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Market Segmentation of the Wave Energy Market:
The wave energy market is spilt by Technology, Location, Application, and Region. The given analysis will help you to expand your business by targeting niche markets. For the forecast period, the growth among segments offers accurate calculations and forecasts for sales in terms of volume and valve.
- Oscillating Water Column
- Oscillating Body Converters
- Overtopping Converters
- Near shore
- Power Generation
- Environmental Protection
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
Key Drivers of the Wave Energy Market:
The key drivers contributing to the growth of the global wave energy market in the upcoming years include the inadequate availability of traditional fuels such as oil, gas, and coal, followed by correlated pollution issued by the utilization of these fuel sources. The increasing demand for power from coastal communities and the availability of wave energy as a constant and steady source of clean energy are certain factors boosting the growth of the wave energy market share in terms of revenue. These wave energy resources are ecologically friendly and provide energy generation capacity in various nations worldwide.
Increasing industrialization and urbanization is leading to a surge in demand for massive electric energy. This factor has raised the opportunity for the development of tidal stream power plants, thus surging the growth of the wave energy market size. The International Renewable Energy Agency (IRENA), National Renewable Energy Laboratory (NREL), and Ocean Power Technologies, among others, are some of the companies that are encouraging the adoption of all forms of renewable energy, such as hydropower and ocean energy, for sustainable development, low-carbon economic growth and energy security. This factor is anticipated to propel the growth of the wave energy market. On the other hand, the high capital investment is the factor, which will hinder the market growth.
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Company coverage of the Wave Energy Market:
- Ocean Power Technologies, Inc.
- Eco Wave Power, Ltd.
- NEMOS GmbH
- SINN Power GmbH
- AMOG Consulting
- Wave Swell Energy Ltd.
- AWS Ocean Energy Ltd.
- Carnegie Clean Energy Limited
- CorPower Ocean AB
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