The global wave energy market is expected to grow at a CAGR of 20% from 2018 to 2026, reaching $110.7 million by 2026. Wave energy is the transport and consumption of energy by sea level waves. The collected energy is used for power generation, water desalination and water pumping, as well as for all special kinds of useful work. Wave energy is also a type of renewable energy and is a major predicted global resource form of marine energy.
Increased industrialization and urbanization have led to an increase in demand for large-scale electrical energy. This increased tidal power plant development opportunities, boosting the growth of the wave energy market. Specifically, the International Renewable Energy Agency (IRENA), Ocean Power Technologies, and the National Renewable Energy Laboratory (NREL) are organizations that promote the widespread adoption and sustainable use of renewable energy in all its forms, including hydro and marine energy. For sustainable development, energy security and low-carbon economic growth, this factor is expected to excel in the growth of the wave energy market. However, high capital investment is one of the limiting factors that can hinder market growth.
A full report of Global Wave Energy Market is available at: https://www.orionmarketreports.com/wave-energy-market/39080/
Technologies Covered:
• Overtopping Converters
• Oscillating Body Converters
• Oscillating Water Column
Locations Covered:
• Near shore
• Onshore
• Offshore
Applications Covered:
• Desalination
• Environmental Protection
• Power Generation
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