The wave energy market is projected to reach USD 107 million by 2025, at a CAGR of 19.3 % from 2020 to 2025.
Rising adoption of renewable energy generation and other applications is helping manufacturers to invest more in R&D leading to the growth of the wave energy market.
The power generation segment is expected to be the fastest-growing market during the forecast period.
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The wave energy market, by application, is segmented into desalination, power generation, and environmental protection. Power generation segment of the wave energy market is growing rapidly because of the widespread adoption of renewable energy generation. Renewable and non-conventional sources of energy generation have gained momentum in recent years in line with several countries that are focusing on reducing their carbon footprint from power generation activities.
The nearshore segment is expected to grow at the highest CAGR from 2020 to 2025.
Wave energy market, by location, is segmented into onshore, nearshore and offshore installations. Nearshore segment is expected to be the largest and fastest-growing wave energy market, by location, during the forecast period. Nearshore installations have been happening in almost all the regions and is a preferred choice by manufacturers owing to the fact that these installations offer better efficiency than onshore ones and easier installations when compared with offshore locations.
Europe is expected to lead in the global wave energy market.
Europe is both the largest and the fastest-growing wave energy market, followed by North America and the Asia Pacific. It is expected in Europe 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 the 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.
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