Wave Energy Market by Technology (OSW, OBC, & Overtopping Converters), Location (Onshore, Nearshore, Offshore), Application (Desalination, Power Generation, and Environmental Protection), and Region - Global Forecast to 2025
Wave Energy Market
Global Wave Energy Market is expected to grow at a CAGR of 19.3 %
Wave Energy Market and Top Companies:
- Ocean Power Technologies (US)
- Eco Wave Power (Israel)
- Carnegie Clean Energy (Australia)
- SINN Power (Germany)
- AMOG Consulting (Australia)
- NEMOS (Germany)
- OceanEnergy (Ireland)
- Wave Swell (Australia)
- AWS Ocean Energy (UK)
- CorPower Ocean (Sweden)
Ocean Power Technologies (US): Ocean Power Technologies is one of the pioneers in oceanic renewable energy technology. The company specializes in advanced autonomous (non-grid connected) and sustainable ocean-based power generation and management technology. Ocean Power Technologies offers wave energy converters that work on the principle of oscillating body technology.
Eco Wave Power (Israel): Eco Wave Power is one of the key companies in the field of ocean-based renewable energy. The company focusses on conceptualizing and planning new and competitive wave energy technologies. It has developed proprietary technology for producing electrical energy from the ocean and sea waves.
Carnegie Clean Energy (Australia): Carnegie Clean Energy is one of the leading wave energy technology and solar/battery microgrid project developers. The company emphasizes on Engineering Procurement and Construction (EPC) and Energy Made Clean (EMC) for battery/solar based microgrids to islands and remote and fringe-of-grid communities. It also offers renewable energy generation products having a combination of wave, solar, wind, storage, and desalination.
SINN Power (Germany): SINN Power offers renewable energy solutions for coastal regions. The company focusses on providing clean and cost-effective energy from the oceans. SINN Power engineers and develops wave energy converters, energy systems, and generator technology.
AMOG Consulting (Australia): AMOG Consulting (Australian Marine & Offshore Group) provides engineering solutions across offshore energy, mining and resources, defense, transport, and maritime construction industries. It specializes in wave energy, marine and offshore engineering, naval architecture, integrity management, R&D, renewable energy, engineering design & analysis, and asset integrity.
NEMOS (Germany): NEMOS is one of the key technology leaders in the field of wave energy and related ocean engineering topics. NEMOS focusses on designing, engineering, and R&D of wave energy converters and operates through three business segments, namely wave energy, engineering, and test facilities. NEMOS Wave Energy Converter offered by the company is based on oscillating body technology. NEMOS WEC comes integrated with multiple solar modules in-order to enhance its power generation capability. The company uses composite spring for transmitting the energy absorbed by the floating body to a belt drive.
OceanEnergy (Ireland): OceanEnergy is a major player offering innovative renewable energy in the wave energy industry. The company focusses on providing clean and sustainable energy to its customers. It offers products that are used in the market for various applications, including making carbon-free islands, connected oceans, food & fuel production, and utility scale power. The company works closely with technology development partners such as Vigor, Tritec Marine, Siemens, Hydro Group Systems, and Prolucid.
Wave Swell (Australia): Wave Swell is a renewable energy technology development company that works to convert the energy in ocean waves into clean and emission-free electricity. It offers wave energy converters under the brand name Uniwave, which are based on the oscillating water column principle. These WECs can only be used for power generation applications. The wave energy converter provided by this company has a unique design wherein the oscillating water column is an artificial blowhole consisting of a chamber that is open underneath the waterline.
AWS Ocean Energy (UK): AWS Ocean Energy is a provider of marine energy technology. The company is working in the direction of designing (creating), commercializing, and delivering renewable technologies and related services to the marine energy sector. It mainly emphasizes on improving its WECs through R&D, engineering, and commercial expertise. The company is also developing new technologies for both the wave and tidal sectors.
CorPower Ocean (Sweden): CorPower Ocean develops and offers renewable energy generation solutions, including compact Wave Energy Converters. CorPower Ocean has received funds from organizations such as InnoEnergy, the European Commission, the Swedish and Scottish Governments as well as private investors. The end users and partners of the company for their wave energy converters predominantly include Iberdrola, EDP, and Simply Blue Energy.
Wave Energy Market by Type
Oscillating Water Column: Wave energy converters that operate on the oscillating water column principle often have a large construction for tapping a greater potential. These wave energy converters have a limited number of parts wherein the major parts include a column and a turbine attached to a base. This base can either be a floating platform or could be held by an onshore structure such as shoreline or sea shore rocks. In most of the cases, the column is a hollow structure which is open from underneath and is partially filled with water.
