GMI Research analysis indicates that the Wave Energy Market is slated to register a very high CAGR of 22.5% over the forecast period, till 2029.

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Key Drivers

The global wave energy market is anticipated to witness high demand during the forecast period primarily due to the inadequate availability of traditional fuels such as gas, oil, and coal, coupled with correlated pollution issued by the utilization of these fuel sources. The availability of wave energy as a constant and steady source of clean energy and the rising demand for power from coastal communities are further supporting the market growth. These wave energy resources are ecologically friendly and provides energy generation capacity in several nations around the world.

Rising industrialization and urbanization has led to the growth in the demand for massive electric energy. This has increased the opportunity for the development of tidal stream power plants, thereby boosting the growth of the wave energy market. The International Renewable Energy Agency (IRENA), Ocean Power Technologies, and National Renewable Energy Laboratory (NREL), among others, are some of the organizations promoting the widespread adoption and sustainable use of all forms of renewable energy, including hydropower and ocean energy, for sustainable development, energy security and low-carbon economic growth. This factor is projected to excel in the growth of the wave energy market. However, the high capital investment is one of the restraining factors that may hamper the market growth.

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Technology – Segment Analysis

Based on the technology, the market is segmented into oscillating water column, oscillating body converters, and overtopping converters. The oscillating body converters segment is estimated to dominate the wave energy market during the forecast period. This is primarily due to their higher operational efficiency, smaller size, and versatility as compared to other converters. Additionally, oscillating body converters are generally floating or submerged device and are used in generating electricity, which further support the market growth.

Location – Segment Analysis

Based on location, the market is segmented into onshore, near shore, and offshore. The near shore segment is expected to grow at a higher CAGR during the forecast period. Easier installations as compared to offshore ones, less expensiveness, operational efficiency of near shore installations are some of the major factors boosting the growth of the near shore segment during the forecast period. Moreover, near shore installation can be used for applications, including power generation and desalination or both at the same time. This factor is expected to propel the market growth over the forecast period.

Application – Segment Analysis

Based on the application, the market is segmented into desalination, power generation, and environmental protection. The power generation segment is expected to grow at a faster CAGR in the wave energy market during the forecast period. This can be attributed to the increasing emphasis on the generation of electrical energy by means of renewable sources, including wave and tidal energy. Rising household incomes, coupled with the increasing demand of residential electricity, the electrification of transport and heat, and growing demand for digitally connected devices including mobiles, laptops, computers, smart home appliances, and other smart devices are propelling the demand for electricity, thereby contributing to the growth of the power generation segment of the wave energy market.

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Regional – Segment Analysis

Based on the region, Europe is projected to grow at a significant CAGR during the forecast period. This is primarily due to the rising adoption and implementation of wave energy conversion devices in the region owing to the presence of a large number of organizations and companies working in the research and development of wave energy converters. European Marine Energy Centre, Wave Energy Scotland, Ocean Energy Europe, Centre for Renewable Energy Sources and Saving (CRES) are some of the organizations that promote renewable energy from marine sources that include energy from tides, waves, and ocean currents.

Top Market Players

Various notable players operating in the global wave energy market include Ocean Power Technologies, Inc., Eco Wave Power, Ltd., NEMOS GmbH, SINN Power GmbH, AMOG Consulting, OceanEnergy, Wave Swell Energy Ltd., AWS Ocean Energy Ltd., Carnegie Clean Energy Limited, and CorPower Ocean AB, among others. 

Key Developments: 

• • In 2020, CorPower Ocean AB signed a partnership with ABB Group under which ABB Power Grids Sweden would be providing two transformers, frequency converters, programming, and installation to CorPower Ocean AB to build a full-scale fleet of buoys for generating wave energy in a power grid. This partnership is emphasized on renewable energy production to cope with energy non- renewable energy challenges.
  • In 2020, EWPG Holding AB, an onshore marine energy developer installed a new combined wave and solar system in the EWP grid connected wave energy power station in Gibraltar, Spain. This installation is expected to enhance the company’s services in the wave energy market in the region.
  • In 2018, SINN Power GmbH installed two supporting structures for its wave energy converter (WEC) modules to the port wall in Heraklion on Crete, Greece. The company would be installing a total of five of wave energy converter modules on the port wall by 2019.

Segments covered in the Report:

The global wave energy market has been segmented on the basis of technology, location, application, and regions. Based on the technology, the market is segmented into oscillating water column, oscillating body converters, and overtopping converters, Based on location, the market is divided into onshore, near shore, and offshore. Based on application, the market is segmented into desalination, power generation, and environmental protection

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Key questions answered in this research report:

• • At what pace is global Wave Energy market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Wave Energy market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Wave Energy market?
  • Which technology generated maximum revenues in 2021 and identify the most promising technology during the forecast period?
  • What are the various application areas of global Wave Energy market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues Currency	USD Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Technology, By Location, By Applcation, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Ocean Power Technologies, Inc., Eco Wave Power, Ltd., NEMOS GmbH, SINN Power GmbH, AMOG Consulting, OceanEnergy, Wave Swell Energy Ltd., AWS Ocean Energy Ltd., Carnegie Clean Energy Limited, and CorPower Ocean AB among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Wave Energy Market by Technology

• • Oscillating Water Column
  • Oscillating Body Converters
  • Overtopping Converters

Global Wave Energy Market by Location

• • Onshore
  • Near shore
  • Offshore

Global Wave Energy Market by Application

• • Desalination
  • Power Generation
  • Environmental Protection

Global Wave Energy Market by Region

• • North America Wave Energy Market (Option 1: As a part of the free 25% customization)
    • By Technology
    • By Location
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Wave Energy Market (Option 2: As a part of the free 25% customization)
    • By Technology
    • By Location
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Wave Energy Market (Option 3: As a part of the free 25% customization)
    • By Technology
    • By Location
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Wave Energy Market (Option 4: As a part of the free 25% customization)
    • By Technology
    • By Location
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Wave Energy Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Ocean Power Technologies, Inc.
  • EWPG Holding AB
  • NEMOS GmbH
  • SINN Power GmbH
  • AMOG Consulting 
  • OceanEnergy
  • Wave Swell Energy Ltd.
  • AWS Ocean Energy Ltd.
  • Carnegie Clean Energy Limited
  • CorPower Ocean AB