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Allied Market Research

Wave Energy Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

A07823
Pages: NA
Nov 2020 | 52 Views
 
Author(s) : NA
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Wave Energy Market Outlook- 2027

Wave energy is the process of capturing energy by ocean surface waves. The energy captured is then used for generate electricity, water distillation, and pumping of water. The wind currents in the ocean results in the formation of large waves, and these formed waves contain wave energy that is captured and subsequently utilized for various purposes such as electricity generation and pumping of water.  The machine used for exploiting wave power is called wave energy convertor. The high-tech devices in the ocean capture the natural movements of the waves and the flow of swells to generate power. Electricity generators are placed on the surface of ocean to get wave energy. In addition, the output of the energy can be determined by wave height, speed of the wave, and water density. The wave energy is considered renewable and environment-friendly. Hence, owing to its multiple benefits, the wave energy market is likely to witness significant growth during the forecast period.

Scope of the report

                Report Metric

                                     Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period 

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

  Type, Application, End User, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), LAMEA (Brazil, Mexico, and the Rest of LATAM), and the Middle East & Africa

  Companies covered

Eco Wave Power, Carnegie Clean Energy, SINN Power, Corower, Ocean Power Technology, AMOG Consulting, AW Energy, Carnegie Clean Energy, Wave Swell Energy, and Arrecife Energy Systems

 

COVID-19 impact analysis

The global market for wave energy is severely impacted by the outbreak of the COVID-19 pandemic. The decline in the rate of seaborne trade due to the COVID-19 outbreak is anticipated to affect the growth of the wave energy market. Wave energy has a vital use in electricity generation; hence, less trade can affect the demand for wave energy requirements. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, the disruption in supply of raw materials hampers the production rate and supply chain of the wave energy market.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The need to replace current energy sources such as fossils fuels, gas, and coal acts as a major factor that drives the growth of the global wave energy market. The market is diverting toward the adoption of renewable sources of energy and considers safe environment a vital factor. Thus, wave energy has been widely used to generate electricity. This accelerated consumption of electricity in commercial and other industrial processes, which notably contributes toward the growth of the overall market. However, in the early stage of developments, high prices for installations hampered the growth of the market. Furthermore, the wave energy mechanism causes disturbances for private and commercial vessels in coastlines, which restrains the market growth during the forecast period.

New product launches to flourish the market

The major developments in wave energy markets include stage entryway measurements, swaying body power converters to confront the power-related difficulties of oceans, and the micro grids, which influenced the advancements of renewable on land. Furthermore, the robotics technology aids in developing wave energy converters to better absorb the power of ocean waves. The major market players have taken the necessary steps to improve the accuracy of devices and overall functionality.

Surge in usage in of energy and industrial applications 

Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Leading market players have determined how improved accuracy can be influential in many applications. The wave energy helps in fulfilling needs for clean and water desalinated water. In addition, it widely used for costal eosin prevention and hydrogen production.

Key segments covered

             Segment

                          Subsegment

  By Technology

  • Oscillating Water Column
  • Oscillating Body Convertors
  • Overtopping Convertors

  By Application

  • Power Generation
  • Desalination
  • Environmental Protection
  • Hydrogen production
  • Others

  By Region

 

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report

  • This study presents the analytical depiction of the global wave energy industry along with the current trends and market estimation to determine the imminent investment pockets.
  • The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the wave energy market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the wave energy market growth scenario.
  • The report provides a detailed global market analysis depending on competitive and how the competition will take shape in coming years.
  • This report helps users in comprehending the key product segments and their future.
 
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