Oscillating Body Converter: Wave energy converters operating on the principle of oscillating body technology have a complex construction when compared with the other two technologies, with the most prominent part being the wave energy absorbing structure. Oscillating body converters are mainly used for power generation applications. However, these converters can also be used for desalination of sea water. The pressure created in the system due to the absorbed wave energy can be used to operate pressurized desalination processes. Further, the electrical energy generated by the device can be easily used for pumping the desalinated water to the shore, simplifying the overall process.
Overtopping Converters: Overtopping wave energy converters have a simpler construction compared with oscillating water column and oscillating body type of wave energy converters. The principle of operation, as well as the construction of these converters, is similar to that of river-based dams. The structure is made up of a reservoir, and usually, a turbine is placed underneath this reservoir.
Wave Energy Market by Location:
Onshore: The wave energy converters that are installed on the coast or shore line fall under this segment. The stationary WECs that typically operate on the principle of oscillating water column require firm support for installing the column or air chamber. In addition, some companies such as Eco Wave Power offer oscillating body type of wave energy converters that are installed on port support walls or jetty. The wave energy converters installed at onshore locations are mainly used for power generation applications.
Near Shore: Wave energy converters that are installed at a distance ranging from a few hundred meters up to 3 kilometers from the coast or shore line fall under this segment. WECs based on oscillating body principle are mostly installed at these locations, enabling them to work efficiently in a relatively controlled environment than offshore installations. Near shore installations are done for multiple applications such as power generation, desalination, and environmental protection.
Offshore: Wave energy converters that are installed at a distance of 3 kilometers or more from the coast or shoreline are considered under this segment. According to IRENA, WEC installation in depths of more than 25 meters of water can also be termed as offshore installations. The disadvantage of this type of installations is the high cost of supporting infrastructure such as under water cables and others that ultimately raise the Capex of the project if the project is connected to the grid.
Wave Energy Market by Application
Desalination: Desalination is needed to make sea (salinated) water fit for human consumption and irrigation purposes. Wave energy converters are placed amidst ocean water, easing the process of collecting salinated water as well as generating the required power for desalination. The absorbed energy can easily be used to transfer the pressure on the collected water to pass it through a membrane, completing the process of desalination. In addition, the generated power can also be used for operating the pumps that can transfer this power from the WEC to the shore.
Power Generation: Wave energy converters 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.
Environmental Protection: When these waves hit the shore with all that potential, they tend to damage the shore line and the aquatic entities within the periphery and wash them ashore or inside the sea. Additionally, during high tide, the waves penetrate deeper on-shore, covering more area and further disturbing the human as well as aquatic life. Wave energy converters, especially the ones operating on the principle of oscillating water column, cover a large area. An array or chain of these devices can be used proficiently to reduce the impact with which waves hit the shoreline, reducing coastal erosion. Moreover, the installation of an array or chain of these WECs helps in grid scale production, helping utilities in meeting the needs of power by the coastal population.
[160 Pages Report] The global wave energy market is projected to reach USD 107 million by 2025 from an estimated market size of USD 44 million in 2020, at a CAGR of 19.3% during the forecast period. The factors driving the growth for wave energy market is due to the growing adoption for of renewable energy generation and other applications is helping manufacturers to invest more in R&D leading to the growth of wave energy market.
The power generation services segment is expected to be the largest market during the forecast period
The market has been segmented, by application, into desalination, power generation, and environmental protection. The power generation segment is expected to be the most significant wave energy market, by application, during the forecast period. 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 green house gases because of power generation generation operations.
The near shore segment is expected to be the largest and fastest-growing segment in the wave energy market, by location, during the forecast period
Wave energy market, by location, is segmented into onshore, near shore and offshore installations. Near shore segment is expected to be the largest and fastest growing wave energy market, by location, during the forecast period.
Near shore installations are typically easier than offshore ones and are also less expensive. Also, the operational efficiency of near shore installations are found to be better than onshore ones in many cases, giving the segment an excellent opportunity to grow further in the future. These installations can be used for applications such as power generation and desalination or both at the same time. Multiple companies have come up with different patents to harness wave energy from near shore installations.
The oscillating body converters segment is expected to hold the largest share of the wave energy market during the forecast period
The market has been segmented, by technology, into oscillating body converters, oscillating water column, and overtopping converters. The oscillating body converters segment is estimated to be the largest as well as the fastest-growing one during the forecast period. This is due to the fact that OSBs boast a highr operational efficiency than the other two types of wave energy converters.
