Wave Energy Market Size, Share, Growth, Trends, and Global Industry Analysis: By Technology (Oscillating Water Column, Oscillating Body Converters, Overtopping Converters) By  Location (Onshore,  Offshore, Near-shore), By Application ( Power Generation, Water Desalination, Pumping of Water, Environmental Protection), and Region  

Wave Energy Market size was valued at US$ 36.7 million in 2023 and is poised to grow at a CAGR of 18.6% from 2024 to 2030. Wave Energy is a form of renewable energy that can be utilized from the motion of the waves. As waves are formed in the ocean, they generate kinetic energy or movement. It is utilized to power turbines and generate energy that can be converted into electrical energy (electricity) and power. The key factors driving the wave energy market are the rising investments in the adoption of renewable energy and the increase in the global electricity demand are anticipated to drive the demand for the wave energy market in the forecast period. Additionally, wave energy generates prospects for the economies to diversify their energy sources and decrease dependence on imported fossil fuels. By harnessing indigenous disruptions and economies can enhance energy security, decrease vulnerability to supply disruptions, and strengthen resilience against geopolitical risks associated with fossil fuel imports. Furthermore, the deployment of wave energy devices in offshore environments offers substantial growth potential and scalability. Offshore wave energy projects can access higher wave energy resources, benefit from greater spatial availability, and minimize visual and aesthetic impacts compared to onshore installations, assisting the sustainable development of the energy sectors.

Additionally, advancements in wave energy converting technologies and materials robust the invention and improve the efficiency, reliability, and cost-effectiveness of wave energy systems. Consequently, technological inventions like point absorbers, oscillating wave surge converters, and low maintenance requirements unlock novel prospects for the wave energy disposition, which in turn is anticipated to drive the wave energy market in the forecast period. However, the complications associated with the wave energy market are high initial cost, technological immaturity, harsh marine environment, intermittent nature, and environmental impact remain substantial barriers that hamper the demand for the growth of the wave energy market in the forecast period. However, the key opportunities associated with the wave energy market are wave energy generates clean power for the coastal and island communities, wave energy converters assist economies in building carbon-free power systems, and rising demand for marine research, military operations generate lucrative opportunities for the wave energy market in the forecast period, which in turn is anticipated to drive the wave energy market in the upcoming years.

Wave Energy Market Key Developments:

• In August 2021, AMOGS Holdings Pty. Ltd., partnered with Hellenic Cables for the offshore renewable energy segment which is escalating in the optimal technique to adapt and transfer energy from the ocean to the grid subsea cables are one of the most elaborate and most expensive components of any offshore wind generating installation.