Wave Energy Converter Market by Technology (Oscillating Water Column, Oscillating Body Converter (Point Absorber, Attenuator, Oscillating Wave Surge, Submerged Pressure Differential), Overtopping Device), Location, Application, Region - Forecast to 2030
[206 Pages Report] The global wave energy converter market is estimated to be valued at USD 20 million in 2022 and is projected to reach USD 28 million by 2030 growing at a CAGR of 4.3%. The factors driving the market include the ample availability of wave energy resources and the growing power demand from coastal communities.
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Market Trends
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Market Dynamics
Driver: Rising electricity demand from coastal communities
The worldwide per capita power consumption has been increasing at a high rate since 2005. According to the World Bank, the average per capita power consumption of the world per year is more than 3,135 kWh. A few of the major countries that have the highest per capita energy consumption per year include the US, Canada, Japan, the UK, South Korea, and Germany. Extensive usage of various electric equipment such as heaters, air conditioners, refrigerators, and others is increasing the power consumption in these countries. This is further supported by the increased spending capability of consumers. According to Environmental Impact Assessment (EIA), in 2021, the power demand from the US was around 97 quads, up by 4.7% compared to the 2020 consumption. Moreover, in the coming years, a few of these countries have also witnessed a steep growth in their coastal population, increasing the power demand from these areas. In Australia and the US, almost 40% of the total population lives in the coastal regions; similarly, in Japan, around 80% of the population resides in coastal regions. Furthermore, the growing population not only increases the power demand but also restricts the availability of land space. This leads to a situation where the space to set up land-based power generation plants is neither easily available nor economically viable. These factors have led to an upsurge in demand for power plants in coastal regions. The generation of clean energy utilizing wave energy converters could be an advantage for these areas and their inhabitants, further driving the market growth.
Restraints: Insufficient infrastructure and environmental challenges
Wave energy converters can be installed in offshore, near shore, and shoreline locations. Proper connections or port facilities and grid infrastructure are the keys to further development and enabling maintenance undertakings. Though site selection is a significantly important task for installing wave energy converters to maximize power generation, the generated power is equally important to transmit to its place of consumption. This transmission of power requires additional infrastructure such as onshore substations, underground cables, and transmission lines connecting to the grid. Setting up this infrastructure requires additional labor and capital. Moreover, during installation, the mooring of the wave energy converter is an essential factor that contributes to the difficulties as the mooring ropes must be anchored to the sea floor bed with drilled-in anchors. Hence, setting up a wave energy power plant of any scale requires these additional infrastructures, acting as a potential restraint to the wave energy converter market.
Opportunities: Increasing R&D investments and technological development
Wave energy is a relatively underexplored renewable power generation technology. Most of the companies that are offering this technology are still working on their pilot projects. Numerous researchers are studying various parameters corresponding to the viability of WEC and how their cost can be brought down without compromising efficiency. Wave power harnessing is still an emerging technology it is still not fully developed. Due to its complex nature, no single design of this device has emerged as optimal. Major issues faced by the wave power industry are developing technologies that are capable of withstanding extreme ocean weather and harsh environmental conditions, energy storage, and consistency of supply in sufficiently large amounts. Several countries are heavily investing in the development and adoption of renewable energy technologies. As per the International Energy Agency, the global power sector investment in renewable energy generation was more than USD 750 billion in 2018. China, India, the UK, Germany, and the US are among the top investors in the R&D of renewable energy. In 2017, the total renewable investments that happened in the US were close to USD 48.5 billion. As wave energy is a renewable form of energy generation, several key countries such as the US and Australia are significantly investing in R&D. For instance, in 2017, the US Office of Energy Efficiency & Renewable Energy stated that the government has announced about USD 12 million for supporting the development of innovative technologies such as advanced marine and hydrokinetic energy technologies, which can harness energy from the oceans. Furthermore, the International Energy Agency predicts that renewable energy sources are expected to witness the fastest growth rate in the electricity sector, catering to about 30% of the power demand in 2023, up from 24% in 2017. Oceans cover a relatively larger surface area than the habitable land mass. This makes them exposed to a majority of solar radiation and wind motion experienced by our planet. Wave energy converters being placed in the oceans receive the maximum amount of uninterrupted solar radiation throughout the year. This makes them an ideal place to install solar modules for further enhancing power generation.
Challenges: High capital investment
Wave energy converters operate within marine bodies for their entire lifespan. Ocean water contains several impurities and a high level of salinity that can corrode the toughest of metals. These harsh weather conditions are significantly hard to be sustained by wave energy converters. Hence, for making their operation efficient, reliable, and long-lasting, manufacturing companies have to use thick sheets of high-grade metals and coat them with multiple layers of corrosion-resistant heavy-duty paints. Wave energy converters should be able to withstand operational loads under extreme loading conditions and during events such as hurricanes and storms. The process of high-grade manufacturing and coating not only makes the wave energy converters heavy but also increases the price of the equipment. The price of a wave energy converter can go as high as 10 times the price of other renewable technologies offering nearly similar output. In addition, costs incurred in related processes such as installation and mooring add a significant amount to the CAPEX of the whole project, acting as a potential challenge to this market.
