Wave Energy Market Statics - 2027
The global wave energy market size 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. Wave energy is the energy generated from the up and down movement of ocean waves. The ocean waves are generated from wind energy. Further, wave energy converters are used to extract the energy from these ocean waves, which in turn is used to generate electricity with the help of turbine and generators. This sector is still in the development stage and thus, there is need to increase the investment and R & D in the upcoming years. Wave energy can be extracted with the help of technologies including oscillating body converters, oscillating water column and overtopping converters.
Rapid development in the renewable energy sector and rise in demand for electricity from the marine industry are the key factors that drive the growth of the market during the forecast period. However, high capital investment in installing wave energy power infrastructure are the key factors restraining the growth of the market in the upcoming years. On the contrary, increase in government initiatives and investments in the renewable energy sector is anticipated to create opportunity for the key players in the wave energy industry globally.
The global wave energy market is segmented on the basis of technology, location, application, and region. Based on technology, it is categorized into oscillating water column, oscillating body converters, and overtopping converters. On the basis of location, it is bifurcated into onshore, offshore and near-shore. On the basis of application, it is segmented into power generation, water desalination, pumping of water, and environmental protection. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global wave energy market are Ocean Power Technologies, Eco Wave Power, Sinn Power GmbH, Nemos GmbH, Ocean Energy Systems, AWS Ocean Energy Ltd., Wave Swell Energy Ltd, Carnegie Clean Energy Limted, Aquamarine Power Ltd., and Amog Consulting.
Other players operating in the market of wave energy are CorPower Ocean, Aquagen Technologies, Atlantis Resources Ltd., D.E. Energy Ltd., Marine Current Turbine Ltd., Ocean Renewable Power Company LLC, and Others.
The key players are adopting numerous strategies such as product launch, partnership, and acquisition, to stay competitive in the wave energy market.
For instance, CorPower Ocean has partnered with ABB, Ltd in the year 2020. Through this partnership, ABB, Ltd. will provide two transformers (one of which is located in buoy prototype). In addition, ABB, Ltd. will also provide equipment such as frequency converters, programming, installation and commissioning through this partnership.
Wave Energy market, by Technology
By technology, the oscillating body converter segment held the largest wave energy market share in 2019, owing to the key characteristics of oscillating body converter such as high operating efficiency, small size, reliability and others.
By Technology
Oscillating Body Converters Wave Energy is projected as the most lucrative segment.
Wave Energy market, by Location
On the basis of location, the near-shore segment dominated the global market in 2019, in terms of share, owing to the gaining importance of the near-shore installations from power generation and water desalination applications across the globe.
By Location
Nearshore is projected as the most lucrative segment.
Wave Energy market, by Application
By application, in 2019, the power generation segment held the largest market share, this is owing to increase in investment in the renewable energy sector across the globe. In addition, increase in demand for power from the marine industry drive the growth of the market across the globe.
By Application
Power Generation is projected as the most lucrative segment.
Wave Energy market, by Region
Europe garnered the highest share in the year 2019, in terms of wave energy market revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the large number of key players and rise in wave energy generation in the region. In addition, rise in investment and government initiatives toward development of ocean wave energy technology is anticipated to drive the wave energy market growth in this region.
By Region
Europe holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2027.
- A comprehensive wave energy market analysis of the factors that drive and restrict the market growth is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and wave energy market forecast are based on factors impacting the market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current global wave energy market trends and future estimations from 2020 to 2027, which helps identify the prevailing market opportunities.
Wave Energy Market Report Highlights
| Aspects | Details |
 By Technology |
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 By Location |
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 By Application |
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 By Region |
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 Key Market Players | AMOG Consulting, AWS Ocean Energy Ltd., Carnegie Clean Energy Limited, SINN Power GmbH, Ocean Power Technologies, Inc., Wave Swell Energy, Ltd., Eco Wave Power, Ltd., NEMOS GmbH, CorPower Ocean AB, Atargis Energy Corporation |
Analyst Review
Rapid adoption of wave energy generation is the key factor attributed to the leading position of Europe in the global wave energy market. The Europe region is further expected to provide lucrative opportunities to leading wave energy converter product manufacturers, owing to its huge potential to set up manufacturing plants and surge in demand for electricity from the coastal communities in the region.
Easy and wide availability of wave energy across the globe is expected drive the growth of the wave energy market in the upcoming years. However, high capital investment is the key factor expected to hinder the market growth during the forecast period. On the contrary, increase in government initiatives and investments in the renewable energy sector is anticipated to provide remunerative opportunity for the key players to maintain the pace in the wave energy market in the upcoming years.
Among the analyzed geographical regions, Asia-Pacific is expected to account for the highest revenue growth rate in the wave energy market throughout the forecast period, followed by North America, Europe, and LAMEA.
Rapid adoption of wave energy generation is the key factor attributed to the leading position of Europe in the global wave energy market. The Europe region is further expected to provide lucrative opportunities to leading wave energy converter product manufacturers, owing to its huge potential to set up manufacturing plants and surge in demand for electricity from the coastal communities in the region.
Easy and wide availability of wave energy across the globe is expected drive the growth of the wave energy market in the upcoming years. However, high capital investment is the key factor expected to hinder the market growth during the forecast period. On the contrary, increase in government initiatives and investments in the renewable energy sector is anticipated to provide remunerative opportunity for the key players to maintain the pace in the wave energy market in the upcoming years.
Among the analyzed geographical regions, Asia-Pacific is expected to account for the highest revenue growth rate in the wave energy market throughout the forecast period, followed by North America, Europe, and LAMEA.
The applications of the global wave energy market are electricity generation, water desalination, water pumping, and environmental protection.
Effecting factors in the growth of the wave energy market are growing demand for electricity from the marine industry and easy & abundant availability of the ocean wave energy.
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In terms of revenue, the total market value of the global wave energy market was valued at $43.8 million in 2019 and is expected to reach $141.1 million by 2027.
Key growth strategies adopted by the industry players in the wave energy market are product launch, agreement, business expansion and others.
The top ten market players are selected based on two key attributes - competitive strength and market positioning.
On the basis of technology, oscillating body converters holds the highest market share in the wave energy market. By location, nearshore segment registered the maximum market share in this market. On the basis of application power generation holds the highest market share in the market.
Company profiles has been selected on the basis of various key factors including key development strategies, market revenue, product offering, and others.
In terms of revenue, the market value of wave energy market is $44.7 million in the year 2020, growing at CAGR of 17.8% from 2020 to 2027.
On the basis of technology, oscillating body converters segment will influence the growth of the wave energy market growth during the forecast period. On the basis of location, nearshore wave energy location is expected to influence the growth of the wave energy market. On the basis of application, environmental protection will propel the growth of the market.
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