Wave and Tidal Energy Market is anticipated to grow at a considerable CAGR of 17% during the forecast period. The key companies operating in the market are highly inclined towards the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launch, and product innovation to remain competitive in the marketplace. For instance, in October 2021, Carnegie Clean Energy has introduced a CETO-derived wave energy product for moored vessels that offers a solution to the dilemma of providing clean and reliable energy for offshore activities while lowering dependency on diesel generation. CETO is a point absorber-type wave energy technology that is completely submerged. A submerged buoy floats a few metres beneath the ocean’s surface and moves with the waves. This orbital motion powers a power take-off (PTO) system, which converts it to electricity.
Further, in October 2021, Mitsui O.S.K. Lines, Ltd. (MOL) announced that its proposed wave power project in Mauritius had been chosen for subsidy programmes run by Japan’s Ministry of Economy, Trade, and Industry (METI). Furthermore, MOL stated that since Mauritius has developed a roadmap to increase the percentage of renewable energy to 35% or 40% by 2030, and has identified wave power as one of the future power sources.
Additionally, in January 2021, MOL signed a deal with Bombora Wave Power to assess the wave energy business’ prospects in Japan and Asia. According to MOL, both companies are conducting research in Mauritius to find wave energy potential utilising Bombora’s mWaveTM energy converter and site selection with care for the natural environment using digital technologies and geographic information system (GIS). In August 2021, The US Department of Energy (DOE) has awarded a grant to Ocean Power Technologies (OPT), a wave energy solutions provider, to allow them create a next-generation wave energy converter. According to the DOE’s announced awards for clean energy Small Business Innovation Research (SBIR) projects, OPT will receive up to $197,203 to conduct a preliminary conceptual design and feasibility study for a modular and scalable small-scale Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy for powering autonomous ocean monitoring systems.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Technology
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Ocean Power Technologies, Seabased, Verdant Power Inc., Blue Water, and Bigmoon Power among others.
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Wave and Tidal Energy Market Segmentation
By Technology
- Tidal Stream Generator
- Oscillating Water Columns
- Barrage
- Others
By End-User
- Residential
- Commercial
- Industrial
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- AAWW – Energy Oy
- ANDRITZ AG.
- Aquanet Power
- Biopower Systems Pty. Ltd.
- Blue Water
- Carnegie Clean Energy
- CorPower Ocean AB
- Eco Wave Power Global AB
- European Marine Energy Centre Ltd.
- Minesto AB
- Nova Innovation Ltd.
- Orbital Marine Power
- Pacific Northwest National Laboratory
- SIMEC Atlantics Energy
- Tidal Lagoon Power Ltd
- TOCARDO B.V
- Verdict Media Ltd.
- Wello OY
- Yam Pro Energy
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