Wave Energy Market Size, Share, Growth Analysis, By Technology(Oscillating Water Column, Oscillating Body Converters, Overtopping Converters), By Application(Onshore, Offshore, Near-shore), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10B2077 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 70

Wave Energy Market News

In June 2023, The Scottish government announced its plans to fund the wave energy research and development field with an investment of £20 million.

In May 2023, The research agency of the European Union, also known as the European Research Council, gifted USD 10.80 million to a project that aims to develop a new and innovative wave energy converter that is more efficient and cost-effective.

In March 2023, Wave Energy Solutions, a Norwegian company in the same industry, reported that it had installed Norway’s first wave energy converter.

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Wave Energy Market size was valued at USD 57.2 Million in 2022 and is poised to grow from USD 66.87 Million in 2023 to USD 233.20 Million by 2031, at a CAGR of 16.9% during the forecast period (2024-2031).

The wave energy market is very competitive, with a mix of well-known companies, creative startups, and academic institutions working together to develop wave energy technologies. Leading companies such as Ocean Power Technologies, Pelamis Wave Power (now Wave Energy Scotland), and Carnegie Clean Energy have pioneered the field with pilot projects and technological innovations. These industry veterans contribute their expertise in engineering, oceanography, and renewable energy to drive the commercialization of wave energy converters. 'Ocean Power Technologies', 'Pelamis Wave Power (Wave Energy Scotland)', 'Carnegie Clean Energy', 'CorPower Ocean', 'Bombora Wave Power', 'Eco Wave Power', 'Seabased', 'Aquamarine Power', 'Wello Oy', 'Mocean Energy', 'Oscilla Power', 'AW-Energy', 'Ocean Energy', 'Mako Turbines', 'Oceanlinx'

initiatives to mitigate climate change and lower carbon emissions have increased demand for renewable energy sources. Wave energy supports the shift to more sustainable energy systems by providing a steady and predictable source of clean power.

Technological Innovations: The innovations and technological developments in converter designs, control systems, and materials of wave energy are being driven by ongoing research and development. These improvements will help the industry achieve increased durability, reduced operational costs, and improved energy capturing efficiency.

Speaking regionally, the wave energy market depicts the picture of a heterogeneous environment comprising different regions at different levels of development and acceptance. Europe dominates the market, owing its position to the contributions of countries like the UK and Portugal. This segment has invested in industrial technological developments and an increase in wave energy projects as a result of their huge R&D investments in the industry. The region’s focus on renewable energy and sustainability targets is another factor for its dominance in the market.

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Wave Energy Market Size, Share, Growth Analysis, By Technology(Oscillating Water Column, Oscillating Body Converters, Overtopping Converters), By Application(Onshore, Offshore, Near-shore), By Region - Industry Forecast 2024-2031

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