including concessional loans and capital expenditure (CAPEX) grants.
China Waves and Tidal Energy Market Insights
China's sustained investment in Research, Development, and Innovation (RD&I) has fueled the growth of domestic turbine manufacturers and accelerated progress in wave and tidal technologies. These efforts underscore the nation’s commitment to expanding its renewable energy portfolio and establishing itself as a leader in marine energy innovation. For instance, in 2022, China marked a significant milestone in tidal energy development with the introduction of the ‘Endeavor’ megawatt-scale tidal turbine by LHD New Energy Corporation. This advancement was part of the LHD tidal current energy demonstration project located near Xiushan Island, which has been operating continuously for over five years.
India Waves and Tidal Energy Market Industry Growth
India is poised to play a significant role in shaping the wave and tidal energy landscape across the Asia Pacific region in the near future. The surge in economic activity, rising energy consumption, and a strong focus on sustainable development are key factors propelling the expansion of this renewable energy sector. On February 4, 2025, Eco Wave Power announced its plans to sign a collaboration agreement with a Fortune 500 Indian company to launch, India’s first wave energy pilot project in India. This milestone initiative will be showcased during India Energy Week 2025, marking a significant step in integrating wave energy into the country’s renewable energy strategy.
Sustainability Analysis
Wave and tidal energy present a powerful route toward a cleaner, more sustainable energy future by harnessing the natural motion of the ocean. These technologies produce zero emissions during operation and help reduce reliance on fossil fuels. When thoughtfully designed and located, they can minimize disruption to marine ecosystems while supporting biodiversity. Implementing careful environmental assessments and mitigation strategies ensures their long-term harmony with nature.
For instance, in 2025, the UK Department for Environment, Food & Rural Affairs (DEFRA) published the revised Marine Strategy Part Three: UK Programme of Measures. This updated framework outlines the nation's approach to achieving Good Environmental Status (GES) in its marine waters, with a strong emphasis on promoting sustainable wave and tidal energy development while ensuring the protection of marine ecosystems.
Competitive Landscape
The global waves and tidal energy market is highly competitive, driven by a mix of global and regional players striving for technological efficiency and cost leadership.
The major global players in the market include Aquanet Power, Carnegie Clean Energy, Orbital Marine Power, Yam Pro Energy, Ocean Power Technologies, Inc., Bio power Systems Pty Ltd, Aw Energy, Orpc, Inc., Sae Renewables, Andritz.
Companies focus on expanding production capacities, optimising supply chains, and adopting low-carbon and energy-efficient processes to gain an edge.
Key Developments
- In 2025, Cor Power Ocean strengthened its global presence by forming joint ventures with Maersk Supply Service and Aalborg CSP. These partnerships support marine deployment and integration with thermal systems. Collaborations with utilities in Portugal and Sweden also advanced pilot projects. Together, they aim to scale Cor Power’s C4 wave converter for commercial rollout.
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Target Audience 2024
Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
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