Wave Energy Market Expected to Reach $141.1 million by 2027 | Registering a CAGR of 17.8%.

Wave Energy Market Showing Impressive Growth during Forecast Period 2020 - 2027

PORTLAND, OREGON, UNITED STATES, September 26, 2023 /EINPresswire.com/ -- Allied Market Research published a report on the Wave Energy Market by Technology (Oscillating Water Column, Oscillating Body Converters, and Overtopping Converters), Location (Onshore, Offshore, and Near-shore), and Application (Power Generation, Water Desalination, Pumping of Water, and Environmental Protection): Global Opportunity Analysis and Industry Forecast, 2020-2027.

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.

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Wave energy is one of the renewable energies extracted from the ocean source, other being tidal currents, tidal range, biofuels from marine biomass, and others. Wave energy converters are used to convert the kinetic and potential energy of ocean waves into electricity. Wave energy possesses various advantages such as renewable, eco-friendly, wide availability, reliability, and others. Wave energy has great potential among all forms of renewable energy in the future.

The abundant availability of ocean wave energy is anticipated to fuel the growth of the market in the upcoming years. In addition, the increase in demand for electricity from coastal communities is also another factor driving the market growth during the forecast period. However, high capital investment and insufficient infrastructure are the key factors hindering the wave energy market growth in the upcoming years. A rise in R&D activities on extracting wave energy efficiently is expected to create opportunities for the key players in the market.

Depending on the technology, the oscillating body converter (OBC) segment held the highest market share of around 53.6% in 2019 and is expected to maintain its dominance during the forecast period. This is owing to the key characteristics of oscillating body converters such as high operating efficiency, small size, reliability, and others.

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On the basis of location, the near-shore segment holds the largest market share of 60.2% and a growth rate of 18.0%, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the gaining importance of near-shore installations from power generation and water desalination applications across the globe.

Competitive Analysis:

The Wave Energy industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Wave Energy market include,

Eco Wave Power, Ltd.
CorPower Ocean AB
AMOG Consulting, NEMOS GmbH
Ocean Power Technologies, Inc.
Atargis Energy Corporation
Wave Swell Energy, Ltd.
AWS Ocean Energy Ltd.
SINN Power GmbH
Carnegie Clean Energy Limited

On the basis of application, the power generation segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 17.9%. This is attributed to an increase in investment in the renewable energy sector across the globe. In addition, the increase in demand for power from the marine industry drives the growth of the wave energy market across the globe.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant share in 2019 and is anticipated to maintain this trend during the forecast period. This is attributed to a large number of key players and a rise in wave energy generation in the region.

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Key Findings Of The Study:

1. In 2019, the oscillating body converter segment accounted for the majority of the share of the global wave energy market and is expected to maintain its lead throughout the forecast period.

2. Environmental protection is the fastest-growing application segment in the wave energy market, expected to grow at a CAGR of 18.0% during 2020–2027.

3. Europe region is expected to grow at the fastest rate, registering a CAGR of 18.1%, throughout the forecast period.

4. In 2019, Europe dominated the global wave energy market with more than 53.6% of the share, in terms of revenue.

5. In 2019, the near-shore segment accounted for about 60.2% of the share in the global wave energy market and is expected to maintain its dominance till the end of the forecast period.

6. In 2019, the power generation segment is accounted for 51.3% market share in the year 2019 and is anticipated to grow at a rate of 17.9% in terms of revenue, increasing its share in the global wave energy market.

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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Analytics LLP
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