Wave Energy Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

The energy generated by the up and down movement of ocean waves is known as wave energy. Wind energy is used to create the water waves. Wave energy converters are also utilized to capture energy from the ocean waves, which is then used to generate electricity using turbines and generators. Wave energy can be extracted using oscillating body converters, oscillating water column converters, and overtopping converters, among other technologies. The market's growth is fueled by rapid development in the renewable energy sector and an increase in demand for electricity from the marine industry during the forecast period.

MARKET SCOPE

The "Global Wave Energy Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the wave energy market with detailed market segmentation by technology, location, application, and geography. The report provides key statistics on the market status of the leading wave energy market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on technology, the global wave energy market is segmented into oscillating water column, oscillating body converters, and overtopping converters.
•   On the basis of location, the market is segmented into onshore and offshore.
•   Based on application , the market is segmented into desalination, power generation, and environmental protection.

MARKET DYNAMICS

Drivers:

•   Growing demand for power in coastal areas, and growing focus towards green energy sources.
•   Rapid development in the renewable energy sector and an increase in demand for electricity from the marine industry.
•   Increasing government activities, initiatives and investments in the renewable energy .
•   Growing demand for renewable sources of energy.

Restraints:

•   High investment cost may hinder the growth of the wave energy market.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The wave energy market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the wave energy market in these regions.

IMPACT OF COVID-19 ON WAVE ENERGY MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the wave energy market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from wave energy market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the wave energy market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   AMOG CONSULTING
•   AWS Ocean Energy Ltd
•   Carnegie Clean Energy
•   Eco Wave Power Ltd.
•   Limerick Wave Ltd.
•   NEMOS GmbH
•   Ocean Power Technologies
•   OceanEnergy
•   SINN Power GmbH
•   WAVE SWELL

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Wave Energy Report Scope