Wave Energy Market Trends, Growth, Industry & Revenue [2031]

Segments - Wave Energy Market by Types (Wave, Tidal), Technologies (Oscillating body converters, Oscillating water column, and Overtopping converters), Applications (Environmental protection, Power Generation, and Water Desalination), Locations (Onshore, Near shore, and Offshore), and Regions, (North America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

The global wave energy market was valued at USD 43.8 million in 2019 and is projected to reach USD 141.1 million by the year 2027, expanding at a CAGR of 17.8% during the forecast period, 2021-2028. Wave energy, ocean energy or sea wave energy is the energy harnessed from ocean or sea waves. Waves are a result of blowing winds on water surfaces. Energy is transferred from wind to the waves. With immense advancements in technology, the wave energy offers the security of power supply and electricity to all the countries using this method. Projects and constructions of the wave energy sector are in the development stage, which require a boost in investments, government spending, and R&D.

Market Trends, Drivers, Restraints, and Opportunities:

Offshore wind energy projects achievable for all players, due to increase in investments, R&D, government schemes, activities, and regulations, are estimated to drive the market growth.
Climate change has fueled the demand for protection of the environment. Conventional power systems use fossil fuels, which experience fluctuating prices and lead to pollution. Enhancements in offshore wind energy technology uses a renewable source of energy to generate power and replace the conventional systems. Hence, it is anticipated to favor market growth.
Increase in capital cost for installation and maintenance are factors, which hamper the growth of the market. Additionally, the pandemic has restricted the growth of the market, due to shutting down of operations, plants, and constructions of on-going projects at the seas and oceans. Another restraining factor is the incapability to accomplish grid parity. It increases commercialization and generates substantial return on investments.

Scope of the Report:

The report on the global waste to energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Wave Energy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2020
Historic Data	2018–2019
Forecast Period	2021–2028
Segmentation	Types (Wave, Tidal), Technologies (Oscillating body converters, Oscillating water column, and Overtopping converters), Applications (Environmental protection, Power Generation, and Water Desalination), Locations (Onshore, Near shore, and Offshore)
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
E-Report Coverage	Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered	AMOG Consulting, Atlantis Resources Limited, AquaGen Technologies, Aquamarine Power Limited, CorPower, Carnegie Wave Energy Limited, Marine Current Turbines Limited, Ocean Renewable Power Company LLC, Ocean Power Technologies Inc., S.D.E Ltd., Pelamis Wave Power Ltd., SINN Power, and Tenax Energy Solutions LLC.

Market Segment Insights:

Tidal energy to penetrate the global wave energy market

Based on types, the global wave energy market can be divided into wave energy and tidal energy. Tidal energy is estimated to emerge as a dominant segment over the forecast period, owing to increase in research and development of barrages.

Oscillating body converters to drive the market growth

In terms of technologies, the market can be segmented into oscillating body converters, oscillating water columns, and overtopping converters. Properties such as high functioning efficiency, small size, and consistency are anticipated to drive the growth of the oscillating body converters segment. Oscillating water columns, where electricity is produced by oscillation of the waves in a chamber, are estimated to witness significant growth during the forecast period, as they are eco-friendly.

Global wave energy market to witness growth of power generation segment

On the basis of applications, the market is divided into environmental protection, power generation, and water desalination. High growth in the power generation segment is estimated, which is attributed to its use of renewable sources of energy that limit the emission of greenhouse gases. The water desalination segment is projected to grow, due to increase in the demand for clean and fresh water.

Near shore segment to witness a high CAGR

Based on locations, the market can be segregated into onshore, near shore, and offshore. The near shore segment is anticipated to continue to grow, due to the ease and low cost of installation, high operational efficiency, dual use of application (power generation and desalination) at the same time, and increase in the number of patents to harness energy.

Europe to lead the global wave energy market

In terms of regions, the market can be divided into North America, Europe, Asia Pacific, and Middle East & Africa. The preferences of power generation methods are shifting towards wave energy methods in Canada and the US, which is estimated to drive the market growth in North America.

In Europe, countries such as the UK, Germany, Ireland, Italy, and Spain are expected to witness major R&D investments and construction of wave energy companies, which increases the demand for wave energy. The market in Asia Pacific is estimated to grow significantly, as countries such as China, India, and South Korea are estimated to surge their market share, due to economic growth, availability of resources, and favorable conditions at seas and oceans.

Segments

The global wave energy market can be divided on the basis of types, technologies, applications, locations, and regions.

