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The global Wave Energy market size is forecast to reach $124.9 million by 2026, growing at a CAGR of 18.3% from 2021 to 2026. Factors including advancements towards oscillating water column, oscillating body converters and overtopping converters, growing initiatives towards reducing dependency on fossil fuels for meeting zero emission targets, shift towards promoting ocean energy and others have been attributing to the market growth. In addition, rising infrastructural projects related to hydropower generation along with the growth of governmental regulatory frameworks, investments or initiatives towards promoting renewable energy transition can further drive the market growth forward. Rapid commercialization of energy converter devices, growing demand for electricity generated from marine environments along with abundant availability of wave energy will also help in propelling its market demands in the long run.
Wave Energy Market Segment Analysis – By Location of Deployment
Based on the location of deployment, Near Shore segment is analyzed to grow with the highest CAGR of 11.3% in the global wave energy market during the forecast period 2021-2026. Since the gross, as well as exploitable wave energy resources, is smaller for near shore locations, compared to offshore, they have been gaining wide popularity. Deployment of wave energy sources or power generation from sea waves, helps in refracting the incident waves coming from more concentrated directions, along with breaking down the largest waves while limiting power density as well as its destructiveness. This in turn, acts as a major factor attributing to the market growth. Adoption of wave power converters have been significantly getting impacted overtime for the near shore regions, owing to the growing need for improving near shore coastal sites, along with shift towards alternatives other than tidal energy generated in onshore or offshore locations. Within these locations, wave energy devices can be easily connected with the seafloor, offering a suitable fixed basis, against which an oscillating body functions. Additionally, operational efficiency of near shore installations with respect to onshore facilities are comparatively higher, which have been also aiding its market growth, while supporting applications including power generation, desalination and so on simultaneously. In April 2021, a South Korean wave energy developer, Ingine announced about receiving support from KIETI (Korea Environmental Industry & Technology Institute), towards advancing its 10 MW wave energy project planned for Indonesia. Such support towards the development of multi-directional wave energy harvesting to absorb waves released from diverse directions, while making it suitable for shallow waters are set to drive the market growth in the long run.
Wave Energy Market Segment Analysis – By Application
Power Generation application is analyzed to witness the fastest growth in the global wave energy market with a CAGR of 13.5% during 2021-2026. Factors including growing shift towards adoption of renewable energy sources for meeting industrial power requirements, increasing emphasis on reducing harmful CO2 emissions within the power generation industries, and so on have been attributing to the market growth. Since wave energy had emerged as one of the most efficient renewable energy source overtime, its utilization for serving abundant electricity demands across major industries be it power plants, oil & gas, chemicals & petrochemicals, manufacturing and others have been also impacted significantly. In addition, governmental efforts towards reducing dependency on power generation through fossil fuels, shift towards increasing hydro power capacities within power generation firms along with research works on harnessing wave energy more efficiently for electricity generation can be considered vital for boosting the market growth overtime. In April 2021, JSW Energy had revealed about the approval from Central Electricity Authority, India regarding the uprating of its Karcham Wangtoo hydro power plant from 1000 MW to 1091 MW, enhancing power generation capacity. In July 2021, the U.S Department of Energy announced about its plans on providing federal funding of $27 million towards research & development (R&D) projects, focused on more efficient energy conversion from ocean waves into carbon free electricity. This initiative was a part of advancing wave energy technologies towards commercial viability, supporting government’s efforts on net zero emissions by 2050. Such factors are set to drive the market demand for wave or tidal power generation in the long run.
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Wave Energy Market Segment Analysis – By Geography
Europe region had dominated the global wave energy market in 2020, with a share of around 38% and is also anticipated to have a significant growth during the forecast period 2021-2026. Factors including government policies, mandates or legislations supporting development or commercialization of wave energy, rise in establishment of wave energy projects and so on attributes to the market growth. Growing installations regarding wave energy, rising capacity targets for ocean energy technology, as well as increased shift towards clean energy power can also drive the market growth. According to European Commission, under its EU draft strategy, ocean energy technologies including wave and tidal are anticipated to make a significant contribution to the Europe’s energy systems as well as industry by 2030. Implementation of this draft was done with an objective of installing capabilities of 1-3 GW for ocean energy by 2030, further raising it to 60 GW by 2050. In December 2020, Ocean Energy Europe had revealed about signing a Memorandum of Understanding (MoU) with the International Renewable Energy Agency (IRENA) at the Annual Ocean Energy Europe Conference & Exhibition. This was meant to deepen the existing cooperation towards accelerating the commercialization of ocean energy technologies, while promoting the right policy incentives. Such factors are set to drive the market demand for wave energy in the long run.
