High energy demand coupled with increasing environmental awareness are expected to drive the global wave energy market over the forecast period. Favorable regulations and government incentives such as tax benefits and schemes along with venture capital funding are presumed to have a positive influence the market and attract new market players. Drive to increase wave energy share in the global energy mix is expected to further aid in market growth. Massive upfront investment requirements and stagnant production technologies may hinder the global wave energy market growth. Uncertain wave patterns and varied local geography are anticipated to pose challenges for homogenous growth of the market across various regions. However, extensive R&D to achieve technological innovation is expected provide ample opportunities to market participants over the forecast period.
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Though wave energy currently occupies only a fraction in the global energy mix, markets across North America, Asia Pacific and Europe show promising growth prospects over the next six years. Large scale wave energy projects in Australia and U.S. highlight the growing regional market. UK, Sweden, Spain and Denmark dominate the European wave energy market.
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Wave energy R&D provides ample amount of opportunities to both the new as well as experienced industry participants. Being at a nascent stage, wave energy market is currently fragmented and unconsolidated. Financial stability and innovative capabilities are expected to drive market consolidation in the future. Special purpose companies and strategic partnerships are assumed to be critical for relatively small participants to enter the wave energy industry. Leading industry participants include Tenax Energy, Pelamis Wave Power, Carnegie Wave Energy, Marine Current Turbines, Oceanlinx and Ocean Power Technologies Inc., Aquamarine Power, Ocean Renewable Power Company Llc, and Eco Wave Power.
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