Wave Energy Market – Global Upcoming Trends, Growth Drivers, Opportunities and Challenges 2028
A recent market intelligence report that is published by Data Insights Partner on the global Wave Energy Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Wave Energy Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Wave Energy Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Wave Energy Market is offered. In accordance with the report, the global Wave Energy Market is projected to expand by healthy CAGR of 19.3% over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
Wave Energy, by definition, refers to the transport, capture and generation of energy from ocean surface waves or currents which is later used for different applications such as power generation, water desalination etc. Wave Energy is one type of renewable energy and belongs to the one of the largest natural energy sources in the world.
Market Drivers
The growing need to generate more power is the main driver behind the rapid growth of Wave Energy Market. The rising need of power in various sectors such as industrial and construction sectors and to reduce the pollution caused during the thermal power generation are pushing the market growth rate high.
Beside this, the rapid urbanization, growing population, rising per capita income and rising concern over scarce non-renewable resources are also some of the key players behind the rapid growth of the Wave Energy Market.
Aside from these, the government subsidies to the power generating sectors and rising foreign investments in the Wave Energy sector are also adding fuel to this increasing market growth.
The regular introduction of different and brand-new types of Wave Energy generating tools with better technologies, qualities and power in price range to satisfy the varying tastes of the customers is also attracting new consumers and thus helping the growth rate of Wave Energy Market to rise high. The convenience and efficiency of Wave Energy spaces is also helping in the expansion of the said market.
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Market Restraints
The Wave Energy Market has a huge potential. Though it is expanding very fast day by day, many things are preventing it from using its full potential. Some of these restraints are–
High prices of the raw materials, high installation, maintenance and repairing costs, high cost of R&D activities and high transportation and import costs of building materials resulting into high cost of the premium quality end products.
- Unavailability of favorable situations in many regions.
- Lack of awareness about the availability and benefits of the Wave Energy in the developing countries.
- Availability of substitutes at lower prices.
- Opportunities
The Wave Energy Sector is expected have huge opportunities as the governmentally subsidized and funded power generation sector is expanding rapidly. Government initiative to provide a greater amount of energy to its citizens to make daily lifestyles easier and to reduce the waste of scarce resources and pollution is helping this expansion further.
Trends
During the forecast period, Europe followed by North America and Asia Pacific are expected to have the largest share of Wave Energy Market. The demand for these products in the European region is driven by its expanding need to generate more energy due to the cold weather there, growing population and rising disposable income among individuals. It is also believed that on the basis of technology, the oscillating body converters segment will face the highest growth rate for its relatively low costs, high energy generating ability, efficiency and convenience.
Segment Covered:
This market intelligence report on the global Wave Energy Market encompasses market segments based on technology, location, application, end usage and country.
By Technology the global Wave Energy Market has been divided into:
q Oscillating Water Column
q Oscillating Body Converters
q Overtopping Converters
q Others
By Location the global Wave Energy Market has been divided into:
q Onshore
q Nearshore
q Offshore
q Others
By Application the global Wave Energy Market has been divided into:
q Desalination
q Power Generation
q Environmental Protection
q Others
By End Usage the global Wave Energy Market has been divided into:
q Government
q Commercial
By country/region, the global Wave Energy Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q AMOG Consulting
q AquaGen Technologies
q Atlantis Resources Ltd
q Carnegie Clean Energy
q CorPower
q Eco Wave Power
q Marine Current Turbines Ltd
q Nemos
q Ocean Power Technology
q Pelamis Wave Power Ltd
q SINN Power
q Tenax Energy Solutions LLC
q Wave Swell
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Wave Energy Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
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Few Recent Developments
CorPower
In March, 2020, the wave energy producing company CorPower has signed an exclusive agreement with the ABB to use two medium-voltage motors manufactured by ABB, one of which would drive the test rig itself, and the other will be assisting with the energy storage.
Eco Wave Power
Headquartered in Israel, the Eco Wave Power has started to test a combined solution for the wave and solar energies in September, 2019. Their newest product has a solar panel mounted on top of the floater of the already existing wave energy converter which increases the capacity up to 3-10%.
SINN Power
The German wave energy producing company SINN Power has announced to install five wave energy converters in place of the previously planned two wave energy converters at its R&D sectors located in Greece.
Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Wave Energy Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Wave Energy Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of different type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Wave Energy caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Wave Energy Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Wave Energy Market
v Identification of key factors driving investment opportunities in the Wave Energy Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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