- Oscillating Water Column
- Oscillating Body Converters
- Overtopping Converters
Wave Energy Market size was valued at USD 36.7 million in 2023 and is poised to grow at a CAGR of 18.6% from 2024 to 2030. Wave Energy is a form of renewable energy that can be utilized from the motion of the waves. As waves are formed in the ocean, they generate kinetic energy or movement. It is utilized to power turbines and generate energy that can be converted into electrical energy (electricity) and power. The key factors driving the wave energy market are the rising investments in the adoption of renewable energy and the increase in the global electricity demand are anticipated to drive the demand for the wave energy market in the forecast period. Additionally, wave energy generates prospects for the economies to diversify their energy sources and decrease dependence on imported fossil fuels. By harnessing indigenous disruptions and economies can enhance energy security, decrease vulnerability to supply disruptions, and strengthen resilience against geopolitical risks associated with fossil fuel imports. Furthermore, the deployment of wave energy devices in offshore environments offers substantial growth potential and scalability. Offshore wave energy projects can access higher wave energy resources, benefit from greater spatial availability, and minimize visual and aesthetic impacts compared to onshore installations, assisting the sustainable development of the energy sectors.
Additionally, advancements in wave energy converting technologies and materials robust the invention and improve the efficiency, reliability, and cost-effectiveness of wave energy systems. Consequently, technological inventions like point absorbers, oscillating wave surge converters, and low maintenance requirements unlock novel prospects for the wave energy disposition, which in turn is anticipated to drive the wave energy market in the forecast period. However, the complications associated with the wave energy market are high initial cost, technological immaturity, harsh marine environment, intermittent nature, and environmental impact remain substantial barriers that hamper the demand for the growth of the wave energy market in the forecast period. However, the key opportunities associated with the wave energy market are wave energy generates clean power for the coastal and island communities, wave energy converters assist economies in building carbon-free power systems, and rising demand for marine research, military operations generate lucrative opportunities for the wave energy market in the forecast period, which in turn is anticipated to drive the wave energy market in the upcoming years.
Wave Energy Market Key Developments:
- 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.
Wave Energy Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
18.6%
Largest Market
North America
Fastest Growing Market
Asia Pacific
Wave Energy Market Dynamics
The increasing demand for renewable energy resources in developed and emerging countries is a key factor surge the Wave Energy market over the forecast years. Additionally, the increase in stipulation for sustainable energy sources, and the high efficiency of wind energy are bolstering the wave energy market growth over the forecast period. For instance, South Korea is dedicated to rushing the share of renewable energy sources in the electricity resource, progressively phasing out firewood and nuclear power from the vigor mix. In December 2020, South Korea brought together its Ninth Basic Plan for Long-Term Electricity Ultimatum and Supply 2020-2034 to raise the share of renewable energy in its vigor mix from 15.5% in 2020 to 44% by 2034. Wave energy is anticipated to play a vital role in decreasing dependency on fuel importations for the thermal power cohort, consequently contributing to the wave energy market in the upcoming years. Consequently, according to its Green New Deal, South Korea goals to produce 25% of its power from renewable sources by 2030. The economies offshore wind capacity is anticipated to rise by 13 GW, compared with its existing capacity of 125.5 MW, which in turn is anticipated to robust the wave energy market over the forecast period.
Asia-Pacific Got Significant Share
Wave Energy Market Regional Analysis
Based on regions, the Wave Energy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The Wave Energy market in the Asia Pacific is likely to hold a major revenue share in 2023, and, in the following years, it is predicted to increase rapidly due to rising demand for renewable energy resources, seafood and sea vegetable farming, marine research, and military operations are anticipated boost the wave energy market over the forecast period. for instance, In December 2021, China's largest wave energy farm was associated with the grid at full capacity. The Jiangsu Qidongoffshore wind farm has a capacity of 805 MW and is situated off the eastern jurisdiction of Jiangsu. The project covers an area of 45.4 square miles (115.5 square kilometers) and includes 135 wind turbines and was built at the cost of USD 2.4 billion and is possession by Jiangsu Huawei Wind Power and QidongHua Er Rui Wind Power Technology, sequentially anticipated to robust the wave energy market in the future years. North America is holding a considerable market share in the global market and is expected to dominate the market in the upcoming years due to global key players in this region
Latin America
Europe
Asia Pacific
Middle East
North America
Wave Energy Market Segmentation
By Technology
By Location
- Onshore
- Offshore
- Near-shore
By Application
- Power Generation
- Water Desalination
- Pumping of Water
- Environmental Protection
Geography
- North America
- Europe
- The Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
Wave Energy market was valued at USD 36.7 million in 2023 and is expected to grow at a CAGR of 18.6% from 2024 to 2030.
Asia-Pacific is expected to dominate the Wave Energy market.
AMOG Consulting, AWS Ocean Energy, Carnegie Clean Energy, CorPower Ocean, Eco Wave Power, NEMOS, Ocean Power Technologies, SINN Power, SINN power GmbH, Ocean energy (Ireland), Wave shell, limerick wave ltd., accumulated ocean energy, wave dragon.
The key factors driving the wave energy market are the rising investments in the adoption of renewable energy and the increase in the global electricity demand are anticipated to drive the demand for the wave energy market in the forecast period.
Historic years considered for the market study are 2019 through 2023, 2023 is considered as the base year for market estimation and ten years forecast presented from 2024– 2030.
