The new report by Expert Market Research titled, ‘Global Wave Energy Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global wave energy market, assessing the market based on its segments like technology, location, application and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 19.3%
The global wave energy market is being driven by a growing demand for alternative and clean energy sources as a result of growing environmental concerns about carbon emissions emitted by fossil-based energy sources. The industry’s expansion is being aided by the rising worldwide need for clean energy.
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The growing aversion to using traditional energy sources, which contributes to the increase in greenhouse gases, is also assisting the growing transition to renewable energy sources such as wave energy, which is further catalysing market growth. The planned increase in industry investments, together with increased government and big global player support for technology development is boosting market expansion.
Industry Definition and Major Segments
The conveyance and capture of energy by ocean surface waves using wave energy generators is known as wave energy. The collected energy is then used for a variety of purposes, including power generation, water desalination, and water pumping.
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The market for wave energy is segmented on the basis of technology into oscillating water column, oscillating body converters and overtopping converters. Based on application market is fragmented into power generation, water desalination, pumping of water and environmental protection. On basis of location the market can be divided into onshore, offshore, and nearshore.
Market Trends
Several countries have implementing policies such as subsidising wave power projects, restricting the expansion of conventional power projects, and setting growth targets for these projects as wave and tidal energy projects are a cleaner power source. Wave energy projects are helping countries like China and India meet a large portion of their energy needs, which is fueling market growth. The rapid commercialization of energy converter devices and the abundant availability onshore and offshore resources are expected to drive the wave energy market during the forecast period. Furthermore, throughout the projected period, technical advancements and the increased usage of renewable energy generation are expected to boost the market.
The growing number of tidal stream power plants being built in both developing and developed nations is also aiding the expansion of the industry. Key technological developments in the field are being driven by major market players’ R&D efforts, as well as supporting government initiatives, which are expected to provide lucrative growth opportunities for the wave energy market over the forecast period.
Key Market Players
The major players in the market are NEMOS GmbH, CorPower Ocean AB, Ocean Power Technologies, Inc., SINN Power GmbH, AWS Ocean Energy Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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