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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.

SCOPE OF STUDY:

The report analyzes the Ocean Energy (Tidal Stream and Wave) market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:

Geographic Regions/Countries:

World; USA; Canada; Japan; China; Europe; France; UK; Portugal; Rest of Europe; Rest of World.

Select Competitors (Total 49 Featured) -

• 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.

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TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

TABLE OF CONTENTS

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• 1. MARKET OVERVIEW
  • Influencer Market Insights
  • Tariff Impact on Global Supply Chain Patterns
  • Ocean Energy (Tidal Stream and Wave) - Global Key Competitors Percentage Market Share in 2025 (E)
  • Ocean Energy: Prelude
  • Wave Energy
  • Major Resources
  • Tidal Energy
  • Tidal Streams
  • Floating Offshore Wind Turbine (FOWT)
  • Ocean Thermal Energy
  • Salt Power
  • Ocean: One of the Largest Renewable Energy Sources
  • Worldwide Major Locations with Mean Tidal Range >5 Meters
  • Sustained Rise in Electric Power Consumption Drives the Need for Alternative Energy Sources
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Estimated Global Power Generation Infrastructure Requirement (in US$ Billion) for China, India, Latin America, and North America over the Period 2010-2030
  • Shift to Renewable Sources of Energy: An Inevitable Reality
  • Global Energy Mix: 1990 Vs 2030
  • Global Renewable Energy Breakdown by Type: 2010 Vs 2030
  • Global Energy Production by Energy Source (2030 & 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
  • Huge Untapped Kinetic Energy Potential of Oceans: A Fundamental Growth Driver
  • Fast Facts
  • Growth Drivers in a Nutshell
  • Key Market Inhibitors
  • Government Intervention Critical for Commercial Success of Ocean Energy
  • Targets for Electricity Production from Renewable Energy Sources in Select Countries
  • Global Market Outlook
  • Europe Leads the Global Ocean Energy Market
  • Asia-Pacific: Frontrunner in Tidal Barrage Power Plants
  • Competition
  • Ocean Energy: A Highly Fragmented Market
  • Recent Industry Activity
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2025 (E)
• 2. FOCUS ON SELECT PLAYERS
• 3. MARKET TRENDS & DRIVERS
  • Growing Number of Wave Energy Projects Worldwide Drives Strong Market Growth
  • Select Wave Power Stations Worldwide
  • Tidal Energy Gains Momentum
  • MeyGen: A Multi-Turbine Tidal Stream Project in Scotland
  • Tidal Energy Projects Worldwide
  • Select Tidal Projects (Existing & Proposed) Worldwide
  • Tidal Stream Projects Lends Traction to Market Growth
  • Ocean Thermal Energy Conversion (OTEC) - A Niche Segment
  • OTEC Project on the South Pacific Ocean
  • Select FOWT Projects Worldwide: Project Proponent, Technology, Location, Capacity (MW) and Scheduled Completion
  • Select FOWT Projects Worldwide: Project Proponent, Technology, Location, Capacity (MW) and Scheduled Completion
  • Rising Investments in Renewable Energy Sources Benefit Market Expansion
  • Superior Attributes of Tidal Energy Attract New Developers, Benefits Market Adoption
  • Horizontal Axis Turbines Grab Lion's Share of Tidal Energy Devices
  • Tidal Energy: Abundant Resources despite Technology Barriers
  • Despite Dominance of Tidal Energy, Wave Energy Garner Growing Attention and Investments
  • Small Islands Provide Big Push for Ocean Thermal Energy Conversion Plants
  • Wave Energy Sector Sees a Wave of Innovations
  • Technology Developments to Harness Salt Power
  • Burgeoning Global Population Propels Demand for Electric Power
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Key Challenges Hampering Ocean Energy Development
  • Financial Support and Markets
  • Administrative and Environmental Issues
  • Environmental Challenges
  • Administrative Issues
  • Social Acceptance Impediments
  • Availability of Grid Close to Projects
  • Grid Integration
  • Technology Advancements
• 4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Geographic Region - USA, Canada, Japan, China, Europe and Rest of World Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2024 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Ocean Energy (Tidal Stream and Wave) by Geographic Region - USA, Canada, Japan, China, Europe and Rest of World Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
  • TABLE 3: World 13-Year Perspective for Ocean Energy (Tidal Stream and Wave) by Geographic Region - Percentage Breakdown of Volume Capacity Additions for USA, Canada, Japan, China, Europe and Rest of World Markets for Years 2017, 2025 & 2030
  • TABLE 4: World Ocean Energy (Tidal Stream and Wave) Market Analysis of Annual Sales in Kilowatts for Years 2017 through 2030

