Global Wave Energy Market

Wave Energy Market Size, Share, Growth Analysis, By Technology(Oscillating Water Column, Oscillating Body Converters, Overtopping Converters), By Application(Onshore, Offshore, Near-shore), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2077 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 63 |Figures: 70

Wave Energy Market Insights

Global Wave Energy Market size was valued at USD 57.2 Million in 2022 and is poised to grow from USD 66.87 Million in 2023 to USD 233.20 Million by 2031, at a CAGR of 16.9% during the forecast period (2024-2031).

The wave energy market is gaining traction as a promising renewable energy sector that harnesses the power of ocean waves to generate electricity. Waves, driven by wind energy, possess significant potential to provide a consistent and reliable source of power.

The market is driven by the increasing global focus on transitioning to cleaner and more sustainable energy sources, as well as reducing greenhouse gas emissions. Wave energy offers advantages such as minimal environmental impact and predictability due to the consistency of ocean waves. It also contributes to energy security by diversifying the energy mix.

However, there are certain restraints that can potentially obstruct the growing trajectory of the wave energy market. Competition with other renewable energy sources on the market and high implementation costs are only a few of the challenges that the wave energy industry must face and conquer to expand further.

Numerous countries with extensive coastlines are investing in wave energy research and development, with regions like Europe, particularly the UK and Portugal, leading the market. Collaboration between governments, research institutions, and private companies is fostering technological advancements and commercialization.

Market Snapshot - 2024-2031

Global Market Size

USD 57.2 Million

Largest Segment

Onshore

Fastest Growth

Near-shore

Growth Rate

16.9% CAGR

Global Wave Energy Market ($ Bn)
Country Share for Europe Region (%)

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Wave Energy Market Segmental Analysis

The wave energy market is segmented by technology, location, application, and region. Based on technology the market is segmented as, oscillating water column, oscillating body converters, overtopping converters. Based on location the market is segmented as, onshore, offshore, near-shore. Based on application the market is segmented as, power generation, water desalination, pumping of water, and environmental protection. Based on region the market is segmented as, North America, Europe, APAC, LATAM

Analysis By Technology

Based on technology, the wave energy market encompasses a diverse range of approaches to harness the energy potential of ocean waves. One prominent technology is the Point Absorber, which utilizes buoyant structures attached to the seabed through mooring systems. These structures move up and down with the wave motion, generating mechanical energy that is converted into electricity. Another technology, the Oscillating Water Column (OWC), employs a chamber partially submerged in water, with waves causing air movement within the chamber, driving turbines to produce power.

Attenuators are another technology category, consisting of elongated structures floating parallel to the wave direction. The relative motion between sections generates mechanical energy, which is then converted into electrical power. Similarly, the Overtopping Device involves capturing the water that spills over a seawall-like structure due to wave action. Once the water is gathered in one place, it is relayed through turbines to create energy.

Analysis By Location

The wave energy market can generate the power of ocean waves in two primary locations: offshore and nearshore. Offshore wave energy projects are usually installed in locations which are farther from the shore. This is because these projects can access deeper waters, which help gather potent and consistent waves. When installing the turbines in offshore projects, producers usually use underwater or floating platforms that are chained to the ocean floor. In this case, the further the location, the better the chances of gathering greater quantities of energy These projects are favored due to their process of producing effective and dependable energy.

On the other hand, nearshore wave energy projects are grounded closer to the coast, generally located in areas with waves that have less force and are shallower. In the case of these installations, devices are placed close to jetties, breakwaters, or other coastal infrastructure. Nearshore projects can be easy to maintain because they are located closer to the shore. This can reduce the expenses for installation and upkeep, which can be favored despite its low energy output.

Global Wave Energy Market By Location, 2023 (%)

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Wave Energy Market Regional Insights

Speaking regionally, the wave energy market depicts the picture of a heterogeneous environment comprising different regions at different levels of development and acceptance. Europe dominates the market, owing its position to the contributions of countries like the UK and Portugal. This segment has invested in industrial technological developments and an increase in wave energy projects as a result of their huge R&D investments in the industry. The region’s focus on renewable energy and sustainability targets is another factor for its dominance in the market.

As countries like Japan and Australia are exploring the potential of wave energy for their renewable energy plans, the APAC region is expanding significantly. Australia’s strong marine presence and extensive coastline and Japan's interest in ocean-based renewables, a result of its goal to lower fossil fuel dependency, is furthering market growth in the Asia-Pacific region.

As North America dives into the search for green energy resources, they have also entered the wave energy market, with the US and Canada serving as its greatest players. Thanks to industry-academia alliances, research initiatives, and pilot projects, the region is making its name in the wave energy market.

The issues of the wave energy business are being fought by the technological advances and legal structures in these regions, and some examples of these challenges are environmental considerations and high installation costs. Though the market is at its initial stage, it is predicted to flourish with the continued regional expansion and cooperation in the wave energy sector as a result of the necessity of diversifying energy portfolios and rising commitment to sustainable energy solutions.

Global Wave Energy Market By Region, 2024-2031
  • Largest
  • Fastest

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Wave Energy Market Dynamics

Drivers

Renewable Energy Goals

  • Global initiatives to mitigate climate change and lower carbon emissions have increased demand for renewable energy sources. Wave energy supports the shift to more sustainable energy systems by providing a steady and predictable source of clean power.

Abundant Resource

  • The huge and renewable resource of ocean waves provides a steady and dependable source of electricity. Wave energy is a desirable alternative for power generation because of its predictable wave patterns.

