Wave Energy Market Sets New Record, Projected at USD 141.1 Million By 2027 at 17.8% CAGR: AMR

Wave Energy Market Present Scenario and Growth Prospects 2020 - 2027

PORTLAND, OREGON, UNITED STATES, November 22, 2023 /EINPresswire.com/ -- The wave energy market is anticipated to witness considerable growth during the forecast period, owing to factors such as the easy availability of ocean wave power and the rise in demand for electricity from coastal communities. However, high capital investment in infrastructure development is the key factor restraining the growth of the market in the upcoming years. On the contrary, an increase in government initiatives and investments in the development of the renewable energy sector is anticipated to create opportunities for the key players in the wave energy market globally. The global wave energy market was valued at $43.8 million in 2019 and is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/8188

Wave energy is one of the renewable energies extracted from the ocean source, other being tidal currents, tidal range, biofuels from marine biomass, and others. Wave energy converters are used to convert the kinetic and potential energy of ocean waves into electricity. Wave energy possesses various advantages such as renewable, eco-friendly, wide availability, reliability, and others. Wave energy has great potential among all forms of renewable energy in the future.

The abundant availability of ocean wave energy is anticipated to fuel the growth of the market in the upcoming years. In addition, the increase in demand for electricity from coastal communities is also another factor driving the market growth during the forecast period. However, high capital investment and insufficient infrastructure are the key factors hindering the wave energy market growth in the upcoming years. A rise in R&D activities on extracting wave energy efficiently is expected to create opportunities for the key players in the market.

Depending on the technology, the oscillating body converter (OBC) segment held the highest market share of around 53.6% in 2019 and is expected to maintain its dominance during the forecast period. This is owing to the key characteristics of oscillating body converters such as high operating efficiency, small size, reliability, and others.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/8188

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Wave Energy industry's key market players adopt various strategies such as product launches, product development, collaboration, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐖𝐚𝐯𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

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

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/wave-energy-market.html

On the basis of location, the near-shore segment holds the largest market share of 60.2% and a growth rate of 18.0%, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the gaining importance of near-shore installations from power generation and water desalination applications across the globe.

On the basis of application, the power generation segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 17.9%. This is attributed to an increase in investment in the renewable energy sector across the globe. In addition, the increase in demand for power from the marine industry drives the growth of the wave energy market across the globe.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant share in 2019 and is anticipated to maintain this trend during the forecast period. This is attributed to a large number of key players and a rise in wave energy generation in the region.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/8188

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

- In 2019, the oscillating body converter segment accounted for the majority of the share of the global wave energy market, and is expected to maintain its lead throughout the forecast period.
- Environmental protection is the fastest-growing application segment in the wave energy market, expected to grow at a CAGR of 18.0% during 2020–2027.
- Europe region is expected to grow at the fastest rate, registering a CAGR of 18.1%, throughout the forecast period.
- In 2019, Europe dominated the global wave energy market with more than 53.6% of the share, in terms of revenue.
- In 2019, the near-shore segment accounted for about 60.2% of the share in the global wave energy market and is expected to maintain its dominance till the end of the forecast period.
- In 2019, the power generation segment is accounted for 51.3% market share in the year 2019 and is anticipated to grow at a rate of 17.9% in terms of revenue, increasing its share in the global wave energy market.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐅𝐨𝐬𝐬𝐢𝐥 𝐅𝐮𝐞𝐥 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/04/19/2650021/0/en/Fossil-Fuel-Energy-Market-to-Reach-10-646-5-Billion-Globally-by-2031-at-5-3-CAGR-Allied-Market-Research.html

𝟐. 𝐅𝐮𝐬𝐢𝐨𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/03/06/2621218/0/en/Fusion-Energy-Market-Is-Expected-to-Reach-840-3-Billion-by-2040-Allied-Market-Research.html

𝟑. 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/01/19/2591776/0/en/Alternative-Energy-Market-Is-Expected-to-Reach-3-2-Trillion-by-2031-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Analytics LLP
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