Rise in Demand for Power from Coastal Communities Expected to Drive Global Wave Energy Market: Ken Research
The wave energy is a power that is utilized from the sea or the ocean waves. It is also known as sea wave energy or ocean energy which is used for generating electricity, water desalination, pumping of the water, and many other numerous tasks. Moreover, the trend of using wave energy is being observed over the global wave energy market with increased funding in the development of power projects being linked with wave energy usage. Moreover, due to inadequate availability of the traditional fuels such as gas, oil, and coal in conjunction with the correlated pollution issued by utilization of such fuel sources have escalated the investing in the usage of the cleaner energy sources is considered to be the key driving force for the market growth. These wave energy resources are further plentiful in nature and ecologically friendly. Some of the key benefits associated with wave-energy sources, there has been a soaring trend of investment in wave energy projects over the forecast period.
According to study, “Global Wave Energy Market to reach USD 127.3 million by 2026” the key companies operating in the global wave energy market are AMOG Consulting, Carnegie Wave Energy Ltd., Aquagen Technologies, Ocean Renewable Power Company LLC, Aquamarine Power ltd., Ocean Power Technologies, Inc., Atlantis Resources Ltd., Pelamis Wave Power Ltd, D.E. Energy Ltd., Tenax Energy Solutions LLC, Eco Wave Power, Sinn Power, Marine Current Turbines Ltd., Wave Swell, Nemos.
Based on technology, the wave energy market is segmented as oscillating body converters, oscillating water column and overtopping converters. Based on location, the market is segmented as nearshore, onshore, and offshore. In addition, based on the application, the market is segmented as environmental protection, power generation, and desalination. The key players are engaged in the power generation services are expected to exhibit a substantial growth rate owing to the supremacy and can be attributed to an eager emphasis on the electrical energy generation by means of renewable sources.
The wave the energy market is driven by a rise in demand for power from coastal communities, followed by the abundant availability of wave energy resources. However, high CAPEX investment and the intermittent nature of certain waves may impact the market. Moreover, the integration of wave energy with other renewable energy technologies and an increase in research & development (R&D) investment along with a rise in focus on clean energy generation are key opportunities for the market.
Based on geography, the North-American region holds a major share in the global wave energy market owing to a strong focus on R&D and renewable energy across the region. Whereas, the European and Asian-Pacific regions are anticipated to exhibit the highest growth rate due to an increase in public funding programs, a rise in government policies, environmental regulations, and ambitious renewables targets or competition over the forecast period. The global wave energy market is valued approximately at the US $37 million in 2019 and is projected to grow with a healthy growth rate of more than 19.3% over the forecast period 2020 to 2026.
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Global Wave Energy Market Analysis
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