Wave Energy Market

Market Leader - Wave Energy Market

The global wave energy market size is expected to grow from estimated revenue of USD 44 million in 2020 to USD 107 million by 2025, at a CAGR of 19.3% during the forecast period. The factors driving the growth for wave energy include ample availability of wave energy resource and the growing demand for power from coastal communities.

The global wave energy market is dominated by both global and regional players, such as Eco Wave Power (Israel), Carnegie Clean Energy (Australia), SINN Power (Germany), CorPower (Sweden), Ocean Power Technology (US), and AMOG Consulting (Australia), and amoung others. The major strategies adopted by the players include new product launches/new projects, joint ventures and partnerships and collaborations. New product launches/new projects were the most commonly adopted strategy from January 2016 to March 2020.

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.

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The company offers WECs that have major parts such as floater, piston, accumulator, hydraulic motor, generator, and hydraulic fluid tank. Eco Wave Power provides wave energy converters based on floating body type of wave energy conversion principle wherein the floater absorbs wave energy, operating a piston further operating a motor governed generator, leading to electricity generation. Eco Wave Power installed its pilot wave energy converter project at the Jaffa port, Israel, in 2014 and has been testing it since then. The pilot project had an electrical generating capacity of 100 kW and has been deemed successfully operational by numerous authorities, including the Energy Ministry, Government of Israel.

Another major player in the wave energy market is Carnegie Clean Energy. 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.

Carnegie Clean Energy provides wave energy converters under the brand name CETO. These wave energy converters are based on oscillating body technology that can also be used for desalination of sea/ocean water. This product is capable of generating power to feed the grid as well as to pump the desalinated water to the shore. Carnegie Clean Energy made its pilot project in 2014 by installing 5 units of its CETO WEC to pump desalinated water to Garden Island, off the coast of Perth, Australia. The project lasted for one year, and the WECs were used for both desalination of sea water and pumping it to the shore. This desalination plant was partially funded by the Australian authorities under the AusIndustry grant from the Clean Technology Innovation Program with a fund of nearly USD 1.15 million.

Related Reports:

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

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Report Code
EP 7589
RI Published ON
4/2/2020
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