Market overview:
Wave Energy Market has been valued US$ 45.9 billion in the year 2021 and it is estimated to reach US$ 116.9 billion by the year 2027, with a CAGR of 20% from 2022 to 2027. Wave Energy is a form of renewable energy that can be harnessed from the motion of the waves. There are several methods of harnessing wave energy that involve placing electricity generators on the surface of the ocean; these are the main factors that have considerably increased the demand for the Wave Energy in the market, thereby driving the huge growth of the Wave Energy market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Wave Energy in the market is mainly due to the Wave energy is the energy generated from the up and down movement of ocean waves. The ocean waves are generated from wind energy. Further, wave energy converters are used to extract the energy from these ocean waves, which in turn is used to generate electricity with the help of turbine and generators. This sector is still in the development stage and thus, there is need to increase the investment and R & D in the upcoming years. Wave energy can be extracted with the help of technologies including oscillating body converters, oscillating water column and overtopping converters.
Rapid development in the renewable energy sector and rise in demand for electricity from the marine industry are the key factors that drive the growth of the market during the forecast period; these are the main factors that have considerably increased the demand for the Wave Energy in the market, thereby driving the huge growth of the Wave Energy market in the upcoming years
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Report is segmented as:
Wave Energy Market is segmented on the basis of by:
By Technology (Oscillating Water Column, Oscillating Body Converters, and Overtopping Converters),
By Location (Onshore, Near Shore, and Offshore),
By Application (Desalination, Power Generation, and Environmental Protection)
Geographical Segmentation:
Wave Energy Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Wave Energy is due to the increase in government initiatives and investments in the renewable energy sector these are the main factors that have considerably increased the demand for the Wave Energy in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Wave Energy Market
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Impact of COVID-19 on Market
The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate have an effect on of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increase opportunities. COVID-19 will have an occasional have an effect on the Wave Energy market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Wave Energy market growth
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