Overview:

The global wave energy market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. A wave energy is energy captured from sea waves. It is also called as sea wave energy or ocean energy or wave power. The ocean wave contains huge kinetic energy which is converted into electric energy by using wave energy converter. This wave energy is used or supplied for various end use applications.

Market Dynamics:

Growing adoption of renewable energy generation systems across the globe is a key factor driving growth of the global wave energy market. Rising demand and use of electricity, growing application area, and rising urbanization are some major factors resulting in high demand for electricity across the globe.

In addition, growing government support for deployment of wave energy or ocean energy sources in many countries is expected to propel growth of the target market over the forecast period. For instance, in August 2019, the Ministry of New & Renewable Energy India has declared ocean energy as renewable energy. This decision is expected to push growth of the wave energy market in India in the near future.

However, the high capital cost associated with installment of wave energy sources is a major factor hindering growth of the target market to a certain extent. Nevertheless, the rising social awareness about benefits of renewable energy is expected to offer many growth opportunities for key players in the near future.

Key Trends:

Growing strategic partnerships among key players to tap major market share is a key trend witnessed in the global wave energy market. For instance, in March 2020, CorPower Ocean has partnered with ABB, Ltd. for development of wave energy. This type of strategic partnerships expected to drive the target market growth in the near future.

Regional Analysis:

For detailed understanding of market dynamics, the global wave energy market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe region is accounted for the major revenue share in 2019 and is expected to witness highest growth in terms of CAGR during the forecast period. This is attributed wide availability of key wave or ocean energy research organizations and key players in countries in the region. In addition, early adoption of ocean energy sources in the region is another major factor supported the market growth.

However, the market in North America and Asia Pacific regions are expected to register significant CAGR during the forecast period.

Scope of the Report:

Detailed Segmentation:

Global Wave Energy Market, By Technology:

• Oscillating Water Column
• Oscillating Body Converters
• Overtopping Converters

Global Wave Energy Market, By Location:

• Onshore
• Offshore

Global Wave Energy Market, By Application:

• Desalination
• Power Generation
• Environmental Protection

Key Players Covered:

Key players operating in the global wave energy market includes Ocean Power Technologies, Carnegie Clean Energy Limited, NEMOS GmbH, Sinn Power GmbH, Wave Swell Energy Ltd., CorPower Ocean AB, Accumulated Ocean Energy Inc., Hann-Ocean Co., Ltd., Limerick Wave Ltd., and Arrecife Energy Systems.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Wave Energy Market by technology, location, application, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2019 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global wave energy market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.