1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 DEFINITION 14
1.2.1 WAVE ENERGY MARKET, BY TYPE: INCLUSIONS & EXCLUSIONS 15
1.2.2 WAVE ENERGY MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS 15
1.2.3 WAVE ENERGY MARKET, BY LOCATION: INCLUSIONS & EXCLUSIONS 15
1.3 MARKET SCOPE 16
1.3.1 MARKET SEGMENTATION 16
1.3.2 REGIONAL SCOPE 16
1.4 YEARS CONSIDERED FOR THE STUDY 17
1.5 CURRENCY 17
1.6 LIMITATIONS 17
1.7 STAKEHOLDERS 18

2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 21
2.1.1.1 Key data from secondary sources 21
2.1.2 PRIMARY DATA 21
2.1.2.1 Key data from primary sources 22
2.1.2.2 Break-up of primaries 22
2.2 SCOPE 23
2.3 MARKET SIZE ESTIMATION 25
2.3.1 DEMAND-SIDE ANALYSIS 25
2.3.1.1 Key assumptions 26
2.3.1.2 Calculation 26
2.3.2 FORECAST 26
2.3.3 SUPPLY-SIDE ANALYSIS 27
2.3.3.1 Assumptions and calculation 27

3 EXECUTIVE SUMMARY 29

4 PREMIUM INSIGHTS 33
4.1 ATTRACTIVE OPPORTUNITIES IN THE WAVE ENERGY MARKET 33
4.2 EUROPEAN WAVE ENERGY CONVERTERS MARKET, BY APPLICATION & COUNTRY 34
4.3 WAVE ENERGY MARKET, BY TECHNOLOGY 34
4.4 WAVE ENERGY MARKET, BY LOCATION 35
4.5 WAVE ENERGY MARKET, BY REGION 35

5 MARKET OVERVIEW 36
5.1 INTRODUCTION 36
5.2 MARKET DYNAMICS 36
5.2.1 DRIVERS 37
5.2.1.1 Abundant availability of wave energy resource 37
5.2.1.2 Growing demand for power from coastal communities 37
5.2.2 RESTRAINTS 38
5.2.2.1 High CAPEX investment 38
5.2.3 OPPORTUNITIES 38
5.2.3.1 Increasing R&D investment and focus on clean energy generation 38
5.2.3.2 Integration of wave energy with other renewable energy technologies 39
5.2.4 CHALLENGES 39
5.2.4.1 Insufficient infrastructure 39
5.2.4.2 Emphasis on offshore wind and floating solar 40

6 WAVE ENERGY MARKET, BY TECHNOLOGY 41
6.1 INTRODUCTION 42
6.2 OSCILLATING WATER COLUMN 43
6.2.1 GRID SCALE GENERATION CAPABILITY IS EXPECTED TO DRIVE THE DEMAND FOR OSCILLATING WATER COLUMN TYPE WEC 43
6.3 OSCILLATING BODY CONVERTERS 44
6.3.1 EASE OF INSTALLATION AND HIGH EFFICIENCY ARE EXPECTED TO DRIVE THE MARKET FOR OSCILLATING BODY TYPE WEC 44
6.4 OVERTOPPING CONVERTERS 45
6.4.1 SIMPLE CONSTRUCTION AND EASE OF OPERATION ARE EXPECTED TO DRIVE THE DEMAND FOR OVERTOPPING WEC 45

7 WAVE ENERGY MARKET, BY LOCATION 46
7.1 INTRODUCTION 47
7.2 ONSHORE 48
7.2.1 ECONOMIC INSTALLATION AND INCREASING DEMAND FOR POWER FROM COASTAL POPULATION ARE DRIVING ONSHORE WEC MARKET 48
7.3 NEAR SHORE 48
7.3.1 WEC INSTALLATION FOR KEY APPLICATIONS IS A MAJOR DRIVER FOR NEAR SHORE WEC SEGMENT 48
7.4 OFFSHORE 49
7.4.1 ABILITY TO POWER OTHER OFFSHORE STRUCTURES IS EXPECTED TO DRIVE THE OFFSHORE WEC SEGMENT 49

