Wave Energy Market Analysis and Global Forecast 2023-2033

Wave Energy Market Overview

The Wave Energy Market Size is expected to reach USD 0.69 Billion by 2033. The Wave Energy Market industry size accounted for USD 0.24 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 17.36% from 2023 to 2033. The Wave Energy Market refers to the sector of the energy industry focused on harnessing the energy generated by ocean waves to produce electricity. This market involves the development, production, and deployment of technologies that convert the kinetic energy of waves into usable electrical power.

The wave energy market aims to provide a renewable and sustainable energy source, contributing to the reduction of greenhouse gas emissions and dependence on fossil fuels. Governments around the world are increasingly investing in renewable energy, and wave energy has the potential to be a major part of the future energy mix.

Global Wave Energy Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had significant impacts on the Wave Energy Market. The pandemic caused delays and interruptions in the development and deployment of wave energy projects due to supply chain disruptions, restrictions on travel, and shutdowns of manufacturing facilities. Economic uncertainties and financial constraints during the pandemic led to challenges in securing funding and investment for new wave energy projects. Many investors became cautious, affecting the flow of capital into the sector. R&D activities in wave energy technology faced setbacks due to reduced workforce availability, restricted access to laboratories, and disruptions in testing and prototype development. The overall market uncertainty and fluctuations in energy demand during the pandemic led to a shift in priorities for some stakeholders, potentially impacting the long-term planning and commitment to wave energy initiatives. The pandemic also accelerated the adoption of digital technologies and remote monitoring, which could benefit the wave energy sector by enhancing operational efficiency and reducing costs.

Wave Energy Market Dynamics

The major factors that have impacted the growth of Wave Energy Market are as follows:

Drivers:

• Technological Advancements

Innovations in wave energy technologies, such as more efficient converters and improved materials, enhance the viability and efficiency of wave energy systems, driving market growth. Wave energy can contribute to energy security by diversifying the energy mix and reducing dependence on imported fossil fuels. Coastal regions with high wave energy potential can benefit from localized energy production. Growing public awareness of the benefits of renewable energy and increasing support for sustainable practices drive demand for wave energy solutions. The global transition towards a low-carbon economy and the commitment to international climate agreements (such as the Paris Agreement) support the development of wave energy as part of a broader strategy to reduce carbon emissions.

Restraint:

• Perception of High Capital Costs and Infrastructure Requirements

The initial investment required for developing and deploying wave energy technologies is relatively high. This includes costs for research and development, manufacturing, and installation, which can be a barrier to entry for many investors and developers. Developing the necessary infrastructure for wave energy, such as energy transmission systems and maintenance facilities, can be challenging and costly. This includes the need for specialized equipment and vessels to support offshore installations.

Opportunity:

⮚      Global Energy Transition

The global shift towards decarbonizing energy systems and achieving net-zero emissions creates a favorable environment for renewable energy sources, including wave energy. This transition opens up new market opportunities for wave energy projects. Wave energy is particularly well-suited for coastal and island regions with high wave potential. These areas can benefit from localized energy production, reducing dependency on imported fuels and enhancing energy security. The growth of the wave energy sector can stimulate local economies by creating jobs and fostering new industries. This includes opportunities in manufacturing, construction, maintenance, and research and development.

Wave Energy Market Segment Overview

By Technology

Based on Technology, the market is segmented based on Oscillating Water Column, Oscillating Body Converters, Overtopping Converters and Others. The oscillating water column segment dominant the market. As a sustainable and non-polluting energy source, oscillating wave column technology is produced by the wind’s natural flow through a Wells turbine and emits no greenhouse gases. The shoreline plan’s on-land placement of the turbine the primary movable component makes it simple to remove for maintenance or repair.

By Location

Based on Location, the market segment has been divided into Onshore, Nearshore, Offshore and Others. The near shore segment dominant the market. This is because installations closer to the property are easier and less expensive. Furthermore, it is usually discovered that nearshore installations are more efficient than onshore ones, which presents a great chance for future market expansion. Desalination and electricity generation are two concurrent uses for these facilities. Different patents have been created by many firms for the regulation of wave energy from nearshore plants. The nearshore segment components collectively play a role in the growth of the wave energy converter market.

By Application

Based on Application, the market segment has been divided into Desalination, Power Generation and Environmental Protection. The power generating segment dominant the market, as a result of increased global electrical power demand and technological improvement. As a result, expanding the capacity of the power sector is necessary to meet rising worldwide demand. Due to its potential, predictability, and high availability compared to other conventional renewable resources, electricity produced from the sea is becoming more and more popular and currently rules the market.

Global Wave Energy Market Regional Analysis

Based on region, the global Wave Energy Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Wave Energy Market followed by the Asia-Pacific and Europe regions.

Wave Energy North America Market

North America holds a dominant position in the Wave Energy Market. North America has several research initiatives and pilot projects, particularly in the U.S. Pacific Northwest and Canada’s west coast. The focus is on developing and testing new technologies. Supportive policies in certain states, such as California, and potential for significant wave energy resources on both coasts provide growth opportunities.

Wave Energy Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Wave Energy Market industry. Countries like China, India, and Japan have vast coastlines and ambitious renewable energy targets, making them potential future leaders in wave energy. They are currently in the early stages of development, but pilot projects are underway. Australia has substantial wave energy resources, particularly along its southern and southwestern coasts. The country is recognized for its high potential and has several significant wave energy projects. Australia has been a pioneer in wave energy research and development, with projects like the Perth Wave Energy Project and ongoing R&D initiatives. Government support and funding programs are in place to advance wave energy technologies.

Competitive Landscape

The global Wave Energy Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• CorPower Ocean
• Ocean Power Technologies Inc.
• SINN Power
• AWS Ocean Energy Ltd.
• Carnegie Clean Energy Limited
• Wave Swell Energy Ltd.
• Eco Wave Power Ltd.
• Atargis Energy Corporation
• AMOG Consulting
• NEMOS

Key Development

In August 2021, AMOGS Holdings Pty. Ltd., partnered with Hellenic Cables for the offshore renewable energy segment which is escalating in the optimal technique to adapt and transfer energy from the ocean to the grid subsea cables are one of the most elaborate and most expensive components of any offshore wind generating installation.

Scope of the Report

Global Wave Energy Market, by Technology

• Oscillating Water Column
• Oscillating Body Converters
• Overtopping Converters
• Others

Global Wave Energy Market, by Location

• Onshore
• Nearshore
• Offshore
• Others

Global Wave Energy Market, by Application

• Desalination
• Power Generation
• Environmental Protection

Global Wave Energy Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $0.69 Billion
CAGR	17.36% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Technology, Location, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	CorPower Ocean, Ocean Power Technologies Inc., SINN Power, AWS Ocean Energy Ltd., Carnegie Clean Energy Limited, Wave Swell Energy Ltd., Eco Wave Power Ltd., Atargis Energy Corporation, AMOG Consulting and NEMOS.
Key Market Opportunities	• Global Energy Transition • Remote and Coastal Applications
Key Market Drivers	• Technological Advancements • Global Energy Transition

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Wave Energy Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Wave Energy Market historical market size for the year 2021, and forecast from 2023 to 2033
• Wave Energy Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Wave Energy Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.