Wave Energy Market Drivers
Rise in governmental regulatory frameworks, investments or initiatives towards promoting renewable energy transition impacting the market growth of wave energy
The rise in governmental regulatory frameworks, investments or initiatives towards promoting renewable energy transition act as one of the major drivers boosting the market growth of wave energy. Various government regulatory authorities, agencies or organizations have already started focusing on supporting the adoption of clean renewable energy sources for eliminating use of fossil fuel generated power, as a part of meeting CO2 emission reduction targets. With grants, funding as well as mandates for supporting shift towards wave or tidal energy, these factors are bound to drive the market forward. According to European Commission, the Renewable Energy Directive seeks to achieve a 20% renewable energy share in the EU by 2020, as well as a target for a minimum proportion of final energy consumption every Member State. This directive have further prompted a number of Member States to take steps related to promoting development as well as commercialization of wave energy in the hopes of helping the sector meet renewable power generation objectives. As a part of the revised proposal, the renewable energy target has been raised to 32%, for achieving the EU climate target plan by 2030. Such factors are set to drive the market growth in the long run.
The increasing growth of hydropower generation projects will drive the market forward
The increasing growth of hydro power generation projects can be analyzed to drive the market growth of wave energy in the long run. Hydroelectricity is considered one of the growing commercialized energy resource, supporting the shift towards renewable energy power across various countries, attributing to the need for wave energy. An increase in number of investments, government approvals or funding regarding hydro power generation projects will attribute to the market growth. According to International Energy Agency (IEA), about 26000 MW of hydropower projects is expected to be added in India by the year 2030, due to increasing government policy support. In January 2021, the Indian Government had revealed about is approval on the 850 MW Ratle Hydro Electric Project, through an investment of INR5281.94 crore (US$724.2 million). This project was meant to drive hydro power generation for balancing out grids as well as well improve power supply positions. Such factors are further set to drive the market forward in the coming time.
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Wave Energy Market Challenges
Requirement of high capital investments hampers the market growth of wave energy
The requirement of high capital investments act as one of the prime factors restraining the growth of wave energy market. Since offshore systems incur high CAPEX owing to high costs related to installation, maintenance, as well as grid connection, their deployment becomes comparatively expensive than of other renewable energy sources. Additionally, requirement of ships, underwater electrical transmission cables, underwater mooring, and related infrastructural, add to the overall operational costs for the wave energy or power generation from sea waves. Furthermore, initial high prices along with limited dependability of offshore wave energy systems, there is significantly lesser adaptability of wave energy under renewable energy shift, hampering its market growth.
Wave Energy Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Wave Energy market. Wave Energy top 10 companies include:
Eco Wave Power
Carnegie Clean Energy
Ocean Power Technology
Wave Swell Energy, Ltd.
Atargis Energy Corporation
AWS Ocean Energy Ltd., among others.
In October 2020, SINN Power had revealed about deployment of its Ocean Hybrid Platform, designed to help in renewable energy production through combination of wind, wave and PV, under the offshore demonstration project offshore in Greece.
In March 2020, CorPower had partnered up with ABB towards development of a prototype in the form of buoy, capable of converting wave power to electricity, as a part of bringing clean energy from oceans.
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Wave Energy for power generation application is analyzed to witness the fastest growth during the forecast period 2021-2026, due to growing emphasis on reducing harmful CO2 emissions within power generation industries, rise in electricity consumption and others.
Europe wave energy market held the largest share in 2020, owing to various factors including rising establishment of wave energy projects, governmental support to drive renewable energy transitions and so on.
Rise in governmental regulatory frameworks, investments or initiatives towards promoting renewable energy transition along with increased growth in hydro power generation projects is analyzed to significantly drive the global wave energy market during 2021-2026.
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