By technology, the oscillating water column segment is expected to grow at the fastest rate during the forecast period.
The oscillating body converters technology is expected to continue to hold the largest share of the wave energy converter market, by technology, owing to the high efficiency and ease of installation of the wave energy converters using this technology in near-shore locations.
By location, the offshore segment is expected to grow at the fastest rate during the forecast period.
By location offshore segment is expected to grow at the fastest rate from 2022 to 2030, offshore wave energy converters can harness the most amount of wave energy as wave energy resources are strongest in offshore locations, this drives the growth in offshore.
By application, power generation segment is expected to grow the fastest, during the forecast period.
By application, the wave energy converter market has been segmented into power generation, desalination and environmental protection. The high growth rate of the power generation segment can be attributed to the increasing demand for power from coastal communities.
Europe is expected to be the largest market during the forecast period.
Europe is expected to be the largest and the fastest growing region in the wave energy converter market, during the forecast period. The growth of the European wave energy converter market is characterized by rapid industrialization of various end-use industries in countries such as UK, Portugal, Denmark and France.
Key Market Players
The major players in the global wave energy converter market are Ocean Power Technologies (US), Eco Wave Power (Israel), CorPower Ocean (Sweden), Wello Oy (Finland) and CalWave (US).
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Report Metric |
Details |
|
Market size available for years |
20202030 |
|
Base year considered |
2021 |
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Forecast period |
20222030 |
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Forecast units |
Value (USD Million); Volume (Kw) |
|
Segments covered |
Technology, application, location and region |
|
Geographies covered |
North America, Europe, Asia Pacific, and rest of the world |
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Companies covered |
Ocean Power Technologies (US),Eco Wave Power (Israel), Carnegie Clean Energy (Australia), SINN Power GmbH (Germany), AMOG Holdings Pty. Ltd (Australia), NEMOS GmbH (Germany), OceanEnergy (Ireland),Wave Swell (Australia), INGINE Inc. (Korea), AWS Ocean energy (UK), CorPower Ocean (Sweden), Limerick wave ltd (Ireland), Arrecife Energy Systems (Spain), AOE - Accumulated Ocean Energy Inc (Canada), Hann-Ocean Energy Pte. Ltd. (Singapore) Aquanet Power (UK), Able Technologies, L.L.C. (US), AW-Energy Oy (Finland), Applied Technologies Company (Russia), LEANCON Wave Energy (Denmark), SENER group (Spain), Resolute Marine (US), Bombora Wave (Wales), Marine Power Systems (UK), Exowave (Denmark), Oneka Technologies (Canada), Mocean Energy (Scotland) Weptos A/S (Denmark), Oscilla Power (Washington), Wello Oy (Finland), WITT Energy (England), Wave Dragon ApS (Denmark), Chechkmate SeaEnerg Ltd, CalWave (US) |
This research report categorizes the wave energy converter market by technology, application, location and region.
On the basis of by technology, the wave energy converter market has been segmented as follows:
- Oscillating Body Converters
- Oscillating Water Columns
- Overtopping Devices
- Rotating Mass Converters
On the basis of by application, the wave energy converter market has been segmented as follows:
- Power generation
- Desalination
- Environmental protection
On the basis of by location, the wave energy converter market has been segmented as follows:
- Nearshore
- Shoreline
- Offshore
On the basis of region, the wave energy converter market has been segmented as follows:
- North America
- Europe
- Asia Pacific
- Rest of the world
Recent Developments
- In May 2022, Eco Wave Power signed an agreement with Port Adriano for the development of a 2 MW wave energy power facility. Port Adriano will assign Eco Wave Power a potentially acceptable location for a term of 20 years, while Eco Wave Power will be responsible for obtaining all licenses, constructing and commissioning the power plant/s, and selling the electricity generated by the power plant.
- In January 2022, Ocean Power Technologies had announced its collaboration with Eco Wave Power to work on a number of projects, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets Moreover, cooperative solutions can be created for Eco Wave Power's applicable projects by combining the offshore and onshore technologies of each company, as well as OPT's offshore engineering and recently acquired robotics skills.
- In December 2021, Carnegie Clean Energy has been awarded a contract by EuropeWave PCP with a funding amount of USD 20 million. Subject to contract signing, Carnegie has been granted USD 294 thousand for phase 1 to provide a CETO tank testing campaign and a CETO concept design for sites in Scotland and the Basque Country. Phase 1 commenced on January 3, 2022, and will last for seven months.
- In October 2021, Carnegie and Hewlett Packard Enterprise Company (HPE) had signed a Collaboration Agreement under which the parties will collaborate on a project to develop a reinforcement learning-based controller for CETO wave energy technology.