Restraints

High Capital Costs

  • Wave energy infrastructure—such as offshore platforms and wave energy converters—may require an enormous upfront investment. Adoption may be hindered by high upfront costs, especially in the absence of government incentives.

Competition with Other Renewable Energy Sources

  • Other sources of renewable energy like those derived from solar and wind power also exist on the global renewable energy market. These energy producing methods are more cost-friendly and have more experienced usage in several industries. Thus manufacturers of energy might prefer investing in competitive energy sources over wave energy. This can affect wave energy demand, thus inhibiting market growth.

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Wave Energy Market Competitive Landscape

The wave energy market is very competitive, with a mix of well-known companies, creative startups, and academic institutions working together to develop wave energy technologies. Leading companies such as Ocean Power Technologies, Pelamis Wave Power (now Wave Energy Scotland), and Carnegie Clean Energy have pioneered the field with pilot projects and technological innovations. These industry veterans contribute their expertise in engineering, oceanography, and renewable energy to drive the commercialization of wave energy converters.

Furthermore, newcomers such as CorPower Ocean, Bombora Wave Power, and Eco Wave Power are presenting innovative methods and technology that improve energy capture effectiveness and lower expenses. Collaborations between governments, research institutions, and private companies are fostering innovation and enabling knowledge-sharing to address technical challenges.

Top Player’s Company Profiles

  • Pelamis Wave Power (Wave Energy Scotland)
  • Bombora Wave Power
  • Eco Wave Power
  • Seabased
  • Aquamarine Power
  • Wello Oy
  • Mocean Energy
  • Oscilla Power
  • AW-Energy
  • Ocean Energy
  • Mako Turbines
  • Oceanlinx

Recent Developments

  • In June 2023, The Scottish government announced its plans to fund the wave energy research and development field with an investment of £20 million.
  • In May 2023, The research agency of the European Union, also known as the European Research Council, gifted USD 10.80 million to a project that aims to develop a new and innovative wave energy converter that is more efficient and cost-effective.
  • In March 2023, Wave Energy Solutions, a Norwegian company in the same industry, reported that it had installed Norway’s first wave energy converter.

Wave Energy Key Market Trends

  • Technological Innovations: The innovations and technological developments in converter designs, control systems, and materials of wave energy are being driven by ongoing research and development. These improvements will help the industry achieve increased durability, reduced operational costs, and improved energy capturing efficiency.

Wave Energy Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Based on our analysis, the global wave energy market, which harnesses the kinetic energy present in ocean waves to generate power, is a growing sector whose growth is influenced by global efforts to integrate renewable and clean energy sources. In terms of region, Europe, particularly the UK and Portugal, sits at the top of the market and leads the way in wave energy R&D. The growing commitment to reduce carbon emissions, the potential for steady power generation from waves, and the need for sustainable energy alternatives drive market growth. Collaboration between private firms, research centers, and the government are key to advance wave energy conversion methods and expand their commercial use as technology evolves.

Report Metric Details
Market size value in 2023 USD 57.2 Million
Market size value in 2031 USD 233.20 Million
Growth Rate 16.9%
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Technology
    • Oscillating Water Column, Oscillating Body Converters, Overtopping Converters
  • Application
    • Onshore, Offshore, Near-shore
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Pelamis Wave Power (Wave Energy Scotland)
  • Bombora Wave Power
  • Eco Wave Power
  • Seabased
  • Aquamarine Power
  • Wello Oy
  • Mocean Energy
  • Oscilla Power
  • AW-Energy
  • Ocean Energy
  • Mako Turbines
  • Oceanlinx
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Wave Energy Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Wave Energy Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Wave Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wave Energy Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wave Energy Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Wave Energy Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Wave Energy Market size was valued at USD 57.2 Million in 2022 and is poised to grow from USD 66.87 Million in 2023 to USD 233.20 Million by 2031, at a CAGR of 16.9% during the forecast period (2024-2031).

The wave energy market is very competitive, with a mix of well-known companies, creative startups, and academic institutions working together to develop wave energy technologies. Leading companies such as Ocean Power Technologies, Pelamis Wave Power (now Wave Energy Scotland), and Carnegie Clean Energy have pioneered the field with pilot projects and technological innovations. These industry veterans contribute their expertise in engineering, oceanography, and renewable energy to drive the commercialization of wave energy converters. 'Ocean Power Technologies', 'Pelamis Wave Power (Wave Energy Scotland)', 'Carnegie Clean Energy', 'CorPower Ocean', 'Bombora Wave Power', 'Eco Wave Power', 'Seabased', 'Aquamarine Power', 'Wello Oy', 'Mocean Energy', 'Oscilla Power', 'AW-Energy', 'Ocean Energy', 'Mako Turbines', 'Oceanlinx'

initiatives to mitigate climate change and lower carbon emissions have increased demand for renewable energy sources. Wave energy supports the shift to more sustainable energy systems by providing a steady and predictable source of clean power.

Technological Innovations: The innovations and technological developments in converter designs, control systems, and materials of wave energy are being driven by ongoing research and development. These improvements will help the industry achieve increased durability, reduced operational costs, and improved energy capturing efficiency.

Speaking regionally, the wave energy market depicts the picture of a heterogeneous environment comprising different regions at different levels of development and acceptance. Europe dominates the market, owing its position to the contributions of countries like the UK and Portugal. This segment has invested in industrial technological developments and an increase in wave energy projects as a result of their huge R&D investments in the industry. The region’s focus on renewable energy and sustainability targets is another factor for its dominance in the market.

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Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

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Global Wave Energy Market

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