Europe is expected to be the fastest-growing wave energy market during the forecast period
In this report, the wave energy market has been analyzed with respect to four regions, namely, Asia Pacific, North America, Europe, and Rest of the World.
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.
Eco Wave Power is one of the key companies in the field of ocean-based renewable energy. The company focusses on conceptualizing and planning new and competitive wave energy technologies. It has developed proprietary technology for producing electrical energy from the ocean and sea waves. Such technology enables this company to deliver effective, sustainable, and affordable wave energy solutions.
Carnegie Clean Energy is one of the leading wave energy technology and solar/battery microgrid project developers. The company emphasizes on Engineering Procurement and Construction (EPC) and Energy Made Clean (EMC) for battery/solar based microgrids to islands and remote and fringe-of-grid communities. It also offers renewable energy generation products having a combination of wave, solar, wind, storage, and desalination.
Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2018–2025 |
|
Base year considered |
2019 |
|
Forecast period |
2020–2025 |
|
Forecast units |
Value (USD) |
|
Segments covered |
Technology, location, application, and region |
|
Geographies covered |
Asia Pacific, North America, Europe, Rest of the World |
|
Companies covered |
Eco Wave Power (Israel), Carnegie Clean Energy (Australia), SINN Power (Germany), CorPower (Sweden), Ocean Power Technology (US), and AMOG Consulting (Australia) |
This research report categorizes the wave energy market by technology, location, application, and region.
By Technology:
- Oscillating Water Column
- Oscillating Body Converters
- Overtopping Converters
By Location:
- Onshore
- Near shore
- Offshore
By Application:
- Desalination
- Power Generation
- Environmental Protection
By Region:
- Asia Pacific
- North America
- Europe
- Rest of the World
Recent Developments
- In March 2020, CorPower Ocean and ABB signed a partnership under which CorPower would be using two medium-voltage motors made by ABB. One of the motors would drive the test rig itself, while the other will assist with energy storage.
- In October 2019, SINN Power would be installing a total of five wave energy converters instead of the previously planned two wave energy converters at its research & development site in Greece.
- In September 2019, Eco Wave Power started testing a combined solution for wave and solar energy solutions. The new product has a solar panel mounted atop the floater of their existing wave energy converter. This integration results in a capacity increase between 3% to 10%.
Key Questions Addressed by the Report
- Which revolutionary technology trends are expected over the next five years?
- Which elements of the wave energy market are expected to lead by 2025?
- Which technology of wave energy is likely to get the maximum opportunity to grow during the forecast period?
- Which region is expected to lead with the highest market share by 2025?
- How are companies implementing organic and inorganic strategies to gain an increase in the market share?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 15)
1.1 OBJECTIVES OF THE STUDY
1.2 DEFINITION
1.2.1 WAVE ENERGY MARKET, BY TYPE: INCLUSIONS & EXCLUSIONS
1.2.2 WAVE ENERGY MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS
1.2.3 WAVE ENERGY MARKET, BY LOCATION: INCLUSIONS & EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 REGIONAL SCOPE
1.4 YEARS CONSIDERED FOR THE STUDY
1.5 CURRENCY
1.6 LIMITATIONS
1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 19)
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2.1 Key data from primary sources
2.1.2.2 Break-up of primaries
2.2 SCOPE
2.3 MARKET SIZE ESTIMATION
2.3.1 DEMAND-SIDE ANALYSIS
2.3.1.1 Key Assumptions
2.3.1.2 Calculation
2.3.2 FORECAST
2.3.3 SUPPLY-SIDE ANALYSIS
2.3.3.1 Assumptions and Calculation