- In August 2021, AMOG Holdings Pty. Ltd collaborated with Hellenic Cables for the offshore renewable energy sector which is expanding in the optimal technique to convert and transfer energy from the ocean to the grid subsea cables are one of the most intricate and expensive components of any offshore wind generating installation.
Frequently Asked Questions (FAQ):
What is the current size of the wave energy converter market?
The current market size of the global wave energy converter market is estimated at USD 20 million in 2022.
What are the major drivers for wave energy converter market?
The rising investments pertaining to the adoption of renewable energy generation and the increase in global electricity demand.
Which is the fastest-growing region during the forecasted period in the wave energy converter market?
The European wave energy converter market is estimated to be the largest and the fastest growing region, during the forecast period.
Which is the fastest-growing segment, by location during the forecasted period in wave energy converter market?
The offshore segment is estimated to be the largest and the fastest growing segment by location. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 28)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 INCLUSIONS AND EXCLUSIONS
1.3.1 WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY
1.3.2 WAVE ENERGY CONVERTER MARKET, BY APPLICATION
1.3.3 WAVE ENERGY CONVERTER MARKET, BY LOCATION
1.4 MARKET SCOPE
1.4.1 WAVE ENERGY CONVERTER MARKET SEGMENTATION
1.4.2 REGIONAL SCOPE
1.4.3 YEARS CONSIDERED
1.5 CURRENCY
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 34)
2.1 RESEARCH DATA
FIGURE 1 WAVE ENERGY CONVERTER MARKET: RESEARCH DESIGN
2.2 DATA TRIANGULATION
FIGURE 2 DATA TRIANGULATION
2.2.1 SECONDARY DATA
2.2.1.1 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Key data from primary sources
FIGURE 3 KEY INDUSTRY INSIGHTS
2.2.2.2 Breakdown of primaries
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.3.3 DEMAND-SIDE ANALYSIS
FIGURE 7 DEMAND-SIDE CALCULATION
FIGURE 8 METRICS CONSIDERED FOR ANALYZING AND ASSESSING DEMAND FOR WAVE ENERGY CONVERTERS
2.3.3.1 Assumptions for demand-side analysis
2.3.4 FORECAST
3 EXECUTIVE SUMMARY (Page No. - 42)
TABLE 1 WAVE ENERGY CONVERTER MARKET SNAPSHOT
FIGURE 9 OSCILLATING BODY CONVERTERS TO DOMINATE WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, DURING FORECAST PERIOD
FIGURE 10 OFFSHORE SEGMENT TO DOMINATE WAVE ENERGY CONVERTER MARKET, BY LOCATION, DURING FORECAST PERIOD
FIGURE 11 POWER GENERATION TO HOLD LARGEST SIZE OF WAVE ENERGY CONVERTER MARKET, BY APPLICATION, DURING FORECAST PERIOD
FIGURE 12 EUROPE DOMINATED WAVE ENERGY CONVERTER MARKET IN 2021
4 PREMIUM INSIGHTS (Page No. - 46)
4.1 ATTRACTIVE OPPORTUNITIES FOR WAVE ENERGY CONVERTER MARKET PLAYERS
FIGURE 13 INCREASING NEED FOR RENEWABLE POWER GENERATION TO DRIVE WAVE ENERGY CONVERTER MARKET, 20222030
4.2 WAVE ENERGY CONVERTER MARKET, BY REGION
FIGURE 14 EUROPE TO WITNESS HIGHEST GROWTH RATE IN WAVE ENERGY CONVERTER MARKET DURING FORECAST PERIOD
4.3 WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY
FIGURE 15 OSCILLATING BODY CONVERTERS SEGMENT DOMINATED WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, IN 2021
4.4 WAVE ENERGY CONVERTER MARKET, BY LOCATION
FIGURE 16 OFFSHORE SEGMENT DOMINATED WAVE ENERGY CONVERTER MARKET, BY LOCATION, IN 2021
4.5 WAVE ENERGY CONVERTER MARKET, BY APPLICATION
FIGURE 17 POWER GENERATION SEGMENT DOMINATED WAVE ENERGY CONVERTER MARKET, BY APPLICATION, IN 2021
4.6 WAVE ENERGY CONVERTER MARKET IN EUROPE, BY APPLICATION & COUNTRY
FIGURE 18 POWER GENERATION & UK DOMINATED EUROPEAN WAVE ENERGY CONVERTER MARKET, BY APPLICATION & COUNTRY, IN 2021
5 MARKET OVERVIEW (Page No. - 50)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 19 WAVE ENERGY CONVERTER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Rising electricity demand from coastal communities
5.2.1.2 Abundant untapped wave energy sources
FIGURE 20 WAVE ENERGY POTENTIAL IN EUROPEAN COUNTRIES
FIGURE 21 WAVE ENERGY RESOURCES (KW/M)
5.2.2 RESTRAINTS
5.2.2.1 Insufficient infrastructure and environmental challenges
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing R&D investments and technological development
5.2.4 CHALLENGES
5.2.4.1 High capital investment
FIGURE 22 COST BREAKDOWN OF WAVE ENERGY CONVERTERS
5.2.4.2 Uncertainty about environmental regulations and licensing procedures
5.2.4.3 Hesitation among wave energy converter developers to collaborate for technology/ information sharing
5.2.4.4 Lack of connectivity to central grid
5.3 IMPACT OF COVID-19
5.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS BUSINESSES
FIGURE 23 REVENUE SHIFT FOR WAVE ENERGY CONVERTER PROVIDERS
5.5 SUPPLY CHAIN ANALYSIS
FIGURE 24 WAVE ENERGY CONVERTER MARKET: SUPPLY CHAIN ANALYSIS
5.5.1 COMPONENT MANUFACTURERS
