The forecast for wave energy research, development, and demonstration (RD&D) in the UK indicates a steady growth from 2024 to 2028. In 2023, the investment stood at approximately 10.79 million US dollars (PPP 2018). Year-on-year increases demonstrate a consistent upward trajectory, averaging around 5.1% annually, reflecting a compound annual growth rate (CAGR) of approximately 5.1% over the five-year forecast period.
Future trends to watch for:
- Advancements in wave energy technology and efficiency improvements.
- Potential increases in government and private sector funding due to heightened focus on renewable energy sources.
- Impact of regulations and policies aimed at boosting sustainable and green energy alternatives.