3 EXECUTIVE SUMMARY (Page No. - 26)
4 PREMIUM INSIGHTS (Page No. - 30)
4.1 ATTRACTIVE OPPORTUNITIES IN THE WAVE ENERGY MARKET
4.2 EUROPEAN WAVE ENERGY CONVERTERS MARKET, BY TECHNOLOGY & COUNTRY
4.3 WAVE ENERGY MARKET, BY TECHNOLOGY
4.4 WAVE ENERGY, BY LOCATION
4.5 WAVE ENERGY MARKET, BY REGION
5 MARKET OVERVIEW (Page No. - 33)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Abundant availability of wave energy resource
5.2.1.2 Growing demand for power from coastal communities
5.2.2 RESTRAINTS
5.2.2.1 High CAPEX investment
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing R&D investment and focus on clean energy generation
5.2.3.2 Integration of wave energy with other renewable energy technologies
5.2.4 CHALLENGES
5.2.4.1 Insufficient infrastructure
5.2.4.2 Emphasis on offshore wind and floating solar
6 WAVE ENERGY MARKET, BY TECHNOLOGY (Page No. - 39)
6.1 INTRODUCTION
6.2 OSCILLATING WATER COLUMN
6.2.1 GRID SCALE GENERATION CAPABILITY IS EXPECTED TO DRIVE THE DEMAND FOR OSCILLATING WATER COLUMN TYPE WEC
6.3 OSCILLATING BODY CONVERTERS
6.3.1 EASE OF INSTALLATION AND HIGH EFFICIENCY ARE EXPECTED TO DRIVE THE MARKET FOR OSCILLATING BODY TYPE WEC
6.4 OVERTOPPING CONVERTERS
6.4.1 SIMPLE CONSTRUCTION AND EASE OF OPERATION IS EXPECTED TO DRIVE THE DEMAND FOR OVERTOPPING WEC
7 WAVE ENERGY MARKET, BY LOCATION (Page No. - 44)
7.1 INTRODUCTION
7.2 ONSHORE
7.2.1 ECONOMIC INSTALLATION AND INCREASING DEMAND FOR POWER FROM COASTAL POPULATION ARE DRIVING ONSHORE WEC MARKET
7.3 NEAR SHORE
7.3.1 WEC INSTALLATION FOR KEY APPLICATIONS IS A MAJOR DRIVER FOR NEAR SHORE WEC SEGMENT
7.4 OFFSHORE
7.4.1 ABILITY TO POWER OTHER OFFSHORE STRUCTURES IS EXPECTED TO DRIVE THE OFFSHORE WEC SEGMENT
8 WAVE ENERGY MARKET, BY APPLICATION (Page No. - 49)
8.1 INTRODUCTION
8.2 DESALINATION
8.2.1 EASE OF DESALINATION OF SEA WATER BY WAVE ENERGY IS EXPECTED TO PROPEL THE MARKET
8.3 POWER GENERATION
8.3.1 NEED OF REDUCING CARBON EMISSIONS FROM POWER GENERATION ACTIVITIES IS EXPECTED TO DRIVE THE DEMAND
8.4 ENVIRONMENTAL PROTECTION
8.4.1 NEED FOR REDUCING COASTAL EROSION FORM SEA WAVES IS EXPECTED TO DRIVE THE MARKET
9 WAVE ENERGY MARKET, BY REGION (Page No. - 54)
9.1 INTRODUCTION
9.2 NORTH AMERICA
9.2.1 US
9.2.1.1 Growing POWER Demand from the coastal areas IS driving the market for Wave Energy
9.2.2 CANADA
9.2.2.1 Increasing R&D ON wave energy is expected to drive the market in canada
9.3 EUROPE
9.3.1 SPAIN
9.3.1.1 GROWING emphasis on renewable energy generation is expected to drive the market for wave energy
9.3.2 GERMANY
9.3.2.1 AMBITIOUS RENEWABLE ENERGY TARGETS AND EMPHASIS on R&D are expected to drive the wave energy market
9.3.3 UK
9.3.3.1 strong focus on R&d and renewable energy is expected to drive the Wave Energy market in the UK
9.3.4 NORDIC COUNTRIES
9.3.4.1 AUGMENTED testing of emerging technologies in the renewable energy sector is expected to drive the market
9.3.5 REST OF EUROPE
9.4 ASIA PACIFIC
9.4.1 AUSTRALIA
9.4.1.1 INCREASING R&D on desalination is expected to drive the wave energy market
9.4.2 JAPAN
9.4.2.1 Ambitious renewables target is expected to drive the market for wave energy
9.4.3 SOUTH KOREA
9.4.3.1 Increasing R&D on renewable energy generation is expected to drive the market for wave energy
9.4.4 REST OF ASIA PACIFIC
9.5 REST OF THE WORLD
10 COMPETITIVE LANDSCAPE (Page No. - 81)
10.1 OVERVIEW
10.2 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET)
10.2.1 VISIONARY LEADERS
10.2.2 INNOVATORS
10.2.3 DYNAMIC DIFFERENTIATORS
10.2.4 EMERGING PLAYERS
10.3 MARKET SHARE, 2019
10.4 COMPETITIVE SCENARIO
10.4.1 NEW PRODUCT LAUNCHES/ NEW PROJECTS/ PROJECT ENHANCEMENT
10.4.2 PARTNERSHIPS & COLLABORATIONS
10.4.3 JOINT VENTURE
11 COMPANY PROFILE (Page No. - 86)
11.1 OCEAN POWER TECHNOLOGIES
11.1.1 BUSINESS OVERVIEW
11.1.2 PRODUCT OFFERINGS
11.2 ECO WAVE POWER
11.2.1 BUSINESS OVERVIEW
11.2.2 PRODUCT OFFERINGS
11.2.3 RECENT DEVELOPMENTS
11.3 CARNEGIE CLEAN ENERGY
11.3.1 BUSINESS OVERVIEW
11.3.2 PRODUCT OFFERINGS
11.4 SINN POWER
11.4.1 BUSINESS OVERVIEW
11.4.2 PRODUCT OFFERINGS