5.5.2 WAVE ENERGY CONVERTER MANUFACTURERS
5.5.3 WAVE ENERGY CONVERTER SUPPORT SERVICE PROVIDERS/ INTEGRATORS
5.5.4 END-USERS
5.6 ECOSYSTEM/MARKET MAP
TABLE 2 WAVE ENERGY CONVERTER MARKET: ECOSYSTEM
5.7 TECHNOLOGY ANALYSIS
5.7.1 MOONWEC TECHNOLOGY
5.7.2 WAVETOGRID
5.7.3 POWER TAKE-OFF (PTO) SYSTEMS
FIGURE 25 ACTIVE COMPANIES WITH DIFFERENT TYPES OF PTO SYSTEMS
5.8 TRADE ANALYSIS
5.8.1 EXPORT SCENARIO
TABLE 3 EXPORT SCENARIO FOR HS CODE 840110, BY COUNTRY, 20192021 (USD)
FIGURE 26 EXPORT DATA FOR TOP 5 COUNTRIES, 20192021 (USD THOUSAND)
5.8.2 IMPORT SCENARIO
TABLE 4 IMPORT SCENARIO FOR HS CODE: 280410, BY COUNTRY, 20192021 (USD)
FIGURE 27 IMPORT DATA FOR TOP 5 COUNTRIES, 20192021 (USD THOUSAND)
5.9 PATENT ANALYSIS
TABLE 5 WAVE ENERGY CONVERTERS: INNOVATIONS AND PATENT REGISTRATIONS, JUNE 2020AUGUST 2022
5.10 PRICING ANALYSIS
5.10.1 AVERAGE SELLING PRICE OF KEY PLAYERS, BY APPLICATION
5.10.2 AVERAGE SELLING PRICE TREND
TABLE 6 CAPEX OF WAVE ENERGY CONVERTER PROJECTS, BY DEPLOYMENT STAGE
FIGURE 28 CAPEX BREAKDOWN OF COSTS FOR DIFFERENT COST CENTERS
TABLE 7 OPEX OF WAVE ENERGY CONVERTER PROJECTS, BY DEPLOYMENT STAGE
5.11 TARIFFS, CODES, AND REGULATIONS
TABLE 8 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12 PORTER'S FIVE FORCES ANALYSIS
FIGURE 29 PORTER'S FIVE FORCES ANALYSIS FOR WAVE ENERGY CONVERTER MARKET
TABLE 9 WAVE ENERGY CONVERTER MARKET: PORTER'S FIVE FORCES ANALYSIS
5.13 CASE STUDY ANALYSIS
5.13.1 INWAVE WELL SUITED FOR LOCAL COMMUNITIES TO ACCESS RENEWABLE AND CLEAN ENERGY (2021)
5.13.1.1 Problem statement
5.13.1.2 Solution
5.13.2 MOORPOWER SCALED DEMONSTRATION PROJECT WILL PROVIDE CLEAN ENERGY (2021)
5.13.2.1 Problem statement
5.13.2.2 Solution
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 30 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY APPLICATION
TABLE 10 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 3 APPLICATIONS (%)
5.14.2 BUYING CRITERIA
FIGURE 31 KEY BUYING CRITERIA OF TOP APPLICATIONS
TABLE 11 KEY BUYING CRITERIA, BY APPLICATION
5.15 KEY CONFERENCES AND EVENTS, 2022 & 2023
TABLE 12 WAVE ENERGY CONVERTERS: DETAILED LIST OF CONFERENCES AND EVENTS
6 WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY (Page No. - 71)
6.1 INTRODUCTION
FIGURE 32 WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 2021
TABLE 13 WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20162019 (USD THOUSAND)
TABLE 14 WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20202030 (USD THOUSAND)
6.2 OSCILLATING WATER COLUMNS
6.2.1 GRID-SCALE GENERATION CAPABILITY
TABLE 15 OSCILLATING WATER COLUMNS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 16 OSCILLATING WATER COLUMNS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
6.3 OSCILLATING BODY CONVERTERS
6.3.1 EASE OF INSTALLATION AND HIGH EFFICIENCY
TABLE 17 OSCILLATING BODY CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 18 OSCILLATING BODY CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
FIGURE 33 WAVE ENERGY CONVERTER MARKET, BY OSCILLATING BODY CONVERTER TECHNOLOGY, 2021
TABLE 19 OSCILLATING BODY CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY SUBTYPE, 20162019 (USD THOUSAND)
TABLE 20 OSCILLATING BODY CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY SUBTYPE, 20202030 (USD THOUSAND)
6.3.2 POINT ABSORBERS
TABLE 21 POINT ABSORBERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 22 POINT ABSORBERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
6.3.3 ATTENUATORS
TABLE 23 ATTENUATORS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 24 ATTENUATORS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
6.3.4 OSCILLATING WAVE SURGE CONVERTERS
TABLE 25 OSCILLATING WAVE SURGE CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 26 OSCILLATING WAVE SURGE CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
6.3.5 SUBMERGED PRESSURE DIFFERENTIAL DEVICES
TABLE 27 SUBMERGED PRESSURE DIFFERENTIAL DEVICES: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 28 SUBMERGED PRESSURE DIFFERENTIAL DEVICES: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
6.3.6 BULGE WAVE DEVICES
TABLE 29 BULGE WAVE DEVICES: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 30 BULGE WAVE DEVICES: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
6.4 OVERTOPPING DEVICES
6.4.1 SIMPLE CONSTRUCTION AND EASE OF OPERATION
TABLE 31 OVERTOPPING DEVICES: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 32 OVERTOPPING DEVICES: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
6.5 ROTATING MASS CONVERTERS
6.5.1 ECCENTRIC MASS ROTATING TECHNOLOGY AND EASE OF OPERATION
TABLE 33 ROTATING MASS CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 34 ROTATING MASS CONVERTERS: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
7 WAVE ENERGY CONVERTER MARKET, BY LOCATION (Page No. - 84)
7.1 INTRODUCTION
FIGURE 34 WAVE ENERGY CONVERTER MARKET, BY LOCATION, 2021
