Wave Energy Market Likely to Experience a Tremendous Growth in Near Future
Wave energy can be used to convert the kinetic energy of waves into electrical energy. This harvested energy can be utilized by the coastal population. In addition, offshore structures, including oil & gas platforms and environmental agency bases, can be fed with the electricity produced by these WECs to reduce their dependence on conventional diesel as well as gas-based power generators, also helping in reduction of carbon emissions.
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 the wave energy market.
The power generation is expected to be the largest and fastest-growing segment of the wave energy 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. The power generation is expected to be the most significant segment of the wave energy market. This dominance can be attributed to a keen emphasis on electrical energy generation by means of renewable sources. This is being done to curb emission of greenhouse gases because of power generation operations.
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Europe is both largest and the fastest-growing wave energy?market, followed by North America and Asia Pacific. It is expected in Euope that there will be maximum adoption and implementation of wave energy conversion devices owing to the presence of a large number of companies working in the research and development of wave energy converters. Major countries in this region include Germany, the UK, Spain, the Nordic Countries, and Rest of Europe. Rest of Europe includes Ireland and Italy. The European region experiences cold ambient temperatures throughout the year simultaneously having high buying power. Both these factors lead to an increased demand for power, ultimately increasing the demand. To reduce carbon emissions from power generation activities, the countries are emphasizing on renewable technologies for power generation.
Key Market Players:
The major players in the global Wave Energy Market Eco Wave Power (Israel), Carnegie Clean Energy (Australia), SINN Power (Germany), CorPower (Sweden), Ocean Power Technology (US), and AMOG Consulting (Australia), and amoung others.
Project Manager @ Terravanta | Leading Clean Energy Projects
2 年Nice post Vidya - I see both wave and tidal energy market growing significantly in near future as more marine systems are built to utility scale that are built specifically for the water currents / global locations.