Pune, India, Aug. 06, 2021 (GLOBE NEWSWIRE) -- The Global Wave Energy Market Size has been estimated to reach a value of USD 42.0 million in 2021 and is projected to grow at a CAGR of 18.9% during the forecast period. The ocean waves are created from wind energy. Further, wave energy converters are utilized to extract the energy from these ocean waves, utilized to produce electricity with the help of generators and turbines. This sector is still in the stage of development and therefore, there is a demand to grow the investment and research and development.
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Increasing adoption for renewable power generation and other applications are helping producers to spend more on research and development leading to the development of the wave energy market. The quick commercialization of energy converter devices and the ample availability of wave energy resources are expected to drive the wave energy market during the forecast period. Also, technological advancements and the rising adoption of sustainable energy generation are expected to boost the market in the during the forecast period.
Some Noted Developments Considered in the Report:
- March 2020 - CorPower Ocean and ABB signed a partnership contract under which CorPower would be utilizing two medium-voltage motors built by ABB. One of the motors would drive the test rig itself, while the other one will help with energy storage.
- September 2019 - Eco Wave Power begin testing an integrated solution for solar and wave energy solutions. The new product has a solar panel arranged atop the floater of their existing wave energy converter. This combination results in a capacity increase between 3% to10%
COVID-19 Impact on Global Wave Energy Market
The QMI team has closely monitored the impact of COVID-19 on the global wave energy market, and it is observed that the demand for the global wave energy market has decreased during the pandemic time. It is estimated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered business activities.
Pandemic prevention measures have lowered workforce availability and necessitated strict separation and hygiene protocols to control operations. Reduced demand has brought its own technical challenges with system operators requiring to control voltage and consider the implications for forecast algorithms together with controlling reactive levels to avoid hazards like reactive shunts at distribution levels.
Global Wave Energy Market, by Technology
Based on technology, the wave energy market is segmented as oscillating water columns, oscillating body converters, and overtopping converters. The oscillating water column segment is expected to dominate the market during the forecast period. The oscillating wave column technology produces no greenhouse gas emission making it a renewable and non-polluting source of energy, generated by the natural transfer of wind energy through a well turbine. Also, the turbine can be easily removed for maintenance or repair because it is on land. All these factors are expected to contribute to segment growth during the forecast period.
Global Wave Energy Market, by Location
Based on location, the wave energy market is segmented as onshore, nearshore, and offshore. The nearshore segment is expected to be the fastest-growing and hold the largest market share during the predicted period. Nearshore installations are typically simple than offshore ones and are less costly. Also, the operational efficiency of nearshore installations is found to be superior to onshore ones in various cases, providing the segment an excellent chance to grow. These installations can be utilized for applications like power generation and desalination or both at the same time. Multiple companies have come up with various patents to control wave energy from nearshore installations. All these factors contribute are expected to drive segment growth during the forecast period.
Global Wave Energy Market, by Application
Based on application, the wave energy market is segmented as desalination, environmental protection, and power generation. The power generation segment is expected to dominate the market during the forecast period. This dominance can be attributed to a keen prominence on electrical energy generation utilizing renewable sources. This is done to control the greenhouse gas emission due to power generation operations.
Global Wave Energy Market, by Region
Based on region, the wave energy market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Europe is both the fastest and the largest growing wave energy market. Europe is expected to have maximum implementation and adoption of wave energy conversion devices due to the presence of large number of companies working in the research and development of wave energy converters. Important nations in this zone include the U.K., Spain, Germany, the Nordic nations, and the rest of Europe. The rest of Europe comprises Italy, Ireland, and Italy.
The European region experiences cold temperatures all over the year simultaneously having high buying power. Both these factors contribute to an increased demand for power, eventually raising the demand. To lower carbon emissions from power generation activities, the nations are emphasizing sustainable technologies for power generation.
Major Findings of the Global Wave Energy Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global wave energy analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of the major key market players operating in the global wave energy market include Ocean Power Technologies, Eco Wave Power, Carnegie Clean Energy, SINN Power, AMOG Consulting, Wave Swell, AWS Ocean Energy Ltd., CorPower Ocean, Hann-Ocean CO., Ltd., Limerick Wave Ltd., Arrecife Energy Systems, and OceanEnergy.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global wave energy market.
- Impact of COVID-19 on the global wave energy market
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Global Wave Energy Market, by Technology (Oscillating Water Column, Oscillating Body Converters, Overtopping Converter), Location (Onshore, Offshore, NearShore), Application (Desalination, Environmental Protection, Power Generation), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) - Industry Trends and Forecast to 2030.” in-depth analysis along with the table of contents (ToC).
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