COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic

“The wave energy market is projected to reach USD 107 million by 2025, at a CAGR of 19.3 % from 2020 to 2025”
The wave energy market size is projected to reach USD 107 million by 2025 from an estimated market size of USD 44 million in 2020, at a CAGR of 19.3 % during the forecast period. Rising adoption of renewable energy generation and other applications is helping manufacturers to invest more in R&D leading to the growth of wave energy market.

“The power generation segment is expected to be the fastest-growing market during the forecast period.”
The wave energy market, by application, is segmented into desalination, power generation, and environmental protection. Power generation segment of the wave energy market is growing rapidly because of the widespread adoption of renewable energy generation. Renwable and non-conventional sources of energy generation have gained momentum in the recent years in line with several countries that are focusing on reducing their carbon footprint from power generation activities.

“The near shore segment is expected to grow at the highest CAGR from 2020 to 2025. “
Wave energy market, by location, is segmented into onshore, near shore and offshore installations. Near shore segment is expected to be the largest and fastest growing wave energy market, by location, during the forecast period. Near shore installations have been happening in almost all the regions and is a preffered choice by manufacturers owing to the fact that these installations offer better efficiency than onshore ones and easier installations when compared with offshore locations.

“Europe is expected to lead in the global wave energy .”
Europe is both largest and the fastest-growing wave energy market, followed by North America and Asia Pacific. It is expected in Euope that there will be maximum adoption and implementation of wave energy conversion devices owing to the presence of a large number of companies working in the research and development of wave energy converters. Major countries in this region include Germany, the UK, Spain, the Nordic Countries, and Rest of Europe. Rest of Europe includes Ireland and Italy. The European region experiences cold ambient temperatures throughout the year simultaneously having high buying power. Both these factors lead to an increased demand for power, ultimately increasing the demand. To reduce carbon emissions from power generation activities, the countries are emphasizing on renewable technologies for power generation.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier I: 52%, Tier II: 27%, and Tier III: 21%
  • By Designation: C-Level Executives: 31%, Directors: 34%, and Others: 35%
  • By Region: North America: 48%, Europe: 11%, Asia Pacific: 32%, Rest of the World (RoW): 9%

Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: The global wave energy market is dominated by a few major players that have an extensive global and regional presence. The leading players in the wave energy are Eco Wave Power (Israel), Carnegie Clean Energy (Australia), SINN Power (Germany), CorPower (Sweden), Ocean Power Technology (US), and AMOG Consulting (Australia).

Research Coverage:
The report defines, describes, and forecasts the global wave energy market by type, end-user, output frequency, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the wave energy market.