Wave Tidal Energy Market

Wave & Tidal Energy Market Size

The global wave & tidal energy market was estimated at USD 1.82 billion in 2025. The market is expected to grow from USD 1.83 billion in 2026 to USD 4.07 billion in 2035, at a CAGR of 9.2% according to Global Market Insights Inc.

• Increasing advancements in energy conversion systems, deployment techniques, and innovative materials are significantly improving efficiency and reducing costs for wave and tidal energy projects. These technological breakthroughs enhance reliability and affordability, positioning marine energy as a strong contender in the global renewable energy mix and accelerating its commercial adoption worldwide.
  
• Wave and tidal energy refer to renewable energy derived from ocean movements. Wave energy captures power from surface waves, while tidal energy harnesses predictable tidal currents caused by gravitational forces of the moon and sun. These technologies provide clean, reliable electricity with minimal emissions, supporting global decarbonization and sustainable energy goals.
  
• Growing government investments through grants, subsidies, and pilot programs are driving ocean-based energy development. These initiatives encourage innovation, validate commercial feasibility, and create a sustainable framework for large-scale deployment. Such financial backing ensures industry confidence and accelerates the transition toward clean energy solutions, particularly in wave and tidal energy sectors.
  
• Increasing policy support for tidal energy is evident through dedicated budgets and capacity allocations. For instance, the UK awarded six new schemes totaling 28 MW under its Contracts for Difference framework in 2024. This commitment strengthens investor confidence and promotes long-term growth of tidal stream projects within renewable energy portfolios.
  
• Asia Pacific is among the dominant regions on account of rapid urbanization and industrial growth in coastal regions, creating a surge in electricity requirements. Traditional fossil fuel-based power generation struggles to meet sustainability goals, prompting a shift toward renewable alternatives. Wave and tidal energy provide predictable and consistent power output, unlike solar or wind, making them ideal for coastal grids. Their ability to harness abundant ocean resources ensures energy security while reducing carbon emissions.
  
• Moreover, countries including Japan, South Korea, and Australia are actively exploring marine energy projects to meet rising demand and achieve net-zero targets, positioning wave and tidal energy as a critical component of future energy strategies. For instance, in February 2025, In Japan's Naru Strait, Proteus Marine Renewables deployed a 1.1 MW AR1100 tidal turbine for the second time. Following successful AR500 testing, the project, in collaboration with Kyuden Mirai Energy, advances the decarbonization of the Goto Islands.
  
• Rest of world is the fastest-growing region in the wave & tidal energy market. Rising commitments to achieve carbon neutrality in Latin America, Africa, and Middle Eastern countries are accelerating wave and tidal energy adoption. Governments and private players are prioritizing marine renewables to diversify energy portfolios and meet sustainability targets. For instance, in October 2025, The Ministry of Infrastructure and Public Services, through the Undersecretariat of Energy of Buenos Aires, has partnered with UTN and FREBA to fund Argentina’s first full-scale wave energy device, aimed at advancing marine renewable energy development.
  

Wave & Tidal Energy Market Trends

• Increasing financial support from developing nations is creating a favorable environment for wave and tidal energy projects. For instance, the UK and France collectively secured 70 MW of tidal stream capacity in 2023, signaling strong commitment to marine renewables. Such initiatives help overcome funding challenges and accelerate commercialization, enabling large-scale deployments and attracting private investors. This government backing is crucial for reducing risks and fostering innovation, ultimately shaping a robust market for ocean energy technologies worldwide.
  
• Rising advancements in power take-off (PTO) systems designed to convert intermittent wave patterns into grid-compatible electricity are transforming the industry. Continued research and prototype testing, such as Sweden’s Sotenas project and Wello’s Penguin at EMEC, demonstrate real-world performance improvements. These innovations enhance efficiency, reliability, and scalability, moving wave and tidal energy closer to commercial success. As technology matures, the sector will benefit from reduced costs and improved integration with existing grids, strengthening its role in the global renewable energy mix.
  
• Increasing emphasis on wave and tidal energy as a sustainable power source is reshaping the energy outlook. These technologies could deliver up to 300 GW of electricity by 2050, significantly reducing carbon emissions. Projects including Scotland’s MeyGen have proven tidal stream viability, attracting investors and governments worldwide. This growing confidence is driving larger deployments and strategic partnerships, positioning ocean energy as a critical contributor to decarbonization goals and energy diversification strategies across multiple regions.
  
• Growing investments in full-scale prototypes and technological improvements are accelerating the path to commercialization. Enhanced reliability and efficiency in power generation make wave and tidal systems more suitable for grid integration, reducing intermittency challenges. These advancements, coupled with supportive policies and private funding, are fostering a competitive marine energy market. As prototypes transition to commercial projects, the industry will experience cost reductions and improved scalability, strengthening its role in the global renewable energy portfolio.
  
• Moreover, rising collaboration between governments, research institutions, and private companies is accelerating wave and tidal energy development. These partnerships provide funding, technical expertise, and shared infrastructure, reducing project risks and costs. By pooling resources, stakeholders can scale pilot projects into commercial ventures, enhance technology performance, and drive global adoption of marine renewables.
  

