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Global Wave Energy Market Size, Growth, Trends, Report: By Technology: Oscillating Water Column, Oscillating Body Converters, Overtopping Converters; By Location: Onshore, Offshore, Nearshore; By Application: Power Generation, Water Desalination, Pumping of Water, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Wave Energy Market Outlook
The global wave energy market attained a value of nearly USD 75.22 million in 2023. The market is further expected to grow at a CAGR of 19.3% in the forecast period of 2024-2032 to reach a value of about USD 368.20 million.
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Increasing Demand for Wave Energy to Augment the Market Growth
The market is being aided by the increasing demand for renewable energy sources and the growing availability of wave energy supply due to its accessibility, which have further led to an increase in investments within the industry. Wave energy production is a result of up and down movements of waves of the ocean. The extraction of the wave energy is achieved using wave energy generators from the ocean waves, and they, thus, are used to produce electricity with the use of turbines and generators. These energy production procedures are renewable, thus, are in high demand due to a growing focus on renewable energy by private and public players. The wave energy industry is a new sector that is still under development and, thus, is expected to witness a healthy investment in research and development activities. The rise in research and development activities is expected to make the processes more efficient and cost-effective, thus, is further anticipated to aid the market growth.
Europe to Provide Significant Growth Opportunities to the Wave Energy Industry
Europe is one of the most significant and fastest-growing regional markets for wave energy, closely followed by North America and the Asia Pacific markets. The anticipated growth in the adoption and implementation of wave energy conversion devices in Europe due to the presence of a significant number of players in the European markets working in the research and development of wave energy converters are expected to propel the market growth in the coming years. The growth in the demand for wave energy in the European market can be attributed to the cold ambient temperatures of the region and high buying power of consumers, which is expected to contribute to the increased electricity demand. The increased dependence on renewable sources instead of sources that contribute to carbon emissions, further supported by the introduction of favourable governmental environmental policies, is also projected to aid the market growth in the region.
Wave Energy: Market Segmentation
Wave energy is the transportation and capturing of energy by ocean surface waves using wave energy generators. The energy captured is further used to perform various activities, such as electricity generation, water desalination, and pumping of water . Wave energy is a renewable source of energy and plays a significant role in reducing greenhouse gas emissions that take place due to power generation operations through conventional methods.
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By technology, the market is divided into:
- Oscillating Water Column
- Oscillating Body Converters
- Overtopping Converters
Based on application, the industry can be segmented into:
- Power Generation
- Water Desalination
- Pumping of Water
- Environmental Protection
On the basis of location, the industry can be categorised into:
- Onshore
- Offshore
- Nearshore
The regional markets for wave energy include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for Clean Energy to Catalyse the Growth of the Wave Energy Industry
The global market for wave energy is being driven by the growing demand for alternative and clean energy sources globally due to the growing environmental concern regarding the carbon emissions emitted by fossil-based energy sources. The increasing global demand for energy is further supporting the growth of the industry. The growing aversion to the usage of conventional sources contributing to the increase in greenhouse gases is also aiding the increasing shift towards renewable sources of energy like wave energy, thus, further catalysing the market growth. The expected growth in investments into the industry, combined with the rising support by governments and large global players in the development of technologies, is projected to aid the market growth in the coming years.
Key Industry Players in the Global Wave Energy Market
The report gives a detailed analysis of the following key players in the global wave energy market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Ocean Power Technologies Inc.
- SINN Power GmbH
- NEMOS GmbH
- AWS Ocean Ltd.
- CorPower Ocean AB
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Location |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Wave Energy Market Analysis
8.1 Key Industry Highlights
8.2 Global Wave Energy Historical Market (2018-2023)
8.3 Global Wave Energy Market Forecast (2024-2032)
8.4 Global Wave Energy Market by Technology
8.4.1 Oscillating Water Column
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Oscillating Body Converters
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Overtopping Converters
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Wave Energy Market by Location
8.5.1 Onshore
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Offshore
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Nearshore
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Wave Energy Market by Application
8.6.1 Power Generation
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Water Desalination
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Pumping of Water
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Environmental Protection
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.7 Global Wave Energy Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Wave Energy Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Wave Energy Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Wave Energy Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Wave Energy Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Wave Energy Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 NEMOS GmbH
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 CorPower Ocean AB
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Ocean Power Technologies, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 SINN Power GmbH
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 AWS Ocean Energy Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Wave Energy Market: Key Industry Highlights, 2018 and 2032
2. Global Wave Energy Historical Market: Breakup by Technology (USD Million), 2018-2023
3. Global Wave Energy Market Forecast: Breakup by Technology (USD Million), 2024-2032
4. Global Wave Energy Historical Market: Breakup by Location (USD Million), 2018-2023
5. Global Wave Energy Market Forecast: Breakup by Location (USD Million), 2024-2032
6. Global Wave Energy Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Wave Energy Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Wave Energy Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Wave Energy Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Wave Energy Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Wave Energy Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Wave Energy Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Wave Energy Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Wave Energy Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Wave Energy Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Wave Energy Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Wave Energy Market Forecast: Breakup by Country (USD Million), 2024-2032 Wave Energy
18. Middle East and Africa Wave Energy Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Wave Energy Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Wave Energy Market Structure
Key Questions Answered in the Report
In 2023, the global wave energy market attained a value of nearly USD 75.22 million.
The market is projected to grow at a CAGR of 19.3% between 2024 and 2032.
The industry is primarily being driven by the increasing availability of wave energy due to its accessibility, growth in investments into the industry, rising support by governments and large global players, increase in greenhouse gases, and increased electricity demand.
The key trends propelling the industry’s growth are the growing environmental concerns about carbon emissions and the growing demand for alternative and clean energy sources.
The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific with Europe accounting for the largest share in the market.
By technology, the market is divided into oscillating water column, oscillating body converters, and overtopping converters.
On the basis of location, the industry can be categorised into onshore, offshore, and nearshore.
Based on application, the industry can be segmented into power generation, water desalination, pumping of water, and environmental protection.
The major players in the industry are NEMOS GmbH, CorPower Ocean AB, Ocean Power Technologies, Inc., SINN Power GmbH, and AWS Ocean Energy Ltd., among others.
Analyst Review
The global wave energy market attained a value of USD 75.22 million in 2023, driven by the rising demand for renewable energy sources. Aided by the increasing availability of wave energy due to its accessibility and growing environmental concerns, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 19.3%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on technology, the global wave energy industry can be segmented into oscillating water column, oscillating body converters, and overtopping converters. By location, the industry is divided into onshore, offshore, and nearshore. On the basis of application, power generation, water desalination, pumping of water, and environmental protection are the various segments. The major regional markets for the wave energy are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific, with Europe accounting for the largest share of the market. The key players in the above market include NEMOS GmbH, CorPower Ocean AB, Ocean Power Technologies, Inc., SINN Power GmbH, and AWS Ocean Energy Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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