Global Wave Energy Market

Wave Energy Market Insights

The wave energy market is analyzed to register transcendent advancement in CAGR by 17.9% during the prediction period (2020-2026). Wave Energy is the process of the utilization of surface ocean waves for the means of energy generation. The main basis for the generation of waves is by the flow of the wind. This form of energy is classified under renewable energy resources and sustainable energy resources. The applications of wave energy can be seen in desalination, water pumping towards reservoirs, and electricity generation. Some of the determinants inducing the growth of the market are an increase in GHG emissions, abundant availability of water origins, and government initiatives towards climate change.

Wave Energy Market: By Type of Technology

The market division based on technology can be seen as an oscillating water column, oscillating body converters, and overtopping converters. The oscillating body converters segment is set to hold the largest share in the market. OSBs have better performance and are cost maintenance-friendly. Active electrification in various verticals, rapid commercialization, and a progressed quantity of outlines by regulatory bodies support the extension of the Wave Energy market.

Wave Energy Market: By Type of Location

Onshore, nearshore, and offshore are the various locations to set up wave energy power plant. The nearshore segment is the fastest-growing segment in the wave energy market. Nearshore wave energy structure has better operational efficiency when compared to onshore and offshore segments. An increase in industrialization, significant climate change, and the burgeoning exposure towards toxic pollutants are the constituents associated with the magnification of the market.

Wave Energy Market: By Type of Application

Desalination, Power Generation, and Environmental Protection are the multiple applications of Wave Energy. The power generation sector is foretold to regulate the market in the following years where swift urbanization, boost in investments, and operational cost minimization is the accelerators steering towards the optimization of the market.

Wave Energy Market: By Region

North America has been the leading region for the precedent years as most of the industries are based in the US, Canada, and Mexico, yet Europe will bestow a striking growth within the forecast period. Government initiatives towards the usage of green energy, a fleet rise in GHG emissions, and the slow extinction of non-renewable energy resources are the drivers plunging the augmentation of the market.

Wave Energy Market Share and Competitor Analysis

Ocean Power Technologies, Eco Wave Power Ltd., Carnegie Clean Energy Ltd., Sinn Power GmBH, Amog Consulting, NEMOS GmBH, OceanEnergy, Wave Swell, AWS Ocean Energy Ltd., Corpower Ocean AB, Limerick Wave Ltd., Arrecife Energy Systems, Accumulated Ocean Energy Inc., and other industries are the dominant players in the global wave energy market.

Please note: This is not an exhaustive list of companies profiled in the report.

In March 2020, CorPower Ocean AB and ABB Ltd. signed a partnership to utilize two medium-voltage motors manufactured by ABB Ltd. These motors are functioning to assist energy storage as well as to test-drive rig.

In October 2019, SINN Power GmBH introduced five-wave energy converters at its R&D site in Greece.

Check the Press Release on Global Wave Energy Market Report