11.4.3 RECENT DEVELOPMENTS
11.5 AMOG CONSULTING
11.5.1 BUSINESS OVERVIEW
11.5.2 PRODUCT OFFERINGS
11.5.3 RECENT DEVELOPMENTS
11.6 NEMOS
11.6.1 BUSINESS OVERVIEW
11.6.2 PRODUCT OFFERINGS
11.6.3 RECENT DEVELOPMENTS
11.7 OCEANENERGY
11.7.1 BUSINESS OVERVIEW
11.7.2 PRODUCT OFFERINGS
11.7.3 RECENT DEVELOPMENTS
11.8 WAVE SWELL
11.8.1 BUSINESS OVERVIEW
11.8.2 PRODUCT OFFERINGS
11.8.3 RECENT DEVELOPMENTS
11.9 AWS OCEAN ENERGY
11.9.1 BUSINESS OVERVIEW
11.9.2 PRODUCT OFFERINGS
11.10 CORPOWER OCEAN
11.10.1 BUSINESS OVERVIEW
11.10.2 PRODUCT OFFERINGS
11.10.3 RECENT DEVELOPMENTS
11.11 LIMERICK WAVE
11.11.1 BUSINESS OVERVIEW
11.11.2 PRODUCT OFFERINGS
11.12 ARRECIFE ENERGY SYSTEMS
11.12.1 BUSINESS OVERVIEW
11.12.2 PRODUCT OFFERINGS
11.12.3 RECENT DEVELOPMENTS
11.13 ACCUMULATED OCEAN ENERGY
11.13.1 BUSINESS OVERVIEW
11.13.2 PRODUCT OFFERINGS
11.14 HANN OCEAN ENERGY
11.14.1 BUSINESS OVERVIEW
11.14.2 PRODUCT OFFERINGS
11.14.3 RECENT DEVELOPMENTS
11.15 AQUANET POWER
11.15.1 BUSINESS OVERVIEW
11.15.2 PRODUCT OFFERINGS
11.15.3 RECENT DEVELOPMENTS
11.16 FDN (FUNCTIONAL DESIGN NETHERLANDS)
11.16.1 BUSINESS OVERVIEW
11.16.2 PRODUCT OFFERINGS
11.17 AW ENERGY
11.18 WAVE FOR ENERGY
11.19 TAPERED CHANNEL WAVE ENERGY
11.20 SENER
11.21 WAVEC OFFSHORE RENEWABLES
12 APPENDIX (Page No. - 106)
12.1 INSIGHTS OF INDUSTRY EXPERTS DISCUSSION GUIDE
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
12.3 AVAILABLE CUSTOMIZATIONS
12.4 RELATED REPORTS
12.5 AUTHOR DETAILS
This study involved four major activities in estimating the current size of the wave energy market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through rigorous primary research. Both top-down and bottom-up approaches were used to estimate the total market size. The market breakdown and data triangulation techniques were employed to estimate the market size of the segments and the corresponding subsegments.
Secondary Research
This research study involved the use of extensive secondary sources, directories, and databases such as UNCTAD data, industry publications, several newspaper articles, Factiva, and journals to identify and collect information useful for a technical, market-oriented, and commercial study of the wave energy market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The wave energy market comprises several stakeholders such as wave energy converter manufacturers, research and development agencies, supporting equipment manufacturers and others, electrical utility companies, companies in the desalination industry, environmental protection agencies, government and research organizations, investment banks, and state and national regulatory authorities.
The supply side is characterized by the increasing adoption of new product launches/ new projects, partnerships & collaborations, and joint ventures among leading players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the size of the global wave energy market and its dependent submarkets. These methods were also used extensively to determine the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and demand have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares split, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the wave energy market.
Report Objectives
- To define, describe, and forecast the global wave energy market based on type, output frequenecy, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the wave energy market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the wave energy market with respect to individual growth trends, prospects, and contributions of each segment to the market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders
- To benchmark players within the market using the proprietary Vendor DIVE framework, which analyzes the market players on various parameters within the broad categories of business and product strategies
- To track and analyze competitive developments such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the wave energy market
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