Types

Wave
Tidal

Technologies

Oscillating body converters
Oscillating water column
Overtopping converters

Locations

Onshore
Near shore
Offshore

Applications

Environmental protection
Power Generation
Water Desalination

Regions

North America
Europe
Asia Pacific
Middle East & Africa

Key Players

AMOG Consulting
Atlantis Resources Limited
AquaGen Technologies
Aquamarine Power Limited
CorPower
Carnegie Wave Energy Limited
Marine Current Turbines Limited
Ocean Renewable Power Company LLC
Ocean Power Technologies Inc.
S.D.E Ltd.
Pelamis Wave Power Ltd.
SINN Power
Tenax Energy Solutions LLC

Competitive Landscape

The global wave energy market is relatively competitive, due to the presence of numerous players. Companies adopt strategies such as partnership and acquisitions to stay competitive and efficient in the long run. For example, CorPower partnered with ABB in 2020. Key players consist of AMOG Consulting, Atlantis Resources Limited, AquaGen Technologies, Aquamarine Power Limited, CorPower, Carnegie Wave Energy Limited, Marine Current Turbines Limited, Ocean Renewable Power Company LLC, Ocean Power Technologies Inc., S.D.E Ltd., Pelamis Wave Power Ltd., SINN Power, and Tenax Energy Solutions LLC.

Global Wave Energy Market By Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wave Energy Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Wave Energy Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Wave Energy Market - Supply Chain
  4.5. Global Wave Energy Market Forecast
     4.5.1. Wave Energy Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Wave Energy Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Wave Energy Market Absolute $ Opportunity
5. Global Wave Energy Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Wave Energy Market Size and Volume Forecast by Types
     5.3.1. Wave
     5.3.2. Tidal
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Wave Energy Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Wave Energy Market Size and Volume Forecast by Applications
     6.3.1. Environmental protection
     6.3.2. Power Generation
     6.3.3. Water Desalination
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Wave Energy Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Wave Energy Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Wave Energy Demand Share Forecast, 2019-2026
8. North America Wave Energy Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Wave Energy Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Wave Energy Market Size and Volume Forecast by Types
     8.4.1. Wave
     8.4.2. Tidal
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Wave Energy Market Size and Volume Forecast by Applications
     8.7.1. Environmental protection
     8.7.2. Power Generation
     8.7.3. Water Desalination
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Wave Energy Demand Share Forecast, 2019-2026
9. Latin America Wave Energy Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Wave Energy Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Wave Energy Market Size and Volume Forecast by Types
     9.4.1. Wave
     9.4.2. Tidal
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Wave Energy Market Size and Volume Forecast by Applications
     9.7.1. Environmental protection
     9.7.2. Power Generation
     9.7.3. Water Desalination
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Wave Energy Demand Share Forecast, 2019-2026
10. Europe Wave Energy Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Wave Energy Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Wave Energy Market Size and Volume Forecast by Types
     10.4.1. Wave
     10.4.2. Tidal
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Wave Energy Market Size and Volume Forecast by Applications
     10.7.1. Environmental protection
     10.7.2. Power Generation
     10.7.3. Water Desalination
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Wave Energy Demand Share Forecast, 2019-2026
11. Asia Pacific Wave Energy Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Wave Energy Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Wave Energy Market Size and Volume Forecast by Types
     11.4.1. Wave
     11.4.2. Tidal
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Wave Energy Market Size and Volume Forecast by Applications
     11.7.1. Environmental protection
     11.7.2. Power Generation
     11.7.3. Water Desalination
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Wave Energy Demand Share Forecast, 2019-2026
12. Middle East & Africa Wave Energy Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Wave Energy Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Wave Energy Market Size and Volume Forecast by Types
     12.4.1. Wave
     12.4.2. Tidal
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Wave Energy Market Size and Volume Forecast by Applications
     12.7.1. Environmental protection
     12.7.2. Power Generation
     12.7.3. Water Desalination
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Wave Energy Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Wave Energy Market: Market Share Analysis
  13.2. Wave Energy Distributors and Customers
  13.3. Wave Energy Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. AMOG Consulting
     13.4.2. Atlantis Resources Limited
     13.4.3. AquaGen Technologies
     13.4.4. Aquamarine Power Limited
     13.4.5. CorPower
     13.4.6. Carnegie Wave Energy Limited
     13.4.7. Marine Current Turbines Limited
     13.4.8. Ocean Renewable Power Company LLC
     13.4.9. Ocean Power Technologies Inc.
     13.4.10. S.D.E Ltd.