The global Wave Energy Market size is expected to grow from estimated revenue of USD 44 million in 2020 to USD 107 million by 2025, at a CAGR of 19.3% during the forecast period. The factors driving the growth for wave energy are Likewise, increasing R&D investments and focusing on clean energy generation offer excellent opportunities to this market.
The power generation services segment is expected to be the largest segment of the wave energy market
The wave energy market by application is segmented into desalination, power generation, and environmental protection. The power generation segment is expected to be the largest and fastest-growing market. Multiple countries across the globe are focusing on enhancing their power generation capacity by integrating new and non-conventional renewable technologies, perhaps, giving wave energy converters an excellent opportunity to grow in the future.
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The oscillating body converters segment is expected to hold the largest share of the wave energy market
The oscillating body converters segment is expected to grow at the highest rate during the forecast period. Oscillating body converters absorb the kinetic energy of the wave and further drive a generator for power generation. The main advantage of this type of wave energy converter is its high operational efficiency. In addition, these converters can be used for power generation as well as desalination applications.
Europe is expected to be the largest wave energy market
In this report, the wave energy market has been analyzed for four regions, namely, Asia Pacific, North America, Europe, and Rest of the World. Europe is expected to lead the market during the forecast period. The growing demand and electrical energy generation from renewable sources of energy is a major factor that is driving the market for wave energy converters in the future. Also, WECs are predominantly being designed as well as developed in the European region.
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The global Wave Energy Market is dominated by both global and regional players, such as Eco Wave Power (Israel), Carnegie Clean Energy (Australia), SINN Power (Germany), CorPower (Sweden), Ocean Power Technology (US), and AMOG Consulting (Australia), and among others.