TABLE 35 WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20162019 (USD THOUSAND)
TABLE 36 WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20202030 (USD THOUSAND)
7.2 SHORELINE
7.2.1 ECONOMIC INSTALLATION AND INCREASING POWER DEMAND FROM COASTAL POPULATION
TABLE 37 SHORELINE: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 38 SHORELINE: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
7.3 NEARSHORE
7.3.1 WEC INSTALLATIONS FOR KEY APPLICATIONS
TABLE 39 NEARSHORE: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 40 NEARSHORE: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
7.4 OFFSHORE
7.4.1 ABILITY TO POWER OTHER OFFSHORE STRUCTURES
TABLE 41 OFFSHORE: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 42 OFFSHORE: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
8 WAVE ENERGY CONVERTER MARKET, BY APPLICATION (Page No. - 89)
8.1 INTRODUCTION
FIGURE 35 WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 2021
TABLE 43 WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 44 WAVE ENERGY CONVERTER MARKET: BY APPLICATION, 20202030 (USD THOUSAND)
8.2 POWER GENERATION
8.2.1 NEED TO REDUCE CARBON EMISSIONS GENERATED BY POWER GENERATION ACTIVITIES
TABLE 45 POWER GENERATION: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 46 POWER GENERATION: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
8.3 DESALINATION
8.3.1 EASE OF DESALINATION OF SEAWATER BY WAVE ENERGY
TABLE 47 DESALINATION: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 48 DESALINATION: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
8.4 ENVIRONMENTAL PROTECTION
8.4.1 NEED TO REDUCE COASTAL EROSION
TABLE 49 ENVIRONMENTAL PROTECTION: WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 50 ENVIRONMENTAL PROTECTION: WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
9 WAVE ENERGY CONVERTER MARKET, BY REGION (Page No. - 94)
9.1 INTRODUCTION
FIGURE 36 REGIONAL SNAPSHOT: MARKET IN EUROPE TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 37 EUROPE ACCOUNTED FOR LARGEST SHARE OF WAVE ENERGY CONVERTER MARKET IN 2021
TABLE 51 GLOBAL WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (KW)
TABLE 52 GLOBAL WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (KW)
TABLE 53 GLOBAL WAVE ENERGY CONVERTER MARKET, BY REGION, 20162019 (USD THOUSAND)
TABLE 54 GLOBAL WAVE ENERGY CONVERTER MARKET, BY REGION, 20202030 (USD THOUSAND)
9.2 NORTH AMERICA
FIGURE 38 NORTH AMERICA: SNAPSHOT OF WAVE ENERGY CONVERTER MARKET, 2021
FIGURE 39 NORTH AMERICA: WAVE ENERGY CONVERTER PROJECT LIST
TABLE 55 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20162019 (USD THOUSAND)
TABLE 56 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20202030 (USD THOUSAND)
TABLE 57 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20162019 (USD THOUSAND)
TABLE 58 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20202030 (USD THOUSAND)
TABLE 59 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 60 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
TABLE 61 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (KW)
TABLE 62 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (KW)
TABLE 63 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (USD THOUSAND)
TABLE 64 NORTH AMERICA: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (USD THOUSAND)
9.2.1 US
9.2.1.1 Growing power demand from coastal areas
TABLE 65 US: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 66 US: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.2.2 CANADA
9.2.2.1 Increasing R&D activities on wave energy
TABLE 67 CANADA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 68 CANADA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.3 EUROPE
FIGURE 40 EUROPE: SNAPSHOT OF WAVE ENERGY CONVERTER MARKET, 2021
FIGURE 41 EUROPE: WAVE ENERGY CONVERTER PROJECT LIST
TABLE 69 EUROPE: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20162019 (USD THOUSAND)
TABLE 70 EUROPE: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20202030 (USD THOUSAND)
TABLE 71 EUROPE: WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20162019 (USD THOUSAND)
TABLE 72 EUROPE WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20202030 (USD THOUSAND)
TABLE 73 EUROPE: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 74 EUROPE: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
TABLE 75 EUROPE: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (KW)
TABLE 76 EUROPE: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (KW)
TABLE 77 EUROPE: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (USD THOUSAND)
TABLE 78 EUROPE: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (USD THOUSAND)
9.3.1 UK
9.3.1.1 Strong focus on R&D and renewable energy
TABLE 79 UK: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 80 UK: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.3.2 PORTUGAL
9.3.2.1 Development of new wave energy projects
