Wave Energy Market

Wave Energy Market Size (2024-2029):

The Global Wave Energy Market is projected to reach US$ 150 million by 2029, from an estimated market size of US$ 60 million in 2023, with a CAGR of 20.72% over the outlook period 2024-2029.

Market Overview:

The Rising Demand For Renewable Energy Production Is Encouraging Makers To Invest More In R&D, Resulting In Increased Demand For Wave Energy Market, Wave energy is the process of using waves from the ocean's surface for energy production. The main basis of wave generation is wind flow. This form of energy is classified into renewable energy resources and sustainable energy resources. Wave power applications can be seen in desalination, pumping water to reservoirs, and generating electricity. Some of the determinants that drive market expansion are escalated GHG emissions, abundant availability of water sources, and government initiatives on climate change.

Market Trends:

Tidal power dominated the wave energy market in 2018. Tidal current, which converts kinetic energy into electricity, has seen an increase in R&D investment compared to wave technology. Factors such as ease of development and technological know-how related to horizontal axis turbines deployed in the wind industry have led to their strong adoption around the world. Tidal technology is widely recognized. Dam tidal technology has undergone further development in R&D and is predicted to remain dominant in the near future.

Market Drivers:

Factors such as the escalating call for electricity from coastal communities and the abundant accessibility of wave power supplies are driving the global wave energy market expansion.

Also, upcoming developments in the market in countries such as Canada, France, Scotland, Belgium, Sweden, the United Kingdom, and South Korea are predicted to boost this technology in the near future. The worldwide wave energy market is predicted to experience high calls during the projection period, mainly due to the inadequate availability of traditional fuels such as gas, oil, and coal, along with the correlative pollution resulting from the use of these fuel sources. The availability of wave energy as a constant source of clean energy and the rising call for electricity from coastal areas support market expansion. These wave energy resources are environmentally friendly and provide energy production capacity in various countries around the world. Escalating household income, coupled with a growing call for residential electricity, electrification of transportation and heating, and rising need for digitally connected devices, including mobiles, laptops, computers, smart appliances, and others stimulate the call for electricity, contributing to the expansion of the power generation segment of the wave energy market.

Market Restraints:

High investment is supposed to restrain the rapid expansion of the global wave energy market. 

Market Opportunities:

Incorporating wave energy with additional renewable energy technologies is an opportunity for the wave energy market. Growing industrialization and urbanization have led to the expansion of the call for massive electrical power. This has augmented the opportunities for the development of tidal power plants, thereby stimulating the expansion of the wave energy market. The International Renewable Energy Agency (IRENA), Ocean Energy Technologies, and the National Renewable Energy Laboratory (NREL), among others, are some of the organizations that promote the widespread adoption and sustainable use of all forms of renewable energy, including hydroelectric and ocean power, for sustainable development, energy security, and low-carbon economic expansion. This factor is predicted to stand out in the expansion of the wave energy market.

Market Challenges:

However, high capital costs are one of the limiting factors that can hinder this industry's expansion in the future.

WAVE ENERGY MARKET REPORT COVERAGE:

Market Segmentation:

Wave Energy Market - By Technology:

• Oscillating Water Column
• Oscillating Body Converters
• Overtopping Converters

The oscillating body converter sector is supposed to be leading the wave power industry throughout the outlook period. This is mainly due to its higher operating efficiency, smaller size, and versatility compared to other converters.

Wave Energy Market - By Location:

• Onshore
• Near Shore
• Offshore

The near-shore segment is estimated to grow at a higher CAGR during the conjecture period. Easier installations compared to offshore installations, and cheaper operating efficiencies from nearshore installations are some of the main factors that will be driving the expansion of the offshore segment in the future.

Wave Energy Market - By Application:

• Desalination
• Power Generation
• Environmental Protection

The power generation segment is estimated to grow at a faster CAGR in the wave power market during the conjecture period. This can be attributed to the escalating importance given to the production of electrical energy from renewable sources, particularly wave, and tidal energy.

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Europe is the largest and most dynamic wave energy market, followed by North America and Asia-Pacific. Wave power conversion devices are predicted to be widely adopted and implemented in Europe due to the presence of a large number of companies working on power converter research and development. wave energy. The main countries in this region are Germany, the United Kingdom, Spain, the Nordic countries, and the rest of Europe. The rest of Europe includes Ireland and Italy. The European region experiences cold ambient temperatures throughout the year and at the same time has high purchasing power. These two factors lead to an increase in the call for electricity and ultimately increase the call. To reduce the carbon emissions associated with power generation activities, countries are emphasizing renewable technologies for power generation.

North America has been the main region in previous years as most industries are based in the United States, Canada, and Mexico, but Europe will see remarkable expansion during the foreseen period. Government initiatives in favour of the use of green energy, the increase in GHG emissions from the fleet, and the slow extinction of non-renewable energy resources are the engines of the market expansion. Asia-Pacific is one of the key and most attractive markets for wave energy in the world. Substantial economic expansion, population awareness, resource availability, and the development of open test sites are predicted to drive market expansion during the foreseen period.

Market Key Players:

1. Aquagen Technologies
2. Aquamarine Power ltd
3. Atlantis Resources Ltd
4. Carnegie Wave Energy Ltd
5. D.E. Energy Ltd
6. Eco Wave Power
7. Marine Current Turbines Ltd
8. Nemos
9. Ocean Power Technologies Inc
10. Ocean Renewable Power Company LLC
11. Pelamis Wave Power Ltd
12. Sinn Power
13. Tenax Energy Solutions LLC
14. Wave Swell

Market Recent Developments:

• CorPower Ocean company recently introduced a wave energy industry in Portugal. This location offers an excellent pool of engineering skills from adjacent businesses such as offshore wind, composites and shipyards, top universities, and industrial infrastructure, including ports and industry.
• China introduced a giant wave power turbine near the city of Wuhan in spite of COVID-19. China is currently working to reduce its consumption of coal, which, given that fossil fuels account for just under 60% of the country's total energy consumption, is a difficult task.