Global Wave Energy Market Insights Forecasts to 2033

• The Global Wave Energy Market Size Was Valued at USD 66.0 Million in 2023
• The Market Size is Growing at a CAGR of 17.06% from 2023 to 2033
• The Worldwide Wave Energy Market Size is Expected to Reach USD 318.9 Million by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Global Wave Energy Market Size is Anticipated to Exceed USD 318.9 Million by 2033, Growing at a CAGR of 17.06% from 2023 to 2033.

Market Overview

Wave energy is a renewable energy source that uses the motion of ocean waves to generate electricity and power. It's the largest estimated global resource of ocean energy. Wave energy is more eco-friendly than traditional fossil fuels like oil and coal because it produces fewer carbon emissions. Wave development depends on the length of the ocean, or “fetch,” over which the wind blows in a constant direction. Longer fetches with higher wind velocities will produce larger waves. Waves can travel thousands of miles with little energy loss and can combine with waves from storms and other wind-driven events to create very energetic seas. The energy of ocean waves is concentrated at the surface and decays rapidly with depth. Wave energy technologies, also known as wave energy converters (WECs), capture energy directly from the surface motion of ocean waves. WECs can be deployed at offshore, nearshore, and shore-based locations and are intended to be modular and deployed in arrays. Due to the diverse nature of waves in different regions of the world, there is a wide variety of WECs in various stages of research and development.

According to the U.S. Energy Information Administration, ocean waves contain tremendous energy. The theoretical annual energy potential of waves off the coasts of the United States was estimated to be as much as 2.64 trillion kilowatthours, which is equal to about 63% of total U.S. utility-scale electricity generation, in 2023. (Utility-scale generation is from electric generators with at least one megawatt of generation capacity.) The west coasts of the United States and Europe and the coasts of Japan and New Zealand have potential sites for harnessing wave energy. Many different methods and technologies for capturing and converting wave energy to electricity are under development. These methods include placing devices on or just below the surface of the water and anchoring devices to the ocean floor. 

Report Coverage

This research report categorizes the market for wave energy based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the wave energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the wave energy market.

Driving Factors

The driving factors of the wave energy market include increasing demand for renewable energy sources, advancements in technology, and supportive government policies. As global awareness of climate change grows, there is a push for cleaner energy solutions, and wave energy presents a reliable and abundant option, particularly for coastal regions. Technological innovations are improving the efficiency and cost-effectiveness of wave energy converters, making them more commercially viable. Additionally, government incentives and funding for research and development are fostering investment in the sector, further accelerating its growth. Collectively, these factors are creating a favorable environment for the expansion of the wave energy market.

Restraining Factors

Wave energy infrastructure such as offshore platforms and wave energy converters may require a huge upfront investment. Wave energy adoption may be hindered by high upfront costs, especially in the absence of government incentives. Other sources of renewable energy like those derived from solar and wind power also exist in the global renewable energy market. These energy-producing methods are more cost-friendly and have more experienced usage in several industries. Thus manufacturers of energy might prefer investing in competitive energy sources over wave energy. This can affect wave energy demand, thus inhibiting market growth.

Market Segmentation

The wave energy market share is classified into type and application.

• The oscillating water column segment is estimated to hold the highest market revenue share through the projected period.

Based on the type, the wave energy market is classified into oscillating water column, oscillating body converters, and overtopping converters. Among these, the oscillating water column segment is estimated to hold the highest market revenue share through the projected period. As a sustainable and non-polluting energy source, oscillating wave column technology is produced by the wind's natural flow through a Wells turbine and emits no greenhouse gases. The shoreline plan's on-land placement of the turbine the primary movable component makes it simple to remove for maintenance or repair. The oscillating wave column category is anticipated to contribute significantly to the growth of the wave energy market throughout the projected period.

• The power generation segment is anticipated to hold the largest market share through the forecast period.

Based on the application, the wave energy market is divided into desalination, power generation, and environmental protection. Among these, the power generation segment is anticipated to hold the largest market share through the forecast period. This is due to its primary role in harnessing the potential of oceanic energy resources. Wave technologies are primarily developed for electricity generation, offering a clean and renewable energy source. Their consistent power production aligns with the need for reliable, grid-compatible energy. This segment is also supported by government incentives and investment, driving innovation and project development. As the global demand for sustainable energy grows, the power generation segment remains the focal point, making wave energy an attractive solution in the transition towards cleaner energy sources.

Regional Segment Analysis of the Wave Energy Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the wave energy market over the predicted timeframe.

North America is anticipated to hold the largest share of the wave energy market over the predicted timeframe, due to substantial investment in research, development, and deployment of wave energy technologies. The region benefits from an abundance of suitable coastal locations and possesses a strong regulatory framework, which encourages industry growth. Additionally, government support in the form of grants, tax incentives, and initiatives further accelerates the market. North America's commitment to clean energy and its technological advancements has positioned it as a major player in the global wave and tidal energy market, attracting substantial investments and fostering innovation.

Europe is expected to grow at the fastest CAGR growth of the wave energy market during the forecast period. The region has demonstrated a strong governmental commitment to renewable energy, offering financial incentives and supportive policies that attract investments. Europe's extensive coastline provides ample potential for wave energy deployment. Additionally, the presence of leading technology developers and research institutions fosters innovation. Collaborative efforts and a mature offshore industry create a conducive environment for project development. These combined elements make Europe a significant player in advancing the wave and sector, underlining its major growth in the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the wave energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Ocean Power Technologies
• Eco Wave Power
• Carnegie Clean Energy
• Sinn Power
• Amog Consulting
• Nemos,
• Oceanenergy
• Wave Swell
• Aws Ocean Energy
• Corpower Ocean
• Limerick Wave
• Arrecife Energy Systems
• Accumulated Ocean Energy
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2024, Ocean Oasis, a pioneering Norwegian Cleantech Company secured a €6 million grant from the European Union to advance its innovative wave-powered desalination technology. This substantial funding would support the development and deployment of the first fleet of offshore desalination buoys aimed at addressing water scarcity on the Spanish island of Gran Canaria.

• In July 2024, Ocean Energy deployed its 826-tonne wave energy converter buoy OE-35 at the US Navy's Wave Energy Test Site off the coast of the island of Oahu ahead of it being hooked up to Hawaii's electricity grid.

• In July 2024, Aberdeen-based ZOEX Power finished the installation of its 100 kW wave energy device at the Port of Aberdeen, South Harbour.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the wave energy market based on the below-mentioned segments: 

Global Wave Energy Market, By Type

• Oscillating Water Column
• Oscillating Body Converters
• Overtopping Converters

Global Wave Energy Market, By Application

• Desalination
• Power Generation
• Environmental Protection

Global Wave Energy Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa