How big is the Wave and Tidal Energy Market | Industry Trends & Forecast 2025

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Code: MTA9716

Publication Date: Oct 2025

What is the size of Wave and Tidal Energy Market?

According to 6Wresearch internal database and industry insights, the Wave and Tidal Energy Market was valued at USD 0.76 Billion in 2024 and is expected to reach USD 3.15 Billion by 2031, growing at a CAGR of 12.3% during 2025-2031.

The main drivers of this growth are increasing investments in renewable energy, advancements in marine energy technologies, rising demand for sustainable power sources, and government initiatives supporting the clean energy transition. Adoption is strengthening as industries and utilities focus on reducing carbon emissions and diversifying energy supply.

Growth Factors for Wave and Tidal Energy Industry

Rising investments in marine renewable energy projects across coastal regions.
Advancements in tidal stream and wave energy conversion technologies.
Government incentives and regulatory support promote clean energy.
Growing demand for sustainable and diversified power generation.
Increasing collaborations between technology providers and energy utilities.

Wave and Tidal Energy Market Trends

Wave and Tidal Energy Market trends illustrate the fast pace of the commercialisation of pilot projects into commercial energy farms. Advances in turbine designs, floating platforms, and wave energy converters are creating opportunities for enhanced efficiency and reduced costs. With the advent of digital monitoring and predictive maintenance systems, improved reliability for performance is now possible. The market is also seeing increased interest from utility companies and investors in coastal countries. Collaborations and public-private partnerships are helping to drive the adoption of technologies and establish a pathway for long-term scalability.

Emerging Developments in the Wave and Tidal Energy Market

The Wave and Tidal Energy Market developments are demonstrating large-scale demonstration projects that provide commercial viability. Companies are developing hybrid systems that combine wave, tidal and offshore wind energy generation. Modular device design is driving down the cost of installation and maintenance. Government funding programs and long-term purchase agreements are growing to support the future of the sector. Ongoing research and development are creating durable, corrosion-resistant materials that will increase equipment lifespan and potentially efficiencies for operation in hazardous marine environments.