Key Features of the Reports
- The wave energy market report provides granular level information about the market size, regional market share, historic market (2019-2023) and forecast (2024-2030)
- The report covers the in-detail insights about the competitor’s overview, company share analysis, key market developments and their key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report track recent innovations, key developments and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory frame work and reimbursement scenario.
| 1. Executive Summary |
| 2. Global Wave Energy Market Introduction |
| 2.1. Global Wave Energy Market Taxonomy |
| 2.2. Global Wave Energy Market Definitions |
| 2.2.1. Technology |
| 2.2.2. Location |
| 2.2.3. Application |
| 2.2.4. Region |
| 3. Global Wave Energy Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Wave Energy Market Dynamic Factors - Impact Analysis |
| 3.6. Global Wave Energy Market Competition Landscape |
| 4. Global Wave Energy Market Analysis, 2019-2023 and Forecast, 2024-2030 |
| 4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Wave Energy Market, By Technology, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.1. Oscillating Water Column |
| 5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Oscillating Body Converters |
| 5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Overtopping Converters |
| 5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6. Global Wave Energy Market, By Location, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.1. Onshore |
| 6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Offshore |
| 6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Near-shore |
| 6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Wave Energy Market, By Application, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.1. Power Generation |
| 7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Water Desalination |
| 7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Pumping of Water |
| 7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Environmental Protection |
| 7.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 8. Global Wave Energy Market Forecast, By Region, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Wave Energy Market - Opportunity Analysis Index, By Technology, Location, Application, and Region, 2024-2030 |
| 9. North America Wave Energy Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.1. Technology Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Oscillating Water Column |
| 9.1.2. Oscillating Body Converters |
| 9.1.3. Overtopping Converters |
| 9.2. Location Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.2.1. Onshore |
| 9.2.2. Offshore |
| 9.2.3. Near-shore |
| 9.3. Application Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Power Generation |
| 9.3.2. Water Desalination |
| 9.3.3. Pumping of Water |
| 9.3.4. Environmental Protection |
| 9.4. Country Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Wave Energy Market - Opportunity Analysis Index, By Technology, Location, Application, and Country, 2024-2030 |
| 9.6. North America Wave Energy Market Dynamics Trends |
| 10. Europe Wave Energy Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 10.1. Technology Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Oscillating Water Column |
| 10.1.2. Oscillating Body Converters |
| 10.1.3. Overtopping Converters |
| 10.2. Location Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.2.1. Onshore |
| 10.2.2. Offshore |
| 10.2.3. Near-shore |
| 10.3. Application Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Power Generation |
| 10.3.2. Water Desalination |
| 10.3.3. Pumping of Water |
| 10.3.4. Environmental Protection |
| 10.4. Country Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Russia |
| 10.4.7. Rest of Europe |
| 10.5. Europe Wave Energy Market - Opportunity Analysis Index, By Technology, Location, Application, and Country, 2024-2030 |
| 10.6. Europe Wave Energy Market Dynamics Trends |
| 11. Asia-Pacific Wave Energy Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 11.1. Technology Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Oscillating Water Column |
| 11.1.2. Oscillating Body Converters |
| 11.1.3. Overtopping Converters |
| 11.2. Location Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.2.1. Onshore |
| 11.2.2. Offshore |
| 11.2.3. Near-shore |
| 11.3. Application Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Power Generation |
| 11.3.2. Water Desalination |
| 11.3.3. Pumping of Water |
| 11.3.4. Environmental Protection |
| 11.4. Country Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. China |
| 11.4.2. India |
| 11.4.3. Japan |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Wave Energy Market - Opportunity Analysis Index, By Technology, Location, Application, and Country, 2024-2030 |
| 11.6. Asia-Pacific Wave Energy Market Dynamics Trends |
| 12. Latin America Wave Energy Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 12.1. Technology Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Oscillating Water Column |
| 12.1.2. Oscillating Body Converters |
| 12.1.3. Overtopping Converters |
| 12.2. Location Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.2.1. Onshore |
| 12.2.2. Offshore |
| 12.2.3. Near-shore |
| 12.3. Application Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Power Generation |
| 12.3.2. Water Desalination |
| 12.3.3. Pumping of Water |
| 12.3.4. Environmental Protection |
| 12.4. Country Analysis 2019-2023 and Forecast 2024-2030by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Rest of Latin America |
| 12.5. Latin America Wave Energy Market - Opportunity Analysis Index, By Technology, Location, Application, and Country, 2024-2030 |
| 12.6. Latin America Wave Energy Market Dynamics Trends |
| 13. Middle East and Africa Wave Energy Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 13.1. Technology Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Oscillating Water Column |
| 13.1.2. Oscillating Body Converters |
| 13.1.3. Overtopping Converters |
| 13.2. Location Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.2.1. Onshore |
| 13.2.2. Offshore |
| 13.2.3. Near-shore |
| 13.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. Power Generation |
| 13.3.2. Water Desalination |
| 13.3.3. Pumping of Water |
| 13.3.4. Environmental Protection |
| 13.4. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. South Africa |
| 13.4.3. Rest of MEA |
| 13.5. MEA Wave Energy Market - Opportunity Analysis Index, By Technology, Location, Application, and Country, 2024-2030 |
| 13.6. MEA Wave Energy Market Dynamics Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Key Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. AMOG Consulting (Australia) |
| 14.2.2. AWS Ocean Energy (UK) |
| 14.2.3. Carnegie Clean Energy (Australia) |
| 14.2.4. CorPower Ocean (Sweden) |
| 14.2.5. Eco Wave Power (Israel) |
| 14.2.6. NEMOS (Germany) |
| 14.2.7. Ocean Power Technologies (US) |
| 14.2.8. SINN Power (Germany) |
| 14.2.9. Wave Swell (Australia) |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
- AMOG Consulting
- AWS Ocean Energy
- Carnegie Clean Energy
- CorPower Ocean
- Eco Wave Power
- NEMOS
- Ocean Power Technologies
- SINN Power