Wave and Tidal Energy Market Size, Share & Trends Report

Wave and Tidal Energy Market Size, Share & Trends Analysis Report By Energy Type (Wave, Tidal), By Region (North America, Europe, Asia Pacific), Competitive Landscape, And Segment Forecasts, 2018 - 2025

  • Published Date: Feb, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-2-68038-096-5
  • Format: Electronic (PDF)
  • Historical Data: 2014-2016
  • Number of Pages: 100

Industry Insights

The global wave and tidal energy market size was valued at USD 212.7 million in 2016, growing at a CAGR of 42.5% over the forecast period. Urgent need to replace current energy sources i.e. fossil fuels such as gas, oil, and coal is a major market driver. The market is also backed by growing funding from public and private sectors mainly for taking control over energy security, employment generation, economic positioning, and addressing changing climatic conditions.

North America wave & tidal energy market

Tidal energy dominated the market in 2016. The tidal stream, which converts kinetic energy into electricity, witnessed higher R&D investments in comparison to wave technology. Factors such as ease of development and technological know-how related to horizontal axis turbines deployed in the wind industry has led to its high adoption worldwide. Tidal range technology has gained widespread acknowledgment. Barrage tidal range technology has witnessed greater R&D developments and is estimated to remain dominant in the near future.

The supply chain of the market is large and encompasses technology developers, research and innovation institutes, test and demonstration facilities, project developers, consultancy services, naval architecture, engineering services, manufacturing and component supply, ports and port operations, and financial and legal support services. Numerous companies are integrated across the value chain of ocean technology. Atlantis Resources Ltd., AWS Ocean Energy Ltd., ABB Ltd., Tidal Lagoon Plc, Nova Innovations Ltd., Ocean Power Technologies, and Openhydro are some of the key market players.

Component and structure developers in the wave and tidal energy market are undertaking cost-cutting initiatives, which involve use of advanced materials, control systems and software, and environmental monitoring. Moreover, upcoming developments in the market in countries like Canada, France, Scotland, Belgium, Sweden, U.K., and South Korea is anticipated to drive ocean technology in the near future.

Energy Type Insights

The penetration of wave energy in the global market is less in comparison to tidal energy. Investors have been involved in assessment of an effective deployment plan for wave projects. The market is expected to witness considerable growth in Asia Pacific due to increasing investments in numerous economies including Japan, Thailand, Philippines, and India

Globally, the number of wave energy projects installed between 2014 and 2016 were limited. Majority of the projects include small-sized WECs (rated power < 50 kW) and a limited number of devices with higher power rating such as CETO5 (240 kW) and WaveRoller (300 kW).

Tidal energy technology accounted for a global revenue share of 97.1% in 2016.Development of converters has progressed steadily over the past few years. The most significant step toward the commercialization of tidal technology is represented by the MeyGen project, which has been operational since 2016.

The European Union is at the forefront of technological development. The period from 2014–2016 witnessed significant progress in the tidal energy technology sector, which has contributed toward its commercialization. Key technology developers such as Atlantis Resources, Andritz Hydro-Hammerfest, and Openhydro have optimized their technologies for deployment in Scotland (Atlantis and Andritz), France (Sabella and Openhydro), and Canada (Openhydro).

Regional Insights

Asia Pacific accounted for a revenue share of 39.0% in the global market in 2016. Public funding programs, environmental regulations, government policies, and competition are likely to facilitate the growth of marine energy technology in the region. Manufacturers have been involved in development of new designs as well as manufacturing processes to cater to rising demand for clean energy.

Asia Pacific is one of the key and most attractive markets for wave and tidal energy worldwide. Substantial growth of the economy, awareness amongst the population, availability of resources, and developments in open test sites are anticipated to boost market growth over the forecast period.

Global wave & tidal energy market

The North America market has witnessed several developments in recent years. As of 2016, renewable sources accounted for approximately 15.0% of the total electricity generation in U.S. Canada has a major market for ocean technology in the region. Nova Scotia is estimated to be a major market in Canada at the provincial level, where a sum of USD 50.0 million has been committed to marine energy since 2010.

In 2016, more than 90.0% of the entire ocean technology operating capacity was represented by two tidal barrage facilities, namely Sihwa plant in the Republic of Korea with a capacity of 254 MW and France’s La Rance power station with a capacity of 240 MW. The rest of the projects are under pre-commercialization and development phases.

Wave and Tidal Energy Market Share Insights

Component manufacturers are constantly making efforts to reduce overall capital costs by utilizing alternative materials. The market has witnessed significant developments in R&D, wherein players are striving to improve designs to reduce project costs.

Companies are also establishing offices/branches at new locations to harness energy from locations that would be in sync with their requirements. This, in turn, is likely to enhance their manufacturing capabilities, safety, and quality measures. Players are also likely to enter into partnerships with other companies in an attempt to widen their technological portfolio.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2016

Forecast period

2017 - 2025

Market representation

Revenue in USD Million; Installed Capacity in Megawatt, and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific

Country scope

Canada, U.K., France, China, South Korea

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global wave and tidal energy market report on the basis of energy type and region:

  • Energy Type Outlook (Installed Capacity, Megawatt; Revenue, USD Million, 2014 - 2025)

    • Wave

    • Tidal

  • Regional Outlook (Installed Capacity, Megawatt; Revenue, USD Million, 2014 - 2025)

    • North America

      • Canada

    • Europe

      • U.K.

      • France

    • Asia Pacific

      • China

      • South Korea

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