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Wave and Tidal Energy Market Insights: Evaluating USD 483 MILLION IN 2023 and Forecast Market Trends 2030

Wave and Tidal Energy Market Research Report: Forecast (2024-2030)

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. The heightened global awareness of climate change and the imperative to curb greenhouse gas emissions are pivotal drivers behind the surge in interest and investment in wave and tidal energy.

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Market Dynamics

Global Wave and Tidal Energy Market Driver – 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.

Leading Companies in Wave and Tidal Energy Market:

Aquagen Technologies, Pelamis Wave Power Ltd, Carnegie Wave Energy Ltd., Tenax Energy, SIMEC Atlantis Energy Ltd, Corpower Ocean AB, Mocean Energy, SSE, Ocean Energy, Eco Wave Power, Verdant Power Inc., SINN Power, Orbital Marine Power, Ricardo, Tacardo BV, and others

Segmentation of the Industry

The Wave and Tidal Energy Market is highly fragmented and bifurcates into the following segmentations:

By Type

-Wave Energy

-Tidal Energy

By Application

-Power Generation

-Desalination

  • Power generation held a greater share of the Wave and Tidal Energy Market.

By Technology

-Tidal Stream Generator

-Oscillating Water Columns

-Tidal Turbines

-Tidal Barrages

-Tidal Fences

  • Europe is the region with the maximum demand for wave and tidal energy.

Browse complete Wave and Tidal Energy Market report details with table of contents and list of figures click here – https://www.marknteladvisors.com/research-library/wave-tidal-energy-market.html

Regional Landscape

On the geographical front, the Wave and Tidal Energy Market expands across the following:

By Region

-North America

-South America

-Europe

-Middle East & Africa

-Asia-Pacific

  • Geographically, North America witnessed a progression in the Global Wave and Tidal Energy Market owing to increasing deployment of the 5G network in countries like the US & Canada, an increasing adoption of 5G network in the different end-user organizations such as BFSI, Healthcare, IT & Telecom, and an excellent supervisory environment for telecommunications and cybersecurity.

About MarkNtel Advisors

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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