Increased population resulting into more power and resources to meet the needs of people newer ways of energy generation is driving the global wave energy market.
Covid-19 Impact & Market Status
COVID-19 directly impacted production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. The pandemic significantly reduced the renewable energy production across the world. However, potential new practices and social forms are facilitated by the market players to sustain the market and stay ahead of the competitive landscape. Moreover, several energy production initiatives have been taken as a reaction of the pandemic. This tend to positively impact the GDP and trade.
Absorbers Segment to Remain Atop
The global wave energy market is classified into absorbers, oscillating water column, and inverted- pendulum device on the basis of technology. Among these, the absorbers segment accounted for largest market share in global wave energy market. The segment is estimated to grow at a fastest CAGR in the forecast years 2022-2029.
Near Shore Segment is Striding Forward with Confidence
By location, the global Wave Energy market is divided into coastlines, offshore, near-shore. Among these the near shore segment dominated the global wave energy market in 2021 and is anticipated to gather maximum revenue in the forecast period. The key factors such as near-shore installations gaining importance for power generation and water desalination applications around the world is driving the segment’s share. Near shore installations are typically easier than the offshore or the onshore installations.
Power Generation Recorded the Best Revenue in Recent Years
The global wave energy market is classified into electricity generation, water desalination, water pumping on the basis of application. Among these, the power generation segment is expected to be the most significant owing to keen emphasis on electricity generation by means of renewable sources of energy. This is done so as to control the emission of greenhouse gases,
Europe to Render Ample Investment Avenues
Europe is the largest contributor to the growth of global Wave Energy Market. The key factors such as a huge number of companies present working in the field of research and development of wave energy converters. APAC in the forecast years 2022-2029 is also expected to be a promising region for global wave energy investments, mergers and acquisitions, and expansions. The region is expected to incur huge demand because of the high population.
The increasing energy need of people is improving the reliance new power generation sources such as wave energy furthering the development of global wave energy market.
Owing to benefits such as potential to work with other renewables, zero emissions, greater energy production potential, high costs, lesser environmental effects, reliable energy source, renewable, the wave energy is experiencing rapid adoption as opposed to solar or wind resulting into remarkable progress of global wave energy market.
Rapid development in the energy sector and the strong focus of government towards energy generation are driving the growth of this global wave energy market. The additional efforts in terms of generating wave and tidal energy is driving the global Wave Energy market growth.
Wave Energy is a type of energy in which wave energy converters are used to extract the energy from these ocean waves, which in turn is used to generate electricity with the help of turbine and generators. It has many other benefits like it is easy on nature and doesn’t harm it like many other forms of energy. These factors collectively influence thumping growth of global Wave Energy market estimated to reach close to 160 million by end of 2029.
However, the high capital investments in terms of installing the device are hampering the global wave energy market growth. Organizations first need to think about their own usage to understand what they need. Moreover, despite it has a great potential for energy production, the global wave energy market is suffering growth challenges due to other forms of energy such as wind and solar. As wave energy incurs more costs and problems of damage many countries and energy production prefer solar or wind energy hampering the global wave energy market. In developing nations, lack of awareness and need is the reason companies are still following traditional methods of energy production. Nevertheless, Wave Energy Market has the growth prospects as the adoption of renewable energy generation is growing, and manufacturers are investing more in research and development. This is anticipated to be growth opportunity in the global wave energy market.
The major players in global wave energy market are Atargis Energy Corporation, Eco Wave Power, AMOG Consulting, Wave Swell Energy, Carnegie Clean Energy Limited, AWS Ocean Energy Ltd, SINN Power GmbH, Ocean Power Technologies, CorPower Ocean AB, and NEMOS GmbH among others.
Latest Innovations in Global Wave Energy Market: A Snapshot
In March 2020, CorPower Ocean and ABB signed a partnership. The CorPower will now use two medium-voltage motors manufactured by ABB.
Wave Energy Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 160 million|
|Segment Covered||Technology, Location, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Atargis Energy Corporation, Eco Wave Power, AMOG Consulting, Wave Swell Energy, Carnegie Clean Energy Limited, AWS Ocean Energy Ltd, SINN Power GmbH, Ocean Power Technologies, CorPower Ocean AB, and NEMOS GmbH among others.|
Key Segments of the Global Wave Energy Market
Technology Overview, 2022-2029 (USD Million)
- Oscillating Water Column
- Inverted- Pendulum Device
Location Overview, 2022-2029 (USD Million)
Application Overview, 2022-2029 (USD Million)
- Electricity Generation
- Water Desalination
- Water Pumping
Regional Overview, 2022-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa