Wave Energy Market Size, Share, Industry Report, Key Player, Major Segments & Forecast 2024-2030

Ocean waves are renewable resources which is ripe for harvesting energy. The energy source can be used as an alternative to wind and solar energy generation to satisfy peak demand and offer an efficient, sustainable and green electricity source.

As technology improves and efficiency gains are realized and wave energy becomes more efficient, it can play an important role in the quest for a sustainable energy future.

The market for waves energy is growing quickly and is driven by growing environmental issues and government initiatives as well as technological advances. This means that this market is projected to expand at a rate of 20% or more over the next 10 years.

Wave Energy Market is expected to grow rapidly at a 16.5% CAGR consequently, it will grow from its existing size of from $76 Million in 2023 to $190 Million by 2030

Download Sample of Wave Energy Market Report https://marketreportservice.com/request-sample/wave-energy-market-54730

Competitive Landscape of the Wave Energy Market

Aquagen Technologies
Carnegie Wave Energy Ltd
Corpower Ocean AB
Ocean Renewable Power Company, LLC
Orbital Marine Power
SIMEC Atlantis Energy Ltd
Verdant Power, Inc
Eco Wave Power AB
Pelamis Wave Power
BioPower Systems Pty. Ltd
Blue Energy Canada Inc
Nova Innovation Ltd
Applied Technologies Company, Ltd
Aqua-Magnetics Inc
Ocean Power Technologies Inc

New Developments

25 October 2023 Orbital Marine Power has been selected by the European Commission’s Horizon Europe Programme to deliver a multi-turbine tidal energy project, Euro-tides.

Sep 8, 2023 Tidal Energy Firm Orbital Wins Two CfDs in UK Renewables Auction

The development of the industry of wave energy is also fueled by increasing interest in offshore wind power and ocean thermal power as well as the emergence of innovative technology for energy storage and grid integration.

Despite the rapid growth of the market, there are still many challenges that have hindered the commercialisation of the technology. This includes the high cost related to construction, development, and maintenance, as well as a lack of funds and investment; previous difficulties and failures; and obstacles to regulatory requirements like licensing and permitting.

With the backing of public policy and an increase in investments, the industry could overcome the obstacles and establish the wave energy industry as an important contributor to the clean, renewable energy future.

Furthermore, the creation and implementation of projects based on wave energy can generate jobs, boost the local economy, as well as help to boost general economic growth.

The development and application of a strong technological platform that is commercially viable is crucial to unlock all the potential this source has to offer.

Therefore, it is essential that the industry continue investing in the research and development to increase efficiency and reduce costs. This will enable wave power to be competitive with renewable energy sources and traditional power sources in the energy market.

Wave energy is a great source to supply power to coastal areas, like isolated and densely populated island regions, which depend on diesel generators that are expensive to generate electricity.

In addition, the constant generation of energy from WECs is unaffected by the local weather conditions and will supply electricity to these areas in times when wind and solar power aren't producing. This can contribute to maintaining the reliability of the electricity grid, and will allow these communities to be more self-sufficient.

Segments Covered in the Wave Energy Market

Wave Energy Market by Technology