Wave & Tidal Energy Market Analysis

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Based on application, the industry is segmented into power generation, desalination, and others application. The power generation segment accounted for over 74.4% market share in 2025 and is expected to grow at a CAGR of 9.1% through 2035.

• Increasing global commitments to reducing carbon emissions are accelerating the adoption of wave and tidal energy for power generation. These technologies provide predictable, renewable electricity, complementing wind and solar while supporting energy diversification. Governments and utilities are prioritizing marine energy to meet sustainability goals, enhance energy security, and reduce reliance on fossil fuels. This trend positions wave and tidal power as a critical component of future clean energy strategies worldwide.
  
• Companies’ ongoing efforts in expanding to developing countries will propel the industry growth. For instance, in February 2025, Eco Wave Power has signed a memorandum of understanding with BPCL to explore India’s vast 40 000 MW wave energy potential. The partnership will begin with a 100?kW pilot at BPCL’s Mumbai oil terminals, backed by feasibility studies, patent wave-converter technology, and regulatory support.
  
• Rising innovations in turbine design, energy storage, and grid integration are improving the efficiency and reliability of wave and tidal systems. These advancements reduce intermittency, lower operational costs, and make marine energy more competitive compared to traditional sources. Enhanced performance and scalability are driving adoption in large-scale power generation projects, ensuring stable renewable electricity supply. As technology matures, wave and tidal energy will play a vital role in achieving global clean energy transition goals.
  
• The desalination segment in wave and tidal energy is projected to grow at a CAGR of 10.2%, driven by its sustainable benefits such as reduced environmental impact and improved water accessibility. Governments are actively supporting new entrants to accelerate adoption. For instance, in October 2025, the Ocean Oasis DESALIFE project in the Canary Islands, backed by a USD 7.2 million EU grant. This initiative demonstrates how wave power can produce fresh water without emissions, aligning with global renewable energy and sustainability goals.
  
• Additionally, rising development of advanced technologies is reshaping the desalination market within wave and tidal energy. Projects including Ocean Oasis DESALIFE showcase the practical use of wave power for clean water production. Moreover, cost-effective solutions such as the Wave2O process are reducing desalination expenses, making these systems more accessible and commercially viable. Continued research and innovation are expected to enhance efficiency, scalability, and affordability, encouraging broader adoption of wave-powered desalination and supporting the transition toward sustainable water and energy solutions worldwide.
  

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• The U.S. dominated the wave & tidal energy market in North America with around 89.9% share in 2025 and is expected to generate over USD 170 million in revenue by 2035.
  
• Government support for alternative energy sources is a key driver of wave and tidal energy growth in the U.S. In 2024, the U.S. Department of Energy allocated USD 45 million to advance marine energy projects, including the PacWave South initiative off Oregon’s coast. This project aims to generate 20 MW of wave energy by 2025. Such investments are crucial for building infrastructure, developing advanced technologies, and ensuring efficient energy harnessing, positioning the U.S. as a leader in marine renewables.
  
• The North America wave & tidal energy market accounted for a market value of USD 76.2 million in 2025. Increasing government investments and favorable policies are driving wave and tidal energy adoption in the region. Large-scale funding initiatives enabling infrastructure development, reducing financial risks, and accelerating commercialization. These efforts position marine energy as a vital contributor to clean energy goals and carbon reduction strategies across the region.
  
• The European wave and tidal energy market is projected to surpass USD 1.82 billion by 2035, supported by favorable government policies and funding schemes. Strong emphasis on carbon reduction and renewable energy adoption accelerates this growth. For instance, in July 2023, France’s government invested approximately USD 71.22 million in the FloWatt tidal energy project, which will deliver 17.5 MW of clean power. This significant investment highlights Europe’s commitment to marine energy and positions France as a pioneer in tidal technology development, driving regional innovation and sustainability.
  
• Asia Pacific wave and tidal energy market is expected to grow at a CAGR of 9.2% between 2026 and 2035, fueled by government-backed policies and funding. Countries including China are investing heavily in research and development to establish domestic turbine manufacturers and launch demonstration projects. A notable milestone is China’s commissioning of a 3.4 MW tidal project in Zhejiang Province in late 2023, aimed at coastal electrification and supporting national carbon neutrality targets. These initiatives strengthen the region’s renewable energy outlook.
  
• Additionally, rapid economic growth, resource availability, and population sensitivity make it a leading market for wave and tidal energy. Countries such as China, Japan, and India have ambitious renewable energy targets to reduce fossil fuel dependence and mitigate climate change. State funding programs and policies focused on minimizing environmental pollution further accelerate marine energy adoption. These factors collectively create a strong foundation for technological advancements and large-scale deployment of wave and tidal energy systems across the region.
  

