Industry Background:
Wave energy is a form of renewable energy that may be harnessed from the motion of the waves. It is converted into electricity using a wave energy converter (WEC). There are numerous techniques of harnessing wave energy that involves placing electricity generators at various locations such as offshore, onshore, and nearshore. There are various types of technology used to convert wave energy to electricity that is oscillating water columns, oscillating bodies, and overtopping convertors.This growth is primarily driven by Growing Demand for Renewable Energy Sources
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2023 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Energy & Resources sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Eco Wave Power Ltd. (Israel), SINN Power GmbH (Germany), Ocean Power Technologies, Inc. (United States), Carnegie Clean Energy (Australia), AW-Energy Oy (Finland), Mocean Energy (United Kingdom), OceanEnergy (Ireland), Octoteq (Czech), Wave Swell. (Australia), Arrecife Energy Systems (Spain) and Oscilla Power (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On September 24, 2021, Oscilla Power put its revolutionary new wave energy system, the Triton-C, on a barge to Kaneohe, Hawaii, where it will be deployed offshore of the Marine Corps base and will generate clean, renewable power from the waves of the Pacific Ocean. This is the first commercial-scale demonstration of the Triton technology, which has been under development for more than a decade, supported by the State of Washington, the U.S. Department of Energy and private funders. The Triton-C is the first and largest wave energy platform ever produced in Washington State.The global wave energy market is fragmented due to the presence of several manufacturers at the global and regional levels. Companies are investing in the launch and new technology to enhance their market presence. The level of competition among the companies in the wave energy market is intense.
Regulatory Insights:
“The Energy Union, the Blue Growth Strategy, and the SET-Plan are the main policy initiatives currently in place in the European Commission. The EC has proposed an EU Innovation Fund for the period of 2021–2027, which will build on the NER300 program. It aims at enhancing cost-effective emission reductions and low-carbon investments in, among other sectors, innovative renewable energy technologies. Networks such as OES and European Energy Research Alliance (EERA) have also been playing an important role in the advancement of the sector”
Influencing Trend:
Increasing Adoption of Clean and Green Energy Sources like Wave Energy
Market Growth Drivers:
Growing Demand for Renewable Energy Sources and The Rise in Consumption Of Electrical Energy Worldwide
Challenges:
High Cost of Plant Construction hindering the Wave Energy Market
Restraints:
Intermittency Issues and Unfavourable Weather Condition May Restraints Wave Energy
Opportunities:
Increased Government Investment in Renewable Energy Sector
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Wave Energy - Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Wave Energy - Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Wave Energy - players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Wave Energy - Study Sheds Light on
The Wave Energy - Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Wave Energy - industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Wave Energy - industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.