The Wave Energy Market is a burgeoning sector within the renewable energy industry, characterized by its harnessing of oceanic wave motion to generate clean and sustainable electricity. With growing global concerns over climate change and a heightened focus on reducing greenhouse gas emissions, wave energy holds significant promise as a reliable and environmentally friendly source of power, attracting increasing attention from investors, governments, and technology developers seeking to unlock its vast potential as a key contributor to the world's renewable energy mix.

The report ‘’Wave Energy Market, By Technology (Oscillating Water Column, Oscillating Body Converters, and Overtopping Converters), By Location (Onshore, near shore, and Offshore), By Application (Desalination, Power Generation, and Environmental Protection), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

Key Highlights:

·         In October 2019, SIMEC Atlantis Energy Limited declared that the company has acquired the Green Highland Renewables project development, asset management, and operation and maintenance business from SIMEC Energy. The project had built more than 45 hydro schemes and comprises more than 65 hydro schemes. The project also offers operation and maintenance services for more than 45 hydro schemes in the UK.

·         In September 2019, MAKO Energy Pte Ltd. introduced the MAKO Tidal Energy Site at the Sentosa Boardwalk in Singapore. This development is the part of a collaboration agreement between MAKO Energy Pte Ltd. and Sentosa Development Corporation (SDC) in December 2018.

Analyst View:

The wave energy market presents a compelling opportunity for diversifying the renewable energy portfolio. It offers the advantage of being highly predictable, as ocean waves are consistent and driven by natural forces. However, challenges related to technology development, infrastructure, and project financing must be overcome for the market to reach its full potential. As advancements continue and regulatory support strengthens, the wave energy sector is poised for gradual but steady growth, providing a valuable addition to the global renewable energy landscape.

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Key Market Insights from the report:        

The global wave energy market accounted for US$ 44.2 billion in 2020 and is estimated to be US$ 252.42 billion by 2030 and is anticipated to register a CAGR of 19.3%. The market report has been segmented on the basis of technology, location, application, and region.

·         By technology, tanks segment is expected to gain highest share over the forecast period. LNG carriers carry a massive amount of LNG in the cargo tanks, and thus, maintaining the tank pressure is of paramount importance. Tanks provide several benefits including extended service life, lower maintenance cost, and high-quality insulation.

·         By location, natural gas dominants segment in 2017 and estimates for over 40% of the overall revenue share. Shale revolution adopted by the U.S. government has driven to high natural gas production, consequently increasing industry demand in the oil & gas sector. Growth in trade of natural gas is projected to offer lucrative growth opportunities to the industry.

·         By application, the power generation segment is projected to be the most significant wave energy market over the forecast period. This dominance is attributed mainly due to electrical energy generation by means of renewable sources. This is being done to control emission of greenhouse gases due to power generation operations.

·         By region, Asia Pacific estimated for a revenue share of 39.0% in the target market in 2017. Environmental regulations, Public funding programs, government policies, and competition are mainly responsible to drive the growth of marine energy technology in the region.

Competitive Landscape:

The prominent player operating in the global wave energy market includes Ocean Power Technologies Inc., Aquanet Power, Simec Atlantis Energy, Orbital Marine Power, Carnegie Clean Energy, OPRC Inc., Yam Pro Energy, AW Energy OY, Andritz Hydro Hammerfest, and BioPower Systems Pty Ltd.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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