8 WAVE ENERGY MARKET, BY APPLICATION 51
8.1 INTRODUCTION 52
8.2 DESALINATION 53
8.2.1 EASE OF DESALINATION OF SEA WATER BY WAVE ENERGY IS EXPECTED TO PROPEL THE MARKET 53
8.3 POWER GENERATION 54
8.3.1 NEED TO REDUCE CARBON EMISSIONS FROM POWER GENERATION ACTIVITIES IS EXPECTED TO DRIVE THE DEMAND 54
8.4 ENVIRONMENTAL PROTECTION 55
8.4.1 NEED TO REDUCE COASTAL EROSION IS EXPECTED TO DRIVE THE MARKET 55

9 WAVE ENERGY MARKET, BY REGION 56
9.1 INTRODUCTION 57
9.2 NORTH AMERICA 58
9.2.1 US 61
9.2.1.1 Growing power demand from the coastal areas is driving the market for wave energy 61
9.2.2 CANADA 62
9.2.2.1 Increasing R&D on wave energy is expected to drive the market in Canada 62
9.3 EUROPE 63
9.3.1 SPAIN 66
9.3.1.1 Growing emphasis on renewable energy generation is expected to drive the market for wave energy 66
9.3.2 GERMANY 67
9.3.2.1 Ambitious renewable energy targets and emphasis on R&D are expected to drive the wave energy market 67
9.3.3 UK 68
9.3.3.1 Strong focus on R&D and renewable energy is expected to drive the wave energy market in the UK 68
9.3.4 NORDIC COUNTRIES 70
9.3.4.1 Augmented testing of emerging technologies in the renewable energy sector is expected to drive the market 70
9.3.5 REST OF EUROPE 71
9.4 ASIA PACIFIC 72
9.4.1 AUSTRALIA 74
9.4.1.1 Increasing R&D on desalination is expected to drive the wave energy market 74
9.4.2 JAPAN 76
9.4.2.1 Ambitious renewables target is expected to drive the market for wave energy 76
9.4.3 SOUTH KOREA 77
9.4.3.1 Increasing R&D on renewable energy generation is expected to drive the market for wave energy 77
9.4.4 REST OF ASIA PACIFIC 78
9.5 REST OF THE WORLD 80

10 COMPETITIVE LANDSCAPE 82
10.1 OVERVIEW 82
10.2 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET) 84
10.2.1 VISIONARY LEADERS 84
10.2.2 INNOVATORS 84
10.2.3 DYNAMIC DIFFERENTIATORS 84
10.2.4 EMERGING PLAYERS 84
10.3 MARKET SHARE, 2019 86
10.4 COMPETITIVE SCENARIO 87
10.4.1 NEW PRODUCT LAUNCHES/ NEW PROJECTS/ PROJECTS ENHANCEMENTS 87
10.4.2 PARTNERSHIPS & COLLABORATIONS 88
10.4.3 JOINT VENTURES 88

11 COMPANY PROFILES 89
(Business Overview, Products Offered, and Recent Developments)*
11.1 OCEAN POWER TECHNOLOGIES 89
11.2 ECO WAVE POWER 90
11.3 CARNEGIE CLEAN ENERGY 92
11.4 SINN POWER 93
11.5 AMOG CONSULTING 94
11.6 NEMOS 95
11.7 OCEANENERGY 96
11.8 WAVE SWELL 98
11.9 AWS OCEAN ENERGY 99
11.10 CORPOWER OCEAN 100
11.11 LIMERICK WAVE 102
11.12 ARRECIFE ENERGY SYSTEMS 103
11.13 ACCUMULATED OCEAN ENERGY 105
11.14 HANN OCEAN ENERGY 106
11.15 AQUANET POWER 107
11.16 FDN (FUNCTIONAL DESIGN NETHERLANDS) 109
11.17 AW ENERGY 110
11.18 WAVE FOR ENERGY 110
11.19 TAPERED CHANNEL WAVE ENERGY 110
11.20 SENER 111
11.21 WAVEC OFFSHORE RENEWABLES 111
*Details on Business Overview, Products Offered, and Recent Developments might not be captured in case of unlisted companies.