TABLE 81 PORTUGAL: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 82 PORTUGAL: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.3.3 FRANCE
9.3.3.1 Ambitious renewable energy targets
TABLE 83 FRANCE: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 84 FRANCE: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.3.4 DENMARK
9.3.4.1 Augmented testing of emerging technologies in renewable energy sector
TABLE 85 DENMARK: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 86 DENMARK: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.3.5 REST OF EUROPE
TABLE 87 REST OF EUROPE: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 88 REST OF EUROPE: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.4 ASIA PACIFIC
FIGURE 42 ASIA PACIFIC: WAVE ENERGY CONVERTER PROJECT LIST
TABLE 89 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20162019 (USD THOUSAND)
TABLE 90 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20202030 (USD THOUSAND)
TABLE 91 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20162019 (USD THOUSAND)
TABLE 92 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20202030 (USD THOUSAND)
TABLE 93 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 94 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
TABLE 95 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (KW)
TABLE 96 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (KW)
TABLE 97 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (USD THOUSAND)
TABLE 98 ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (USD THOUSAND)
9.4.1 CHINA
9.4.1.1 Ambitious renewables target
TABLE 99 CHINA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 100 CHINA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.4.2 AUSTRALIA
9.4.2.1 Growing R&D investments in desalination
TABLE 101 AUSTRALIA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 102 AUSTRALIA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.4.3 SOUTH KOREA
9.4.3.1 Increasing R&D on renewable energy generation
TABLE 103 SOUTH KOREA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 104 SOUTH KOREA: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.4.4 REST OF ASIA PACIFIC
TABLE 105 REST OF ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 106 REST OF ASIA PACIFIC: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
9.5 ROW
FIGURE 43 ROW: WAVE ENERGY CONVERTER PROJECT LIST
TABLE 107 ROW: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20162019 (USD THOUSAND)
TABLE 108 ROW: WAVE ENERGY CONVERTER MARKET, BY TECHNOLOGY, 20202030 (USD THOUSAND)
TABLE 109 ROW: WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20162019 (USD THOUSAND)
TABLE 110 ROW: WAVE ENERGY CONVERTER MARKET, BY LOCATION, 20202030 (USD THOUSAND)
TABLE 111 ROW: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20162019 (USD THOUSAND)
TABLE 112 ROW: WAVE ENERGY CONVERTER MARKET, BY APPLICATION, 20202030 (USD THOUSAND)
TABLE 113 ROW: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (KW)
TABLE 114 ROW: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (KW)
TABLE 115 ROW: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20162019 (USD THOUSAND)
TABLE 116 ROW: WAVE ENERGY CONVERTER MARKET, BY COUNTRY, 20202030 (USD THOUSAND)
10 COMPETITIVE LANDSCAPE (Page No. - 128)
10.1 OVERVIEW
FIGURE 44 KEY DEVELOPMENTS IN WAVE ENERGY CONVERTER MARKET, 2018 TO 2022
10.2 MARKET SHARE, 2021
FIGURE 45 INDUSTRY CONCENTRATION OF KEY PLAYERS, 2021
10.3 MARKET EVALUATION FRAMEWORK
TABLE 117 MARKET EVALUATION FRAMEWORK, 20182021
10.4 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS
FIGURE 46 SEGMENTAL REVENUE ANALYSIS, 20182021
10.5 RECENT DEVELOPMENTS
10.5.1 DEALS
TABLE 118 WAVE ENERGY CONVERTER MARKET: DEALS, 20182022
10.5.2 OTHERS
TABLE 119 WAVE ENERGY CONVERTER MARKET: OTHERS, 20182022
10.6 COMPETITIVE LEADERSHIP MAPPING, 2021
10.6.1 STARS
10.6.2 EMERGING LEADERS
10.6.3 PERVASIVE PLAYERS
10.6.4 PARTICIPANTS
FIGURE 47 WAVE ENERGY CONVERTER MARKET: COMPETITIVE LEADERSHIP MAPPING, 2021
TABLE 120 COMPANY TECHNOLOGY FOOTPRINT
TABLE 121 COMPANY LOCATION FOOTPRINT
TABLE 122 COMPANY APPLICATION FOOTPRINT
TABLE 123 COMPANY REGIONAL FOOTPRINT
10.7 START-UP/SME EVALUATION QUADRANT, 2021
10.7.1 PROGRESSIVE COMPANIES
10.7.2 RESPONSIVE COMPANIES
10.7.3 DYNAMIC COMPANIES
10.7.4 STARTING BLOCKS
FIGURE 48 WAVE ENERGY CONVERTER MARKET: START-UP/SME EVALUATION QUADRANT, 2021
10.8 COMPETITIVE BENCHMARKING
TABLE 124 WAVE ENERGY CONVERTER MARKET: DETAILED LIST OF KEY STARTUPS/SMES
TABLE 125 COMPANY TECHNOLOGY FOOTPRINT (SME)
TABLE 126 COMPANY LOCATION FOOTPRINT (SME)
TABLE 127 COMPANY APPLICATION FOOTPRINT (SME)
TABLE 128 COMPANY REGIONAL FOOTPRINT (SME)
11 COMPANY PROFILES (Page No. - 146)
11.1 KEY PLAYERS
(Business overview, Products/Services offered, Recent developments, MnM View, Right to win, Strategic choices made, and Weaknesses and competitive threats)*
