Increase in demand for electricity from the coastal communities and easy and abundant availability of wave energy sources drive the growth of the global wave energy market
PORTLAND, Ore., Feb. 8, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Wave Energy Market by Technology (Oscillating Water Column, Oscillating Body Converters, and Overtopping Converters), Location (Onshore, Offshore, and Near-shore), and Application (Power Generation, Water Desalination, Pumping of Water, and Environmental Protection): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global wave energy industry was pegged 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.
Drivers, restraints, and opportunities
Increase in demand for electricity from the coastal communities and easy and abundant availability of wave energy sources drive the growth of the global wave energy market. However, high capital investment & insufficient infrastructure hamper the market growth. On the contrary, government initiatives & investments in the renewable energy sector are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic resulted in a temporary shutdown on plants and the construction of new projects to curb the spread of coronavirus.
- However, as governments of several countries have eased off lockdown restrictions and the energy demand is increasing, the market is expected to get back on track soon.
The oscillating body converters segment dominated the market
By technology, the oscillating body converters segment held the largest share in 2019, accounting for more than half of the global wave energy market. In addition, the segment is projected to register the highest CAGR of 18.0% during the forecast period, owing to the advantages of using this technology such as high operating efficiency, small size, and reliability in extracting waver energy from the ocean waves. Moreover, the report also includes the analysis of segments such as oscillating water column and overtopping converters.
The environmental protection segment to portray the highest CAGR through 2027
By application, the environmental protection segment is estimated to manifest the highest CAGR of 18.0% during the forecast period, owing to rise in awareness towards environmental protection and stringent government regulation towards environmental pollution across the globe. However, the power generation segment dominated the global wave energy market in 2019, contributing to more than half of the market, due to increase in investment in the renewable energy sector across the globe and increase in demand for power from the marine industry and coastal communities.
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Europe, followed by Asia-Pacific and North America, to manifest the highest CAGR by 2027
By region, the market across Europe is projected to portray the highest CAGR of 18.1% during the forecast period. In addition, the region accounted for the largest share in 2019, holding more than half of the market, owing to large number of key players and rise in wave energy generation in the region. In addition, rise in investment and government initiatives toward the development of ocean wave energy technology is anticipated to drive the wave energy market growth in this region. On the other hand, the global wave energy market across North America is expected to register a CAGR of 17.6% from 2020 to 2027.
Major market players
- Ocean Power Technologies
- Sinn Power GmbH
- Eco Wave Power
- Ocean Energy Systems
- Nemos GmbH
- Wave Swell Energy Ltd.
- AWS Ocean Energy Ltd.
- Aquamarine Power Ltd.
- Carnegie Clean Energy Ltd.
- Amog Consulting
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