Market Overview:
The global marine power (wave and tidal) market is expected to grow at a CAGR of 10.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for clean and renewable energy sources across the globe. Marine power is a source of renewable energy that uses ocean waves or tides to generate electricity. Wave power harnesses the kinetic energy of waves, while tidal power uses the gravitational force of tides to generate electricity. The wave power segment is expected to account for the majority share of the global marine power (wave and tidal) market in 2018, followed by tidal power. The growth in this segment can be attributed to factors such as technological advancements, increasing demand for clean and renewable energy sources, and rising awareness about environmental benefits offered by wave and tidal technologies.
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Product Definition:
Marine power is the use of energy from waves and tides to generate electricity. The importance of marine power is that it is a renewable resource and it does not produce greenhouse gases.
Wave Power:
Wave power is the energy generated by ocean waves. It can be used for electricity generation purposes in which case it is referred to as marine power (wave and tidal). Wave Power, in simple words, is the potential of wave energy to generate electricity. The amount of wave energy that can be extracted from a specific location depends on two factors: 1) The size of waves and 2) The depth below water surface at which they are generated.
Tidal Power:
Tidal power is the energy generated by the movement of water. The most common form of tidal power is known as wave energy, which takes place when the waves crash onshore and generate electricity. Tidal range (the difference between high and low water) provides an opportunity for developing ocean-based renewable sources of energy such as tidal turbines, which can provide base load capacity to electric grids along with ancillary services (such as hydropower).
Application Insights:
The others application segment accounted for the largest revenue share of over 30% in 2017. Marine power is widely used for various applications including, but not limited to, industrial and commercial. Industrial applications include oil & gas production facilities, LNG terminals and military bases among others. Commercial applications include cruise ships that use marine power to generate electricity as well as provide hot water or heat; small scale hydropower projects; large scale tidal energy projects; and wave energy projects among others.
Tidal power accounts for a significant share in marine renewable sources of energy owing to its ability to produce low-cost electricity with high efficiency across all tides globally which makes it an ideal solution in countries where fossil fuels are expensive such as the U.S.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The region accounted for a share of more than 30% in 2016 and is anticipated to witness significant growth over the next eight years. This can be attributed to various government initiatives, such as China’s 13th Five Year Plan (2016 - 2020) that aims at promoting renewable energy sources including marine power in order to reduce pollution and greenhouse gas emissions. Moreover, countries like Japan are also focusing on developing offshore wind farms which will further boost regional growth during the forecast period.
Europe was valued at USD X million in 2016 owing to large scale deployment of wave and tidal power plants across U.K.
Growth Factors:
- Increasing demand for clean and renewable energy: Marine power is a form of clean and renewable energy that does not produce any harmful emissions. This is becoming an increasingly important factor, especially as the world moves towards reducing its reliance on fossil fuels.
- Government support for marine power: Governments around the world are beginning to recognize the potential of marine power and are providing incentives and funding to help promote its development. For example, the UK government has pledged £40 million in funding to support wave and tidal projects over the next five years.
- Advances in technology: Marine power technology is constantly evolving, with new innovations making it more efficient and cost-effective than ever before. This is attracting increasing investment from both private companies and governments alike, which should help spur further growth in this market over the coming years.
Scope Of The Report
Report Attributes
Report Details
Report Title
Marine Power (Wave and Tidal) Market Research Report
By Type
Wave Power, Tidal Power
By Application
Industrial Applications, Commercial Applications, Others
By Companies
Wello Oy, Pulse Tidal, Oceanlinx, Marine Current Turbines (MCT), ORPC, OpenHydro, BioPower Systems, AWS Ocean Energy, Voith Hydro, Ocean Power Technologies, Aquamarine Power, Carnegie Wave Energy, Verdant Power
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
144
Number of Tables & Figures
101
Customization Available
Yes, the report can be customized as per your need.
Global Marine Power (Wave and Tidal) Market Report Segments:
The global Marine Power (Wave and Tidal) market is segmented on the basis of:
Types
Wave Power, Tidal Power
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Industrial Applications, Commercial Applications, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Wello Oy
- Pulse Tidal
- Oceanlinx
- Marine Current Turbines (MCT)
- ORPC
- OpenHydro
- BioPower Systems
- AWS Ocean Energy
- Voith Hydro
- Ocean Power Technologies
- Aquamarine Power
- Carnegie Wave Energy
- Verdant Power
 Market Overview.svg)
Highlights of The Marine Power (Wave and Tidal) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Wave Power
- Tidal Power
- By Application:
- Industrial Applications
- Commercial Applications
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Marine Power (Wave and Tidal) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
 Market Statistics.svg)
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Marine power is the use of wave and tidal energy to generate electricity. Wave and tidal energy are natural sources of renewable energy that can be used to produce electricity onshore or offshore.
Some of the major players in the marine power (wave and tidal) market are Wello Oy, Pulse Tidal, Oceanlinx, Marine Current Turbines (MCT), ORPC, OpenHydro, BioPower Systems, AWS Ocean Energy, Voith Hydro, Ocean Power Technologies, Aquamarine Power, Carnegie Wave Energy, Verdant Power.
The marine power (wave and tidal) market is expected to grow at a compound annual growth rate of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Marine Power (Wave and Tidal) Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Marine Power (Wave and Tidal) Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Marine Power (Wave and Tidal) Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Marine Power (Wave and Tidal) Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Marine Power (Wave and Tidal) Market Size & Forecast, 2020-2028
4.5.1 Marine Power (Wave and Tidal) Market Size and Y-o-Y Growth
4.5.2 Marine Power (Wave and Tidal) Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Wave Power
5.2.2 Tidal Power
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Industrial Applications
6.2.2 Commercial Applications
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Marine Power (Wave and Tidal) Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Marine Power (Wave and Tidal) Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Wave Power
9.6.2 Tidal Power
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Industrial Applications
9.10.2 Commercial Applications
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Wave Power
10.6.2 Tidal Power
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Industrial Applications
10.10.2 Commercial Applications
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Wave Power
11.6.2 Tidal Power
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Industrial Applications
11.10.2 Commercial Applications
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Wave Power
12.6.2 Tidal Power
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Industrial Applications
12.10.2 Commercial Applications
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Wave Power
13.6.2 Tidal Power
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Industrial Applications
13.10.2 Commercial Applications
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Marine Power (Wave and Tidal) Market: Competitive Dashboard
14.2 Global Marine Power (Wave and Tidal) Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Wello Oy
14.3.2 Pulse Tidal
14.3.3 Oceanlinx
14.3.4 Marine Current Turbines (MCT)
14.3.5 ORPC
14.3.6 OpenHydro
14.3.7 BioPower Systems
14.3.8 AWS Ocean Energy
14.3.9 Voith Hydro
14.3.10 Ocean Power Technologies
14.3.11 Aquamarine Power
14.3.12 Carnegie Wave Energy
14.3.13 Verdant Power