III. MARKET ANALYSIS

• UNITED STATES
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2025 (E)
  • Vast Shoreline and Favorable Regulations Drive Strong Market Growth
  • Wave Power Projects in the US
  • Federal Government Funding in Ocean Energy
  • Early Stage Device Design Research Projects
  • Open Sea Test Sites in the US
  • Hawaii Powering the US Ocean Energy Market
  • Wave Energy
  • Ocean Thermal Energy
  • TABLE 5: USA Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 6: USA Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• CANADA
  • Major Tidal Stream and Wave Energy Projects in Canada: Project Proponent, Technology, Location, Capacity (MW) and Launch Year
  • Investments in Tidal Power Increase in Canada
  • Challenges Faced
  • Canadian Open Sea Test Sites
  • TABLE 7: Canada Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 8: Canada Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• JAPAN
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2025 (E)
  • Japan Offers Significant Opportunities in Marine Energy Generation
  • Development of Ocean Energy Gains Traction in Japan Following the Natural Disaster
  • TABLE 9: Japan Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 10: Japan Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• CHINA
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2025 (E)
  • A New Wave Energy Turbine Commissioned on the Coast Close to Wuhan City in China
  • Ocean Energy Projects in China
  • Chinese Open Sea Test Sites
  • Technology Advancements in Tidal Power Harnessing
  • TABLE 11: China Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 12: China Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• EUROPE
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2025 (E)
  • Myriad Benefits of Ocean Energy Promote Sustainable Energy Development
  • Europe Moves Ahead to Tap Tidal and Wave Energy
  • Mitigates Carbon Emissions and Climate Change
  • Supports Grid Stability and Lowers Systems Cost
  • Benefits Associated Sectors
  • Reduces Dependence on Diesel Generation
  • TABLE 13: Europe Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Geographic Region - France, UK, Portugal and Rest of Europe Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2024 through 2030 and % CAGR
  • TABLE 14: Europe Historic Review for Ocean Energy (Tidal Stream and Wave) by Geographic Region - France, UK, Portugal and Rest of Europe Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
  • TABLE 15: Europe 13-Year Perspective for Ocean Energy (Tidal Stream and Wave) by Geographic Region - Percentage Breakdown of Volume Capacity Additions for France, UK, Portugal and Rest of Europe Markets for Years 2017, 2025 & 2030
• FRANCE
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2025 (E)
  • French Open Sea Test Sites
  • TABLE 16: France Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 17: France Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• UNITED KINGDOM
  • Ocean Energy (Tidal Stream and Wave) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2025 (E)
  • UK Open Sea Test Sites
  • Major Challenges to Surmount for the UK Ocean Energy Market
  • Commercialization
  • Reduced Production Costs
  • Stability and Continuity in Policies
  • Contracts for Difference
  • Select Projects
  • TABLE 18: UK Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 19: UK Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• PORTUGAL
  • TABLE 20: Portugal Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 21: Portugal Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• REST OF EUROPE
  • Portugal
  • Open Sea Sites
  • Spain Open Sea Test Sites
  • Ireland Open Sea Test Sites
  • Sweden Open Sea Test Sites
  • Denmark Open Sea Test Sites
  • Belgium Open Sea Test Sites
  • TABLE 22: Rest of Europe Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 23: Rest of Europe Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
• REST OF WORLD
  • TABLE 24: Rest of World Recent Past, Current & Future Analysis for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy - Independent Analysis of Annual Capacity Additions in Kilowatts for the Years 2024 through 2030 and % CAGR
  • TABLE 25: Rest of World Historic Review for Ocean Energy (Tidal Stream and Wave) by Segment - Ocean Energy Markets - Independent Analysis of Annual Capacity Additions in Kilowatts for Years 2017 through 2023 and % CAGR
  • Asia-Pacific
  • Australia
  • India
  • South Korea

IV. COMPETITION