Press release
Wave Energy - Fuel Of The Future
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Wave energy is the 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 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 the all forms of renewable energy in the future. Wave energy market is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.
By technology, the oscillating body converters segment held the largest share in 2019, accounting for more than half of the global wave energy market. In addition, the segment is projected to register the highest CAGR of 18.0% during the forecast period, owing to the advantages of using this technology such as high operating efficiency, small size, and reliability in extracting waver energy from the ocean waves. Moreover, the report also includes the analysis of segments such as oscillating water column and overtopping converters.
By application, the environmental protection segment is estimated to manifest the highest CAGR of 18.0% during the forecast period, owing to rise in awareness towards environmental protection and stringent government regulation towards environmental pollution across the globe. However, the power generation segment dominated the global wave energy market in 2019, contributing to more than half of the market, due to increase in investment in the renewable energy sector across the globe and increase in demand for power from the marine industry and coastal communities.
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By region, the market across Europe is projected to portray the highest CAGR of 18.1% during the forecast period. In addition, the region accounted for the largest share in 2019, holding more than half of the market, owing to large number of key players and rise in wave energy generation in the region. In addition, rise in investment and government initiatives toward the development of ocean wave energy technology is anticipated to drive the wave energy market growth in this region. On the other hand, the global wave energy market across North America is expected to register a CAGR of 17.6% from 2020 to 2027.
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.
• 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.
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