Portland, OR, Jan. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global wave energy market was pegged at $43.8 million in 2019, and is projected to reach $141.1 million by 2027, registering at a CAGR of 17.8% from 2020 to 2027.
Rise in demand for electricity from the coastal communities and availability of wave energy sources have boosted the growth of the global wave energy market. On the other hand, high capital investment & insufficient infrastructure hinder the market growth. On the contrary, increasing investments and government initiatives in the renewable energy sector would create lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- The Covid-19 pandemic resulted in a temporary shutdown on plants and the construction of new projects to curb the spread of coronavirus.
- However, as governments of several countries have eased off lockdown restrictions and the energy demand is increasing, the market is expected to get back on track soon.
The global wave energy market is segmented on the basis of technology, location, application, and region. Based on technology, the market is categorized into oscillating water column, oscillating body converters, and overtopping converters. The oscillating body converters segment is estimated to manifest the highest CAGR of 18.0% during the forecast period. In addition, the segment held the lion’s share in 2019, contributing to more than half of the market.
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On the basis of application, the market is divided into power generation, water desalination, pumping of water, and environmental protection. The power generation segment held the largest share in 2019, accounting for more than half of the total revenue of the market. However, the environmental protection segment is projected to portray the highest CAGR of 18.0% during the forecast period.
The global wave energy market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across Europe dominated to market in 2019, accounting for more than half of the market. Moreover, the region is estimated to register the highest CAGR of 18.1% during the forecast period.
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The global wave energy market report includes an in-depth analysis of the major market players such as Ocean Power Technologies, Eco Wave Power, Nemos GmbH, Wave Swell Energy Ltd., Aquamarine Power Ltd., Carnegie Clean Energy Limited., Ocean Energy Systems, Amog Consulting, AWS Ocean Energy Ltd., and Sinn Power GmbH.
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