The Global Wave Energy Market has been estimated to reach a value of USD 42.0 Million in 2021 and it is projected to grow at a CAGR of 18.9% during the forecast period. The factors increasing the development for the wave energy market is because of the increasing adoption for renewable power generation and other applications are helping producers to spend more in research and development leading to the development of the wave energy market.
The ocean waves are created from wind energy. Further, wave energy converters are utilized to take out the energy from these ocean waves, which in turn are 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 in the forthcoming years.
The quick commercialization of energy converter devices and the ample availability of wave energy resources are anticipated to increase the wave energy market over the predicted years. Also, technological growth and the rising adoption of sustainable energy generation are expected to boost the market in the upcoming years.
The wave energy market is segmented based on technology, location, application, and region.
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 anticipated to dominate the market during the predicted 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 Wells turbine. The benefit of this shoreline plan is that the main moving part, the turbine can be easily removed for maintenance or repair because it is on land. This factor is 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 anticipated to be the fastest and largest growing wave energy market, 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 develop further in the future. 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 to the development of the segment.
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 anticipated to be the dominating segment in the application segment during the predicted period. This dominance can be attributed to a keen prominence on electrical energy generation utilizing renewable sources. This is being done to control the emission of greenhouse gases due to power generation operations. These factors led to the development of the segment.
Global Wave Energy Market, by Region
Based on region, the wave energy market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Europe is both the fastest and the largest growing wave energy market. It is anticipated in Europe that there will be maximum implementation and adoption of wave energy conversion devices due to the existence 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.
Recent Developments in the Global Wave Energy Market
Key Findings of the Global Wave Energy Market Include:
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