12 APPENDIX 112
12.1 INSIGHTS OF INDUSTRY EXPERTS 112
12.2 DISCUSSION GUIDE 113
12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 117
12.4 AVAILABLE CUSTOMIZATIONS 119
12.5 RELATED REPORTS 119
12.6 AUTHOR DETAILS 120

LIST OF TABLES
TABLE 1 WAVE ENERGY MARKET SNAPSHOT 29
TABLE 2 GLOBAL WAVE ENERGY MARKET, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 42
TABLE 3 OSCILLATING WATER COLUMN: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 43
TABLE 4 OSCILLATING BODY CONVERTERS: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 44
TABLE 5 OVERTOPPING CONVERTERS: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 45
TABLE 6 WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 47
TABLE 7 ONSHORE: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 48
TABLE 8 NEAR SHORE: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 49
TABLE 9 OFFSHORE: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 49
TABLE 10 GLOBAL WAVE ENERGY MARKET, BY APPLICATION, 2018–2025 (USD THOUSAND) 52
TABLE 11 DESALINATION: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 53
TABLE 12 POWER GENERATION: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 54
TABLE 13 ENVIRONMENTAL PROTECTION: GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 55
TABLE 14 GLOBAL WAVE ENERGY MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND) 58
TABLE 15 NORTH AMERICA: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 59
TABLE 16 NORTH AMERICA: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 60
TABLE 17 NORTH AMERICA: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 60
TABLE 18 NORTH AMERICA: WAVE ENERGY MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND) 60
TABLE 19 US: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 61
TABLE 20 US: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 61
TABLE 21 US: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 62
TABLE 22 CANADA: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 62
TABLE 23 CANADA: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 63
TABLE 24 CANADA: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 63
TABLE 25 EUROPE: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 64
TABLE 26 EUROPE: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 65
TABLE 27 EUROPE: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 65
TABLE 28 EUROPE: WAVE ENERGY MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND) 65
TABLE 29 SPAIN: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 66
TABLE 30 SPAIN: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 66
TABLE 31 SPAIN: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 67
TABLE 32 GERMANY: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 67
TABLE 33 GERMANY: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 68
TABLE 34 GERMANY: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 68
TABLE 35 UK: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 69
TABLE 36 UK: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 69
TABLE 37 UK: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 69
TABLE 38 NORDIC COUNTRIES: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 70
TABLE 39 NORDIC COUNTRIES: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 70
TABLE 40 NORDIC COUNTRIES: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 71
TABLE 41 REST OF EUROPE: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 71
TABLE 42 REST OF EUROPE: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 72
TABLE 43 REST OF EUROPE: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 72
TABLE 44 ASIA PACIFIC: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 73
TABLE 45 ASIA PACIFIC: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 73
TABLE 46 ASIA PACIFIC: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 73
TABLE 47 ASIA PACIFIC: WAVE ENERGY MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND) 74
TABLE 48 AUSTRALIA: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 75
TABLE 49 AUSTRALIA: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 75
TABLE 50 AUSTRALIA: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 75
TABLE 51 JAPAN: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 76
TABLE 52 JAPAN: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 76
TABLE 53 JAPAN: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 77
TABLE 54 SOUTH KOREA: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 77
TABLE 55 SOUTH KOREA: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 78
TABLE 56 SOUTH KOREA: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 78
TABLE 57 REST OF ASIA PACIFIC: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 79
TABLE 58 REST OF ASIA PACIFIC: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 79
TABLE 59 REST OF ASIA PACIFIC: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 79
TABLE 60 REST OF THE WORLD: WAVE ENERGY MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND) 80
TABLE 61 REST OF THE WORLD: WAVE ENERGY MARKET SIZE, BY LOCATION, 2018–2025 (USD THOUSAND) 80
TABLE 62 REST OF THE WORLD: WAVE ENERGY MARKET SIZE, BY APPLICATION, 2018–2025 (USD THOUSAND) 80
TABLE 63 REST OF THE WORLD: WAVE ENERGY MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND) 81

