The global market for Ocean Energy (Tidal Stream and Wave) was sized at 169 Thousand Kilowatts in 2024 and is projected to reach 1 Million Kilowatts by 2030, growing at a CAGR of 39.7% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Ocean Energy (Tidal Stream and Wave) market.
The development of ocean energy technologies witnessed substantial progress in recent years, driven by advancements in engineering and growing environmental awareness. Several pilot projects and commercial installations are successfully deployed, demonstrating the feasibility and efficiency of these systems. For example, the MeyGen project in Scotland is one of the world's largest tidal stream energy installations, contributing significant power to the grid. Similarly, wave energy projects such as the Wave Hub in the UK are providing valuable data and insights to refine and scale up the technology. However, challenges remain, including high initial costs, complex marine environments, and the need for durable materials to withstand harsh ocean conditions. Ongoing research and development are focused on improving the reliability, efficiency, and cost-effectiveness of ocean energy systems, aiming to make them competitive with other forms of renewable energy.
The growth in the ocean energy market is driven by several factors, including technological advancements, increasing energy demand, and supportive government policies. Innovations in turbine design, materials science, and energy storage are enhancing the performance and reducing the costs of tidal stream and wave energy systems. The rising global energy demand, particularly in coastal regions, is creating a strong market for ocean energy as a reliable and sustainable power source. Governments around the world are also playing a crucial role in fostering the development of ocean energy through funding, subsidies, and favorable regulatory frameworks. Initiatives such as the European Union's Horizon 2020 program and the US Department of Energy's Water Power Technologies Office are providing significant financial and technical support for ocean energy projects. Additionally, the growing emphasis on reducing carbon emissions and combating climate change is driving investment in renewable energy sources, including ocean energy. As these factors converge, the ocean energy market is poised for significant growth, contributing to a diversified and sustainable energy future.
Segments: Ocean Energy (Tidal Stream and Wave).
Geographic Regions/Countries: World; USA; Canada; Japan; China; Europe; France; UK; Portugal; Rest of Europe; Rest of World.
The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.
Abstract:
Global Ocean Energy (Tidal Stream and Wave) Market to Reach 1 Million Kilowatts by 2030
The global market for Ocean Energy (Tidal Stream and Wave) estimated at 169 Thousand Kilowatts in the year 2024, is expected to reach 1 Million Kilowatts by 2030, growing at a CAGR of 39.7% over the analysis period 2024-2030.Global Ocean Energy (Tidal Stream and Wave) Market - Key Trends & Drivers Summarized
Ocean energy, encompassing both tidal stream and wave energy, represents a promising and underutilized source of renewable power. Tidal stream energy harnesses the kinetic energy generated by ocean tides, while wave energy captures the power of surface waves. These technologies convert the natural, continuous movement of water into electricity through various mechanisms such as underwater turbines and oscillating water columns. The global potential for ocean energy is immense, with estimates suggesting that it could meet a significant portion of the world's electricity needs if fully developed. Tidal stream and wave energy systems offer several advantages, including predictable energy generation, minimal visual impact, and the potential for co-location with other marine activities like fishing and aquaculture.The development of ocean energy technologies witnessed substantial progress in recent years, driven by advancements in engineering and growing environmental awareness. Several pilot projects and commercial installations are successfully deployed, demonstrating the feasibility and efficiency of these systems. For example, the MeyGen project in Scotland is one of the world's largest tidal stream energy installations, contributing significant power to the grid. Similarly, wave energy projects such as the Wave Hub in the UK are providing valuable data and insights to refine and scale up the technology. However, challenges remain, including high initial costs, complex marine environments, and the need for durable materials to withstand harsh ocean conditions. Ongoing research and development are focused on improving the reliability, efficiency, and cost-effectiveness of ocean energy systems, aiming to make them competitive with other forms of renewable energy.
The growth in the ocean energy market is driven by several factors, including technological advancements, increasing energy demand, and supportive government policies. Innovations in turbine design, materials science, and energy storage are enhancing the performance and reducing the costs of tidal stream and wave energy systems. The rising global energy demand, particularly in coastal regions, is creating a strong market for ocean energy as a reliable and sustainable power source. Governments around the world are also playing a crucial role in fostering the development of ocean energy through funding, subsidies, and favorable regulatory frameworks. Initiatives such as the European Union's Horizon 2020 program and the US Department of Energy's Water Power Technologies Office are providing significant financial and technical support for ocean energy projects. Additionally, the growing emphasis on reducing carbon emissions and combating climate change is driving investment in renewable energy sources, including ocean energy. As these factors converge, the ocean energy market is poised for significant growth, contributing to a diversified and sustainable energy future.
Report Scope
The report analyzes the Ocean Energy (Tidal Stream and Wave) market, presented in terms of units. The analysis covers the key segments and geographic regions outlined below.Segments: Ocean Energy (Tidal Stream and Wave).
Geographic Regions/Countries: World; USA; Canada; Japan; China; Europe; France; UK; Portugal; Rest of Europe; Rest of World.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Ocean Energy (Tidal Stream and Wave) Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Ocean Energy (Tidal Stream and Wave) Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Ocean Energy (Tidal Stream and Wave) Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of players such as Able Technologies, L.L.C., Alderney Renewable Energy Ltd., ANDRITZ HYDRO Hammerfest (UK) Ltd., Applied Technologies Co., Ltd., Aqua-Magnetics, Inc. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 49 companies featured in this Ocean Energy (Tidal Stream and Wave) market report include:
- Able Technologies, L.L.C.
- Alderney Renewable Energy Ltd.
- ANDRITZ HYDRO Hammerfest (UK) Ltd.
- Applied Technologies Co., Ltd.
- Aqua-Magnetics, Inc.
- Aquamarine Power Limited
- Atargis Energy Corporation
- AW-Energy Oy
- AWS Ocean Energy Ltd.
- Blue Energy Canada, Inc.
Tariff Impact Analysis: Key Insights for 2025
Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.
What’s Included in This Edition:
- Tariff-adjusted market forecasts by region and segment
- Analysis of cost and supply chain implications by sourcing and trade exposure
- Strategic insights into geographic shifts
Buyers receive a free July 2025 update with:
- Finalized tariff impacts and new trade agreement effects
- Updated projections reflecting global sourcing and cost shifts
- Expanded country-specific coverage across the industry
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
UNITED KINGDOM
PORTUGAL
REST OF EUROPE
REST OF WORLD
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Able Technologies, L.L.C.
- Alderney Renewable Energy Ltd.
- ANDRITZ HYDRO Hammerfest (UK) Ltd.
- Applied Technologies Co., Ltd.
- Aqua-Magnetics, Inc.
- Aquamarine Power Limited
- Atargis Energy Corporation
- AW-Energy Oy
- AWS Ocean Energy Ltd.
- Blue Energy Canada, Inc.
