Increasing sustainable and renewable energy demand is touted to bolster the global wave energy market over the next seven years. Constant need for clean and sustainable energy is anticipated to drive the global wave energy market over the forecast period. Growing environmental concerns are expected to further aid the global wave energy market. Government initiatives and financial incentives are expected to assist the global wave energy market growth. Favorable regulations along with venture capital funding are estimated to have a positive impact on the global wave energy market. R&D initiatives and technological innovations have led to extreme cost reductions, thus bolstering the overall wave energy market.
Initiatives encouraging wave energy usage is slated to increase its market share in the renewable energy market, which in turn is supposed to further compliment the global wave energy market. Major technological advancements have resulted higher energy production capacity. This trend is presumed to enhance the global wave energy market growth. Higher installation cost is a key factor anticipated to hamper the overall wave energy market growth. Local geography and differing wave patterns are expected to further hinder the global wave energy market development. High initial investments along with lengthy turnover periods results in high financial risks for the market investors. This is estimated to retard the global wave energy market. R&D initiatives to address technological as well as monetary challenges promise abundant opportunities for the industry participants.
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North America has dominated the global wave energy market in the recent years. Factors such as its extremely long coastline and venture funding opportunities have played a key role in shaping the regional market. Europe has emerged as the fastest growing regional market for wave energy owing to its high sustainable energy demand. Growing environmental concerns and energy requirements has led to strong demand in emerging economies such Brazil, Indonesia, India, Vietnam, China, Russia and Malaysia. Developing regions such as Middle East & Africa are also expected to have rapid growth rate over the next seven years. Countries such as U.S., Australia, United Kingdom, Portugal, Canada, China, Scotland and South Korea have already installed major wave energy installations along its coastlines.
Prominent wave energy industry participants include Carnegie Wave Energy, Aqua Marine power, Tenax Energy, Eco Wave Power, Ocean Renewable Power Company Llc, Pelamis Wave Power, Marine Current Turbines and Oceanlinx and Ocean Power Technologies Inc.
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