Wave Energy Market, By Technology (Oscillating Water Column, Oscillating Body Converters, and Overtopping Converters), By Location (Onshore, near shore, and Offshore), By Application (Desalination, Power Generation, and Environmental Protection), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Wave energy converters captured energy contained in ocean waves and utilized it to generate electricity. There are three main types; oscillating water columns that use trapped air pockets in a water column to drive a turbine; oscillating body converters that are floating or submerged devices using the wave motion (forwards/ backwards, up/down, side to side) to generate electricity; and overtopping converters that use reservoirs to create a head and subsequently drive turbines. Further, each category can be subdivided according to the technologies used to convert wave energy into pneumatic/mechanical energy (rotation/ translation), their power systems (air turbines, hydraulic turbines, hydraulic engines), their structures (fixed, floating, submerged), and their positioning within the ocean (shoreline, near shore, off shore). The global wave energy market accounted for USD 44.2 billion in 2020 and is estimated to be USD 252.42 billion by 2030 and is anticipated to register a CAGR of 19.3%.

Companies involved in generating clean energy drives market

The substantial interest in harvesting wave energy stems for the requirement of leveraging the limitless potential of ocean in meeting the growing demand for sustainable energy. The massive demand for next-generation technologies for harnessing renewable sources of energy at scale is a prominent factor driving the global market growth. Technological advances in wave energy converter have enabled market players to better understand the potential of wave energy sources. Noticeable investment being made by private players and governments in finding alternative sources of clean energy is leading a significant momentum for the rapid expansion of market. Increasing number of companies are working and collaborating in concert to lower the high initial cost of investment by pointing at bringing down tariff rates. Furthermore, market players are boarding on strategies to establish commercial deployment of projects for increasing wave energies. The trend is projected to gather steam in the coming years and will help in boosting the wave energy market growth.

Lack of Grid Parity

Increasing efforts to develop more tidal stream power plants in developing and developed economies is also catalyzing the target market growth. However, there are several factors that affect the growth of the wave energy market. Wave power plants and tidal stream have still not been able to obtain grid parity. This is necessary for the wider commercialization of wave energies and is also essential to sustain a sizeable return on investment. Globally, companies pursue long-term power purchase agreements (PPAs). The shift to private equity and debt financing models by companies will also create new, exciting avenues in the market.

The global wave energy market is segmented based on technology, location, application, and region.

On the basis of technology, the global wave energy market is segmented into oscillating water column, oscillating body converters, and overtopping converters. Based on location, the target market is segmented into onshore, near shore, and offshore. Based on application, the target market is segmented into desalination, power generation, and environmental protection.

Regional Insights:

The global wave energy market accounted for USD 44.2 billion in 2020 and is estimated to be USD 252.42 billion by 2030 and is anticipated to register a CAGR of 19.2%. On region the global wave energy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific estimated for a revenue share of 39.0% in the target market. Environmental regulations, public funding programs, government policies, and competition are mainly responsible to drive the growth of marine energy technology in the region. Manufacturers have been involved in manufacturing processes and development of new designs as well as to cater growing demand for clean energy. The North America market has registered several developments in past few years. Canada accounts for the major market for ocean technology in the region

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global wave energy market report based on technology, location, application, and region.

Global Wave Energy Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the global wave energy market includes Ocean Power Technologies Inc., Aquanet Power, Simec Atlantis Energy, Orbital Marine Power, Carnegie Clean Energy, OPRC Inc., Yam Pro Energy, AW Energy OY, Andritz Hydro Hammerfest, and BioPower Systems Pty Ltd. 

• Ocean Power Technologies, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Aquanet Power
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Simec Atlantis Energy
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Orbital Marine Power
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Carnegie Clean Energy
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• OPRC Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Yam Pro Energy
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• AW Energy OY
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Andritz Hydro Hammerfest
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• BioPower Systems Pty Ltd.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies