Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Wave Energy Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Wave Energy Market. The research also emphasizes on the impact of restraints,
drivers, and macro indicators on the regional and global Wave
Energy Market over the short as
well as long period of time. A detailed presentation of forecast, trends, and
dollar values of global Wave Energy Market is offered. In accordance with the report, the global
Wave Energy Market is projected to
expand by healthy CAGR of 19.3% over the period of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Wave
Energy, by definition, refers to the transport, capture and generation of
energy from ocean surface waves or currents which is later used for different
applications such as power generation, water desalination etc. Wave Energy is
one type of renewable energy and belongs to the one of the largest natural
energy sources in the world.
Market Drivers
The
growing need to generate more power is the main driver behind the rapid growth
of Wave Energy Market. The rising need of power in various sectors such as
industrial and construction sectors and to reduce the pollution caused during
the thermal power generation are pushing the market growth rate high.
Beside
this, the rapid urbanization, growing population, rising per capita income and
rising concern over scarce non-renewable resources are also some of the key
players behind the rapid growth of the Wave Energy Market.
Aside
from these, the government subsidies to the power generating sectors and rising
foreign investments in the Wave Energy sector are also adding fuel to this increasing
market growth.
The
regular introduction of different and brand-new types of Wave Energy generating
tools with better technologies, qualities and power in price range to satisfy
the varying tastes of the customers is also attracting new consumers and thus
helping the growth rate of Wave Energy Market to rise high. The convenience and
efficiency of Wave Energy spaces is also helping in the expansion of the said
market.
Market Restraints
The Wave Energy Market has a huge potential. Though it is expanding very fast
day by day, many things are preventing it from using its full potential. Some
of these restraints are–
High prices of the raw materials, high
installation, maintenance and repairing costs, high cost of R&D activities and high transportation and
import costs of building materials resulting into high cost of the premium
quality end products.
Unavailability of favorable situations in many regions.
Lack of awareness about the availability and
benefits of the Wave Energy in the developing
countries.
Availability of substitutes at lower prices.
Opportunities
The Wave Energy Sector is expected have huge opportunities as the governmentally
subsidized and funded power generation sector is expanding rapidly. Government
initiative to provide a greater amount of energy to its citizens to make daily
lifestyles easier and to reduce the waste of scarce resources and pollution is
helping this expansion further.
Trends
During
the forecast period, Europe followed by North America and Asia Pacific are
expected to have the largest share of Wave Energy Market. The demand for these products
in the European region is driven by its expanding need to
generate more energy due to the cold weather there, growing population and
rising disposable income among individuals. It is also believed that on the basis of
technology, the oscillating body converters segment will face the highest
growth rate for its relatively low costs, high energy generating ability, efficiency
and convenience.
Segment Covered:
This market
intelligence report on the global Wave Energy Market encompasses market segments based on technology, location,
application, end usage and country.
By Technology
the global Wave Energy Market has been divided into:
q Oscillating
Water Column
q Oscillating
Body Converters
q Overtopping
Converters
q Others
By Location
the global Wave Energy Market has been divided into:
q Onshore
q Nearshore
q Offshore
q Others
By Application
the global Wave Energy Market has been divided into:
q Desalination
q Power
Generation
q Environmental
Protection
q Others
By End
Usage the global Wave Energy Market has been
divided into:
q Government
q Commercial
By country/region,
the global Wave Energy Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q AMOG
Consulting
q AquaGen
Technologies
q Atlantis
Resources Ltd
q Carnegie
Clean Energy
q CorPower
q Eco
Wave Power
q Marine
Current Turbines Ltd
q Nemos
q Ocean
Power Technology
q Pelamis
Wave Power Ltd
q SINN
Power
q Tenax
Energy Solutions LLC
q Wave
Swell
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Wave Energy Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
CorPower
In March, 2020, the wave energy
producing company CorPower has signed an exclusive agreement with the ABB to
use two medium-voltage motors manufactured by ABB, one of which would drive the
test rig itself, and the other will be assisting with the energy storage.
Eco Wave Power
Headquartered in Israel, the Eco Wave
Power has started to test a combined solution for the wave and solar energies
in September, 2019. Their newest product has a solar panel mounted on top of
the floater of the already existing wave energy converter which increases the
capacity up to 3-10%.
SINN Power
The German wave energy producing company
SINN Power has announced to install five wave energy converters in place of the
previously planned two wave energy converters at its R&D sectors located in
Greece.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Wave Energy Market, size of the market (US$ Mn), and Compound Annual Growth
Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019
as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Wave Energy Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of different type of models,
government initiatives, marketing tactics and expansion, and technical up
gradation
Ø
The world
market for Wave Energy caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Wave
Energy Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Wave Energy Market
v
Identification
of key factors driving investment opportunities in the Wave Energy Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants