Wave Energy Market Size, Share Analysis - 2029 | Global Forecast

Wave Energy Market Size, Share Analysis - 2029 | Global Forecast

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Wave Energy Market is estimated to grow at a very high CAGR of 22.5% during the forecast period, 2022-2029.

The factors driving the growth of Wave Energy Market includes increasing power consumption around the world, growing demand for power from coastal communities, availability of wave energy resources in abundance, emerging need to relace fossil fuels with renewable sources of energy, Government funding on the tidal energy projects, and improvements in the living standards. According to the report published by World Bank, the global electric power consumption has increased from 3,048 kWh per capita in 2012 to 3,128 kWh per capita in 2014, which will accelerate the Wave Energy Market size in the approaching years. Moreover, growing adoption of advanced technologies by manufacturers, expansion of the marine industry, commercialization of energy converter devices, increase in the launch of innovative products, strategic mergers and partnerships between key industry players and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Wave Energy Market is hindered attributed to inadequate port facilities and grid infrastructure

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The prominent players operating in the Wave Energy Market are CorPower Ocean AB, SINN Power GmbH, AMOG Consulting, OceanEnergy, Ocean Power Technologies, Inc., Eco Wave Power, Ltd., NEMOS GmbH, Wave Swell Energy Ltd., AWS Ocean Energy Ltd. and Carnegie Clean Energy Limited, among others.

Based on Location, the Near shore segment is predicted to grow at a significant CAGR during the forecast period

Wave energy convertors are easy to install in near shore locations, enhances operational efficiency and improves power generation, are some of the factors responsible for the segment’s growth. 

Based on Application, the Power Generation segment is projected to expand at a faster CAGR over the forecast period

Growing focus on generating power through renewable sources of energy and rising penetration of mobiles, laptops, and computers, across the globe, are propelling growth of the segment.

Based on Region, the European region is anticipated to grow at a remarkable CAGR during the forecast period

Government policies promoting the use of renewable sources of energy, increase in the electricity consumption across United Kingdom, France and Germany, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in European region.

Key Developments

In 2020, CorPower Ocean AB partnered with ABB Group under which ABB Power Grids Sweden would be providing two transformers, frequency converters, programming, and installation to CorPower Ocean AB to build a full-scale fleet of buoys for generating wave energy in a power grid.
In 2020, EWPG Holding AB, an onshore marine energy developer installed a new combined wave and solar system in the EWP grid connected wave energy power station in Gibraltar, Spain. This installation will improve company’s services in the wave energy market in the region.
Market Segmentation

Segmentation by Technology

Oscillating Water Column
Oscillating Body Converters
Overtopping Converters
Segmentation by Location

Near shore
Segmentation by Application

Power Generation
Environmental Protection
Segmentation by Region

Asia PacificChina
Rest of APAC
North AmericaUnited States of America
EuropeUnited Kingdom
Rest of Europe
South Africa
Saudi Arabia
About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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