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Wave Energy Market Revenue to Register Robust Growth Rate of 17.8% During 2027

07-19-2022 06:16 PM CET | Energy & Environment

Press release from: Allied Analytics LLP

As per the report published by Allied Market Research, the global wave energy market was pegged at $43.8 million in 2019, and is projected to reach $141.1 million by 2027, registering at a CAGR of 17.8% from 2020 to 2027.

Rise in demand for electricity from the coastal communities and availability of wave energy sources have boosted the growth of the global wave energy market. On the other hand, high capital investment & insufficient infrastructure hinder the market growth. On the contrary, increasing investments and government initiatives in the renewable energy sector would create lucrative opportunities for the market players in the coming years.

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On the basis of location, the near-shore segment holds the largest market share of 60.2% and 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 the 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 increase in investment in the renewable energy sector across the globe. In addition, increase in demand for power from the marine industry drive the growth of the wave energy market across the globe.

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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 anticipated to maintain this trend during the forecast period. This is attributed to large number of key players and rise in wave energy generation in the region.

The global wave energy market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Ocean Power Technologies, Eco Wave Power, Sinn Power GmbH, Nemos GmbH, Ocean Energy Systems, AWS Ocean Energy Ltd., Wave Swell Energy Ltd, Carnegie Clean Energy Limited, Aquamarine Power Ltd., and Amog Consulting.

Other players operating in the value chain of wave energy market are CorPower Ocean, Aquagen Technologies, Atlantis Resources Ltd., D.E. Energy Ltd., Marine Current Turbine Ltd., Ocean Renewable Power Company LLC, and Others.

Get detailed COVID-19 impact analysis on the Wave Energy Market @ https://www.alliedmarketresearch.com/request-for-customization/8188?reqfor=covid

COVID-19 impact on the market
The worldwide spread of Coronavirus has a huge impact on various industries and countries across the globe. Owing to the lockdown in each and every economy analyzed in the report and others, there is decrease in the growth rate of the industries such as construction & building, transportation, oil & gas, energy, food processing, electronics, pharmaceuticals, textiles, and others. In addition, there is decrease in electricity demand from the COVID-19 affected regions in the last six months, which is expected to hamper the growth of the wave energy market. In Europe, economies such as Germany, France, Spain, Italy, and others, are following the strict measures to break the spread of Coronavirus in their respective regions.
Recently, second wave of COVID-19 pandemic has emerged in the European and North American economies and thus, the governments in these economies imposed temporary lockdown, which is further expected to decline the market growth till the situation is under control.

Key Findings Of The Study
• In 2019, oscillating body converter segment accounted for 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.

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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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