June 08, 2020
As per the report titled ‘Global Wave Energy Market Size study, by Technology (Oscillating Water Column, Oscillating Body Converters, Overtopping Converters), by Location ( Onshore, Near shore, Offshore), by Application (Desalination, Power Generation, Environmental Protection) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global wave energy market was worth USD 37 million in 2019 and is projected to register 19.3% CAGR through 2026.
Insufficient accessibility and continuous depletion of traditional fuels such as coal, oil, and gas, coupled with escalating demand for cleaner energy sources to curb the rising pollution levels are driving the global wave energy market growth. Energy drawn from the sea or ocean is known as wave energy, which is used for various purposes including electricity generation, pumping of water, and water desalination.
High abundance of wave energy in nature and environment friendly benefits have led to increased funding for development of power projects associated with wave energy, thereby boosting the industry growth. For instance, in 2019, The Energy Department of United states allocated a fund of USD 25 Million fund for next-gen marine energy research projects including wave energy. In the same year, European Regional Development Fund proposed USD 5.5 million investment to accelerate the development of floating technologies that can utilize offshore waves and wind for generating power in deep water locations. Beside the inflow of investments, stringent government policies regarding carbon emissions, and incentive schemes for adoption of clean energy are expected to propel the industry growth in the coming years. However, irregular nature of certain waves may negatively impact the market growth over the forecast period.
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Based on the technology, the market is categorized into oscillating water column, oscillating body converters, and overtopping converters. With respect to location, the market is split into onshore, near shore, and offshore. Considering the application spectrum, the market is classified into desalination, power generation, and environmental protection.
As per the regional analysis, North America wave energy market is expected to see substantial growth over the forecast timeline, owing to a strong R&D outlook, higher adoption rate of renewable energy technologies, and increasing power demand from coastal areas in the region.
Asia Pacific wave energy market is slated to grow rapidly in the forthcoming years. Public funding programs, strict government policies, various environmental regulations, ambitious renewable energy targets and a highly competitive landscape are supporting the regional industry growth.
Some of the renowned players in global wave energy market are Pelamis Wave Power Ltd., Aquamarine Power ltd., Carnegie Wave Energy Ltd., Tenax Energy Solutions LLC, Ocean Power Technologies, Inc., AquaGen Technologies, S.D.E. Energy Ltd., Atlantis Resources Ltd., and Marine Current Turbines Ltd.