Global Wave Energy Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Wave Energy Market Growth

Wave energy is the transportation and capturing of energy by ocean surface waves using wave energy generators. The energy captured is further used to perform various activities, such as electricity generation, water desalination, and pumping of water. Wave energy is a renewable resource that helps significantly cut greenhouse gas emissions from traditional power generation methods, driving the wave energy demand growth.

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Global Wave Energy Market Analysis

The wave energy industry growth is being boosted by the rising demand for renewable energy and the increasing availability of accessible wave energy, which has spurred greater investment in the industry. Wave energy is generated from the ocean’s wave movements, with wave energy generators capturing this energy and converting it into electricity using turbines and generators.

The wave energy market dynamics and trends are driven due to the high demand for renewable energy sources driven by both private and public sectors. As a developing field, the wave energy industry is set to see substantial investment in research and development, which will enhance efficiency and reduce costs.

Wave Energy Industry Outlook

As per the International Renewable Energy Agency, in 2019, the global renewable energy capacity was 2,538,441 MW, which increased to 2,799,094 MW in 2020, reflecting a significant global expansion of 10.3% within just one year. In Africa, renewable energy capacity grew from 51,125 MW in 2019 to 53,685 MW in 2020, marking an increase of approximately 5%. Countries such as Egypt and Ethiopia were key contributors to this increase. Egypt’s capacity rose from 5,948 MW in 2019 to 5,980 MW in 2020. Ethiopia saw its capacity expand from 4,451 MW in 2019 to 4,713 MW in 2020, representing a significant 5.9% increase. Morocco’s renewable energy capacity experienced an increase from 3,267 MW in 2019 to 3,447 MW in 2020, indicating a 5.5% growth. Kenya also showed a steady increase, with capacity rising from 2,191 MW in 2019 to 2,191 MW in 2020, maintaining its position as a leading renewable energy producer in East Africa. In Southern Africa, South Africa's renewable energy capacity increased from 8,011 MW in 2019 to 9,639 MW in 2020. Namibia’s renewable energy capacity grew from 497 MW in 2019 to 501 MW in 2020. In 2020, West African countries, including Ghana, saw their capacity rise to 1,663 MW from 1,656 MW in 2019, boosting the wave energy market revenue. Wave energy, which captures the power of ocean waves to produce electricity, plays a significant role in the renewable energy mix.

Further, in 2019, the total renewable energy capacity in the European Union reached 497,890 MW; by 2020, it expanded to 528,530 MW, marking an increase of approximately 6%. Poland experienced a remarkable surge in renewable energy capacity, growing from 9,360 MW in 2019 to 12,220 MW in 2020, an impressive 30.5% increase. Spain, a major player in the European renewable energy sector, increased its capacity from 54,778 MW in 2019 to 59,108 MW in 2020, reflecting a growth of 7.9%. The United Kingdom increased its renewable energy capacity from 46,800 MW in 2019 to 47,676 MW in 2020, marking a 1.9% rise. This expansion is fuelling the wave energy industry revenue, which is growing due to technological advancements that enhance efficiency and lower costs. This growth is supported by rising investments in renewable energy infrastructure and a global commitment to reducing carbon emissions.

Utilises ocean waves, a consistent and abundant source of energy, reducing reliance on fossil fuels driving the wave energy market demand.

• Generates clean energy with minimal pollution and ecological disruption.
• Ongoing innovations improve efficiency and cost-effectiveness, making wave energy increasingly viable.

Expensive infrastructure and technology investments can be a barrier to entry.

• Effective only in coastal areas with suitable wave conditions, limiting geographic applicability.
• Harsh marine environments can lead to higher maintenance and operational costs.

Increasing subsidies and incentives for renewable energy projects can boost wave energy industry growth.

• Rising global energy needs create opportunities for alternative energy sources like wave energy.
• Future advancements may reduce costs and expand the market potential.

Complex permitting and environmental regulations can slow down project development.

• Wind and solar energy may overshadow wave energy investments.
• Changes in sea patterns and wave intensity due to climate change could affect energy production.

Key Players in the Global Wave Energy Market and Their Key Initiatives

NEMOS GmbH

• Completed the deployment and commissioning of its wave energy converter in Ostend, Belgium. 
• Began testing its new wave energy converter at the Blue Accelerator platform in 2024.

CorPower Ocean AB

• Completed testing of the full-scale Wave Energy Converter prototype. 
• Deployed C4 wave energy converter in Portugal to meet the growing demand of the wave energy market.

Ocean Power Technologies, Inc.

• Launched the next-generation PowerBuoy to capture the wave energy market opportunities.
• Partnered with Marine Advanced Robotics.

SINN Power GmbH

• Successfully tested its modular floating platform.
• Partnered with global developers to commercialize its floating Ocean Hybrid Platform.

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Global Wave Energy Industry Segmentation

“Global Wave Energy Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Technology

• Oscillating Water Column
• Oscillating Body Converters 
• Overtopping Converters

Market Breakup by Location 

• Onshore
• Offshore
• Nearshore

Market Breakup by Application 

• Power Generation
• Water Desalination
• Pumping of Water
• Environmental Protection

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Wave Energy Market Share

The growth of the wave energy industry is driven by several factors. Pumping water in wave energy systems helps store energy for periods of low wave activity or high demand, boosts system efficiency, and may enhance overall energy production. Additionally, wave energy reduces carbon emissions, minimizes pollution relative to fossil fuels, and offers a sustainable, renewable energy source that aids in long-term environmental conservation and protection.

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Leading Companies in the Wave Energy Market

The companies specialise in innovative wave energy technologies, focusing on the design and development of advanced systems for harnessing ocean waves to generate renewable energy.

• NEMOS GmbH 
• CorPower Ocean AB 
• Ocean Power Technologies, Inc. 
• SINN Power GmbH 
• AWS Ocean Energy Ltd.