Wave & Tidal Energy Market Share

• The top 5 companies, including Andritz Hydro, Orbital Marine Power, CorPower Ocean, Minesto, and Eco Wave Power Global, account for around 48% market share. Companies are prioritizing research and development to enhance wave and tidal energy technologies. Focus areas include improving energy conversion efficiency, reducing operational costs, and designing durable systems for harsh marine conditions. These efforts aim to achieve commercial viability, scalability, and long-term reliability, positioning marine energy as a competitive renewable source globally.
  
• Firms are implementing large-scale pilot projects to validate technological performance under real-world conditions. These demonstrations help secure regulatory approvals, attract investors, and build confidence in marine energy’s reliability. Successful pilots pave the way for commercial-scale installations, accelerating adoption and strengthening the industry’s role in global clean energy transition.
  
• Key players are forming alliances with governments, utilities, and technology providers to share infrastructure and reduce costs. Collaborative efforts ensure access to funding, technical expertise, and favorable policy frameworks. These partnerships accelerate deployment, enhance innovation, and strengthen market presence, creating a competitive edge in the marine energy sector.
  
• Companies are exploring additional applications such as wave-powered desalination and offshore hydrogen production. These innovations create new revenue streams, improve project economics, and position marine energy as a versatile contributor to sustainability goals. Diversification enhances market attractiveness and supports global adoption of ocean-based renewable technologies.
  
• Companies are increasingly adopting digital tools and advanced analytics to optimize wave and tidal energy operations. Real-time monitoring, predictive maintenance, and AI-driven performance modeling help improve efficiency, reduce downtime, and lower operational costs. This strategy enhances reliability, scalability, and investor confidence, accelerating the transition from pilot projects to commercial-scale deployments in global marine energy markets.
  

Wave & Tidal Energy Market Companies

Eminent players operating in the wave & tidal energy industry are:

• Andritz Hydro
• AquaWave & Tidal Power
• BioPower Systems
• Carnegie Clean Energy
• CorPower Ocean
• Eco Wave Power Global
• INGINE
• Inyanga Marine Energy Group
• Minesto
• Mocean Energy
• Nova Innovations
• Novige
• Ocean Energy Systems
• Ocean Renewable Power Company
• Orbital Marine Power
• Oscilla Power
• SINN Power
• SSE Renewables
• Voltai
• Wave Swell Energy
• Wavepiston  
  
  
• Andritz Hydro part of Andritz AG, delivers advanced hydro and tidal energy solutions globally. The parent company posted USD 10.2 billion revenue in 2024, driven by strong renewable investments. Andritz Hydro focuses on turbines, generators, and grid integration for marine energy projects, supporting sustainable power generation. Its expertise in large-scale installations positions it as a key player in accelerating ocean energy adoption worldwide.
  
• Orbital Marine Power specializes in floating tidal turbines, offering scalable offshore energy solutions. Its flagship O2 turbine in Scotland demonstrates high efficiency and cost reduction potential for tidal energy. The company aims to commercialize tidal technology, contributing to decarbonization and energy security through predictable renewable power generation in marine environments.
  
• CorPower Ocean develops innovative wave energy converters designed for high efficiency and compact deployment. Privately owned, it focuses on integrating wave power with wind and solar for hybrid renewable systems. Its technology enhances grid stability and supports large-scale ocean energy projects, positioning CorPower as a leader in advancing cost-effective and reliable wave energy solutions globally.
  
• Minesto  a Swedish public company, pioneers subsea kite technology for tidal and ocean currents. In 2024, it reported USD 7.8 million revenue, emphasizing R&D for Deep Green technology. This solution delivers predictable renewable energy for remote and island regions, supporting sustainable electrification. Minesto’s strategic focus on commercialization strengthens its role in the marine energy sector.
  
• Eco Wave Power Global listed on Nasdaq, designs onshore wave energy systems for cost-effective deployment. The company recorded USD 1.2 million revenue in 2024, advancing projects that integrate wave power into coastal infrastructure. Its scalable technology reduces installation costs and promotes clean energy adoption, positioning Eco Wave Power as a pioneer in practical wave energy solutions worldwide.
  

Wave & Tidal Energy Industry News:

• In October 2024, Inyanga Marine Energy launched a crowdfunding campaign to accelerate commercialization of its patented HydroWing tidal technology. This initiative follows the company’s successful fundraising of USD 53 million for major tidal energy projects, reinforcing its commitment to advancing marine renewable solutions.
  
• In February 2024, Minesto unveiled its Dragon 12 tidal power plant on the Faroe Islands. The 12-MW facility uses subsea kite technology to harness ocean currents for electricity generation, marking a milestone as the first utility-scale tidal power project and showcasing Minesto’s innovative approach to marine energy.
  
• In October 2023, IIT Madras secured a patent for a hybrid power system integrating wind and tidal energy. Designed for coastal regions, the solution aims to meet localized energy needs. A cost-effective prototype is under development using 3D printing and advanced technologies, focusing on scalability and affordability for widespread adoption.
  

This wave & tidal energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in “USD Million & MW” from 2022 to 2035, for the following segments:

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Market, By Application

• Power generation
• Desalination
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • France
  • Spain
  • UK
  • Norway
• Asia Pacific
  • China
  • India
  • South Korea
• Rest of World