LIST OF FIGURES
FIGURE 1 WAVE ENERGY MARKET: RESEARCH DESIGN 20
FIGURE 2 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING THE DEMAND FOR THE WAVE ENERGY MARKET 24
FIGURE 3 SPENDING ON WAVE ENERGY CONVERTERS ACROSS END-USE SECTORS IS THE KEY DETERMINING FACTOR FOR THE GLOBAL WAVE ENERGY MARKET 25
FIGURE 4 WAVE ENERGY OPERATIONS IN END-USE INDUSTRIES ARE THE DETERMINING FACTOR FOR THE GLOBAL WAVE ENERGY MARKET 27
FIGURE 5 MARKET SHARE ANALYSIS, 2019 28
FIGURE 6 OSCILLATING BODY CONVERTERS SEGMENT TO LEAD THE WAVE ENERGY MARKET, BY TECHNOLOGY, DURING THE FORECAST PERIOD 30
FIGURE 7 NEAR SHORE SEGMENT IS EXPECTED TO LEAD THE WAVE ENERGY MARKET, BY LOCATION, DURING THE FORECAST PERIOD 30
FIGURE 8 POWER GENERATION SEGMENT IS EXPECTED TO LEAD THE WAVE ENERGY MARKET, BY APPLICATION, DURING THE FORECAST PERIOD 31
FIGURE 9 EUROPE DOMINATED THE WAVE ENERGY MARKET IN 2019 31
FIGURE 10 INCREASING NEED FOR RENEWABLE POWER GENERATION IS EXPECTED TO DRIVE THE WAVE ENERGY MARKET, 2020–2025 33
FIGURE 11 POWER GENERATION (APPLICATION) AND THE UK (COUNTRY) DOMINATED THE WAVE ENERGY MARKET IN 2019 34
FIGURE 12 OSCILLATING BODY CONVERTERS SEGMENT IS PROJECTED TO DOMINATE THE WAVE ENERGY MARKET UNTIL 2025 34
FIGURE 13 NEAR SHORE SEGMENT IS PROJECTED TO DOMINATE THE WAVE ENERGY MARKET UNTIL 2025 35
FIGURE 14 EUROPEAN WAVE ENERGY MARKET IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 35
FIGURE 15 WAVE ENERGY: MARKET DYNAMICS 36
FIGURE 16 HIGHEST PER CAPITA POWER CONSUMING COUNTRIES, 2016 37
FIGURE 17 COST BREAKDOWN OF WAVE ENERGY CONVERTERS 38
FIGURE 18 RISE IN GLOBAL INVESTMENTS IN THE FIELD OF RENEWABLE ENERGY 39
FIGURE 19 OSCILLATING BODY CONVERTERS SEGMENT IS EXPECTED TO HOLD THE LARGEST MARKET SHARE, BY TECHNOLOGY (2019) 42
FIGURE 20 NEAR SHORE SEGMENT IS PROJECTED TO BE THE LARGEST MARKET, BY LOCATION (2019) 47
FIGURE 21 POWER GENERATION SEGMENT HOLDS THE LARGEST MARKET SHARE, BY APPLICATION (2019) 52
FIGURE 22 REGIONAL SNAPSHOT: THE EUROPE MARKET IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 57
FIGURE 23 EUROPE ACCOUNTED FOR THE LARGEST SHARE OF THE WAVE ENERGY MARKET IN 2019 57
FIGURE 24 NORTH AMERICA: REGIONAL SNAPSHOT 59
FIGURE 25 EUROPE: REGIONAL SNAPSHOT 64
FIGURE 26 KEY DEVELOPMENTS IN THE WAVE ENERGY MARKET, 2017–MARCH 2020 83
FIGURE 27 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET) 85
FIGURE 28 ECO WAVE POWER LED THE WAVE ENERGY MARKET IN 2019 86
FIGURE 29 OCEAN POWER TECHNOLOGIES: COMPANY SNAPSHOT 89
FIGURE 30 CARNEGIE CLEAN ENERGY: COMPANY SNAPSHOT 92