Wave and Tidal Energy Market Report 2026

The wave and tidal energy market size has grown exponentially in recent years. It will grow from $1.13 billion in 2025 to $1.41 billion in 2026 at a compound annual growth rate (CAGR) of 24%. The growth in the historic period can be attributed to early-stage pilot wave and tidal projects, government-backed marine energy demonstrations, growing research into ocean energy technologies, development of coastal renewable installations, increasing collaboration between utilities and research institutions.

The wave and tidal energy market size is expected to see exponential growth in the next few years. It will grow to $3.29 billion in 2030 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to expansion of national renewable energy targets, rising investments in offshore renewable projects, technological improvements in marine energy devices, growing focus on grid stability through predictable renewables, increasing coastal energy demand. Major trends in the forecast period include increasing deployment of commercial-scale wave energy converters, rising adoption of tidal stream turbine technologies, growing focus on predictable renewable power generation, expansion of offshore renewable energy infrastructure, enhanced integration with coastal power grids.

The increasing adoption of renewable sources is expected to drive the growth of the wave and tidal energy market in the coming years. Renewable sources are natural resources that are continuously replenished, such as sunlight, wind, water, and biomass. Their growing use is primarily driven by environmental concerns, as they play a significant role in reducing greenhouse gas emissions and mitigating climate change. Wave and tidal energy contribute to the renewable energy mix by offering a reliable and predictable supply of clean electricity, which enhances energy security and supports the transition to a low-carbon future. For example, in February 2023, the U.S. Energy Information Administration reported that wind and solar contributed 17% of U.S. electricity generation in 2023, with projections indicating an increase to 18% in 2024. This trend highlights the growing role of renewable sources in energy production, thereby supporting the expansion of the wave and tidal energy market.

Leading companies in the wave and tidal energy market are focusing on developing innovative solutions, such as real-time energy management and digital automation, to improve efficiency, lower costs, and promote sustainability. Real-time energy management involves continuously monitoring and controlling energy use to maximize efficiency and minimize waste, while digital automation employs software and smart devices to automatically manage processes for enhanced performance and reliability. For example, in June 2025, the UK government launched the UK Marine Energy Taskforce (MET), a 12‑month initiative designed to unlock the country’s tidal stream and wave energy potential. The Taskforce brings together government agencies, industry leaders, and expert organizations to address deployment barriers and accelerate innovation across the sector. It focuses on key areas including site development, financing, technology advancement, and strengthening the domestic supply chain. Over the following year, MET will engage stakeholders, develop recommendations, and publish a roadmap to guide policy, investment, and project deployment in the marine energy sector.

In December 2024, HydroWing Limited, a UK-based marine renewable technology company, partnered with Perusahaan Listrik Negara (PLN) to launch Indonesia’s first tidal power plant. Through this collaboration, the companies aim to accelerate the deployment of tidal energy infrastructure in Indonesia by combining HydroWing’s tidal energy technology with PLN’s local development and grid integration expertise, thereby expanding renewable energy capacity and supporting the country’s energy transition. Perusahaan Listrik Negara (PLN) is an Indonesia-based state-owned power utility.

Major companies operating in the wave and tidal energy market are OpenHydro Group Ltd., Minesto AB, SIMEC Atlantis Energy Limited, AW-Energy Oy, Seabased AB, Nova Innovation Ltd., NEMOS GmbH, Tocardo Tidal Power B.V., Verdant Power Inc., Orbital Marine Power Ltd., Magallanes Renovables SL, Wello Oy, Carnegie Clean Energy Limited, CorPower Ocean AB, Wave Swell Energy Limited, Mocean Energy Ltd., Oscilla Power Inc., Marine Power Systems Ltd., MAKO Turbines Pty Ltd., Ocean Power Technologies Inc., Eco Wave Power Global AB, Wavepiston A/S, Aquanet Power Limited, HydroQuest SAS.

North America was the largest region in the wave and tidal energy market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wave and tidal energy market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wave and tidal energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The wave and tidal energy market consists of revenues earned by entities by providing services such as hybrid power plants, energy storage solutions, and energy conversion systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The wave and tidal energy market also includes sales of point absorber devices, oscillating water columns, and attenuator devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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