11.1.1 OCEAN POWER TECHNOLOGIES
TABLE 129 OCEAN POWER TECHNOLOGIES: BUSINESS OVERVIEW
FIGURE 49 OCEAN POWER TECHNOLOGIES: COMPANY SNAPSHOT
TABLE 130 OCEAN POWER TECHNOLOGIES: PRODUCT DEVELOPMENT
TABLE 131 OCEAN POWER TECHNOLOGIES: DEALS
11.1.2 ECO WAVE POWER
TABLE 132 ECO WAVE POWER: BUSINESS OVERVIEW
FIGURE 50 ECO WAVE POWER: COMPANY SNAPSHOT
TABLE 133 ECO WAVE POWER: DEALS
TABLE 134 ECO WAVE POWER: OTHERS
11.1.3 CORPOWER OCEAN
TABLE 135 CORPOWER OCEAN: BUSINESS OVERVIEW
TABLE 136 CORPOWER OCEAN: PRODUCT DEVELOPMENT
TABLE 137 CORPOWER OCEAN: DEALS
TABLE 138 CORPOWER OCEAN: OTHERS
11.1.4 WELLO OY
TABLE 139 WELLO OY: BUSINESS OVERVIEW
TABLE 140 WELLO OY: DEALS
11.1.5 CALWAVE POWER TECHNOLOGIES
TABLE 141 CALWAVE: BUSINESS OVERVIEW
TABLE 142 CALWAVE POWER TECHNOLOGIES: DEALS
11.1.6 AW-ENERGY OY
TABLE 143 AW-ENERGY OY: BUSINESS OVERVIEW
TABLE 144 AW-ENERGY OY: DEALS
TABLE 145 AW-ENERGY: OTHERS
11.1.7 CARNEGIE CLEAN ENERGY
TABLE 146 CARNEGIE CLEAN ENERGY: BUSINESS OVERVIEW
FIGURE 51 CARNEGIE CLEAN ENERGY: COMPANY SNAPSHOT
TABLE 147 CARNEGIE CLEAN ENERGY: PRODUCT DEVELOPMENT
TABLE 148 CARNEGIE CLEAN ENERGY: DEALS
11.1.8 SINN POWER
TABLE 149 SINN POWER: BUSINESS OVERVIEW
TABLE 150 SINN POWER: OTHERS
11.1.9 AMOG CONSULTING
TABLE 151 AMOG CONSULTING: BUSINESS OVERVIEW
TABLE 152 AMOG CONSULTING: DEALS
11.1.10 NEMOS GMBH
TABLE 153 NEMOS GMBH: BUSINESS OVERVIEW
11.1.11 OCEANENERGY
TABLE 154 OCEANENERGY: BUSINESS OVERVIEW
TABLE 155 OCEANENERGY: DEALS
11.1.12 WAVE SWELL
TABLE 156 WAVE SWELL: BUSINESS OVERVIEW
11.1.13 INGINE INC.
TABLE 157 INGINE INC.: BUSINESS OVERVIEW
TABLE 158 INGINE INC.: DEALS
11.1.14 AWS OCEAN ENERGY
TABLE 159 AWS OCEAN ENERGY: BUSINESS OVERVIEW
11.1.15 LIMERICK WAVE
TABLE 160 LIMERICK WAVE: BUSINESS OVERVIEW
11.1.16 ARRECIFE ENERGY SYSTEMS
TABLE 161 ARRECIFE ENERGY SYSTEMS: BUSINESS OVERVIEW
11.1.17 HANN-OCEAN ENERGY
TABLE 162 HANN-OCEAN ENERGY: BUSINESS OVERVIEW
11.1.18 ACCUMULATED OCEAN ENERGY
TABLE 163 ACCUMULATED OCEAN ENERGY: BUSINESS OVERVIEW
11.1.19 AQUANET POWER
TABLE 164 AQUANET POWER: BUSINESS OVERVIEW
11.1.20 RESOLUTE ENERGY
TABLE 165 RESOLUTE ENERGY: BUSINESS OVERVIEW
TABLE 166 RESOLUTE ENERGY: DEALS
11.1.21 BOMBORA WAVE POWER
TABLE 167 BOMBORA WAVE POWER: BUSINESS OVERVIEW
TABLE 168 BOMBORA WAVE POWER: DEALS
11.1.22 MARINE POWER SYSTEMS
TABLE 169 MARINE POWER SYSTEMS: BUSINESS OVERVIEW
TABLE 170 MARINE POWER SYSTEMS: DEALS
11.1.23 APPLIED TECHNOLOGIES COMPANY
TABLE 171 APPLIED TECHNOLOGIES COMPANY: BUSINESS OVERVIEW
11.1.24 WEPTOS A/S
TABLE 172 WEPTOS A/S: BUSINESS OVERVIEW
11.1.25 OSCILLA POWER
TABLE 173 OSCILLA POWER: BUSINESS OVERVIEW
TABLE 174 OSCILLA POWER: DEALS
11.2 OTHER PLAYERS
11.2.1 ABLE TECHNOLOGIES, L.L.C.
11.2.2 LEANCON WAVE ENERGY
11.2.3 SENER GROUP
11.2.4 EXOWAVE
11.2.5 WITT ENERGY
11.2.6 WAVE DRAGON APS
11.2.7 CHECKMATE SEAENERGY LTD
11.2.8 ONEKA TECHNOLOGIES
11.2.9 MOCEAN ENERGY
*Details on Business overview, Products/Services offered, Recent developments, MnM View, Right to win, Strategic choices made, and Weaknesses and competitive threats might not be captured in case of unlisted companies.
12 APPENDIX (Page No. - 196)
12.1 INSIGHTS OF INDUSTRY EXPERTS
12.2 DISCUSSION GUIDE
12.3 KNOWLEDGESTORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
12.4 CUSTOMIZATION OPTIONS
