How big is the Wave Energy Market | Industry Growth & Forecast 2025

According to 6Wresearch internal database and industry insights, the Global Wave Energy Market was valued at USD 0.56 Billion in 2024 and is expected to reach USD 2.03 Billion by 2031, growing at a compound annual growth rate of 5.60% during the forecast period (2025-2031).

The primary factors contributing to this growth are the increasing demand for renewable energy, new developments in wave energy conversion technologies, government policies that promote clean energy, and increasing investment in clean energy projects. Adoption is rising rapidly as coastal states look to diversify the energy supply and reduce emissions.

Growth Factors for Wave Energy Industry

• Rising global investments in ocean-based renewable energy projects.
• Technological advancements in wave energy converters enhancing efficiency.
• Supportive government incentives and favorable regulatory policies.
• Increasing demand for sustainable electricity generation in coastal regions.
• Collaborations between technology developers and utility providers.

Wave Energy Market Trends

The market trends in Wave Energy show an accelerating shift of pilot projects to commercial-scale operations. New technologies related to floating platforms, oscillating water columns, and point absorber designs are being put into use, which improve the effectiveness in the extraction of energy. There is also increasing interest from investors and utilities seeking access to renewable energy sources through diversification into the wave energy sector. The wave energy sector is also developing partnerships, alliances, and degrees of collaborative research towards commercialisation. Additionally, growing awareness of sustainable designs is supporting the alignment of wave energy technology with sustainability goals.

Emerging Developments in the Wave Energy Market

Market developments in Wave Energy have included a growing amount of research and development funding for scalable and modular devices that can withstand the marine environment. Companies are exploring hybrid projects mixing wave energy with offshore wind projects to maximise renewable generation. Efforts to develop prefabricated platforms and cost-sensitive installations lower installation hurdles and improve costs and operations. Governments are developing additional funding programs and power purchase agreements to aid in the advancement of wave energy. Developments in materials science, such as more durable corrosion-resistant composites, enhance durability and increase commercial lifecycles for wave energy technologies and devices.

List of Leading Companies in the Wave Energy Market

Some of the leading companies include:

• Ocean Power Technologies Inc.
• Eco Wave Power Global AB
• Carnegie Clean Energy Ltd.
• CorPower Ocean AB
• Seabased AB
• Wave Swell Energy Ltd.
• AW-Energy Oy

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