The global wave energy market was valued at $43.8 million in 2019, and is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.
Wave energy is the form of renewable energy that is extracted from energy contained in ocean waves. Ocean waves have the largest energy potential. Wave energy captured is further used in various applications such as desalination, power generation and water pumping. Power density of wave energy is higher than the power density of solar & wind energy. Ocean waves are available throughout the day and thus, can be used to generate power around the clock. It can be the promising option in the future in the renewable energy sector.
Growing demand for electricity from the marine sector is expected to be the driving factor in the growth of the wave energy market. In addition, easy & abundant availability of ocean wave energy is another key driver in the wave energy market. However, high capital investment and insufficient infrastructure are the factors anticipated to restrain the wave energy market growth in the coming years. Moreover, increased investment in the renewable energy sector and integration of wave energy with another renewable energy including solar & wind are the factors expected to create opportunities for key players in the wave energy market.
The global wave energy market is segmented on the basis of technology, location, application, and region. Depending on technology, the market is categorized into oscillating water column, oscillating body converters, and overtopping converters. On the basis of location, it is classified into onshore, offshore and near-shore. By application, the market is fragmented into power generation, water desalination, pumping of water, and environmental protection. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Other players operating in the wave energy market are CorPower Ocean, Aquagen Technologies, Atlantis Resources Ltd., D.E. Energy Ltd., Marine Current Turbine Ltd., Ocean Renewable Power Company LLC, and Others.
KEY BENEFITS FOR STAKEHOLDERS
- The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2027.
- A comprehensive analysis of the factors that drive and restrict the growth of the global wave energy market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global wave energy market growth, in terms of value.
- The key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current global wave energy market trends and future estimations from 2020 to 2027, which helps identify the prevailing market opportunities.
KEY MARKET SEGMENTS
- Oscillating Water Column
- Oscillating Body Converters
- Overtopping Converters
- Power Generation
- Water Desalination
- Pumping of Water
- Environmental Protection
- North America
- ·Rest of Europe
- ·South Korea
- ·Rest of Asia-Pacific
- ·Saudi Arabia
- ·South Africa
- ·Rest of LAMEA
Key Market Players
- Ocean Power Technologies
- Eco Wave Power
- Sinn Power GmbH
- Nemos GmbH
- Ocean Energy Systems
- AWS Ocean Energy Ltd.
- Wave Swell Energy Ltd
- Carnegie Clean Energy Limited
- Amog Consulting.
Other players operating in the wave energy market are Aquamarine Power Ltd., CorPower Ocean, Aquagen Technologies, Atlantis Resources Ltd., D.E. Energy Ltd., Marine Current Turbine Ltd., Ocean Renewable Power Company LLC, and Others.