12.5 RELATED REPORTS
12.6 AUTHOR DETAILS
This study involved four major activities in estimating the current size of the wave energy converter 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 industry publications, several newspaper articles, Statista Industry Journal, and ocean energy systems to identify and collect information useful for a technical, market-oriented, and commercial study of the wave energy converter 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
Primary sources included several industry experts from core and related industries, preferred suppliers, manufacturers, service providers, technology developers, and organizations related to all the segments of the nuclear industry. In-depth interviews were conducted with various primary respondents, including key industry participants, subject matter experts (SME), C-level executives of the key market players, and industry consultants, among other experts, to obtain and verify qualitative and quantitative information, as well as to assess the prospects of the market. 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 converter market and its dependent submarkets. These methods were also extensively used to estimate 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 market 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 industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Wave Energy Converter Market Size: Bottom-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Data Triangulation
After arriving at the overall market sizeusing the market size estimation processes as explained abovethe 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 converter market.
Objectives of the Study
- To forecast and describe the wave energy converter market size, by technology, application, location, and region, in terms of value
- To provide detailed information regarding the major drivers, restraints, opportunities, and challenges influencing the growth of the market
- To estimate the size of the market in terms of value
- To strategically analyze micro markets with respect to individual growth trends, prospects, future expansions, and contributions to the overall market
- To provide post-pandemic estimation for the wave energy converter market and analyze the impact of the pandemic on the overall market and value chain
- To forecast the growth of the wave energy converter market with respect to four major regions, namely, North America, Europe, Asia Pacific and Rest of the world
- To analyze market opportunities for stakeholders and the competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their respective market shares and core competencies
- To analyze competitive developments such as investments & expansions, mergers & acquisitions, product launches, contracts & agreements, and joint ventures & collaborations in the wave energy converter market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to your specific needs. The following customization options are available for the report:
Company Information
- Product Matrix, which provides a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiling of additional market players
Generating Response ...
Growth opportunities and latent adjacency in Wave Energy Converter Market