Abstract
The global waves and tidal energy market reached US$983.11 million in 2024 and is expected to reach US$1850.90 million by 2032, growing at a CAGR of 8.23% during the forecast period of 2025 - 2032.
The global wave and tidal energy market is gaining momentum as developed nations shift toward cleaner, renewable energy sources. Wave energy captures power from surface ocean waves, while tidal energy utilizes the reliable ebb and flow of tides to generate electricity. Together, these technologies offer a sustainable substitute of fossil fuels, playing a vital role in the worldwide push to cut greenhouse gas emissions and combat climate change.
Wave and tidal energy are rapidly emerging as a dynamic frontier in the renewable energy landscape, the remarkable technological breakthroughs and growing success in harnessing the vast power of the oceans. These marine energy source are not only abundant and sustainable, but recent developments have significantly improved their efficiency and scalability.