Point Absorber Market Forecasts to 2030 - Global Analysis By Type, Installation Type, Component, Material, Depth of Deployment, Application, End User and By Geography

According to Stratistics MRC, the Global Point Absorber Market is accounted for $0.48 billion in 2024 and is expected to reach $0.93 billion by 2030 growing at a CAGR of 11.7% during the forecast period. A point absorber is a type of wave energy converter designed to capture the energy from ocean waves. It typically consists of a buoy or floating structure that moves in response to wave motion. Point absorbers are characterized by their ability to absorb energy in all directions and at various depths, making them highly efficient for converting wave energy. They are commonly used in offshore renewable energy projects to generate clean electricity from ocean waves.

Market Dynamics:

Driver:

Growing global focus on reducing carbon emissions

As countries and industries seek sustainable energy alternatives to combat climate change, wave energy technologies like point absorbers gain prominence. These devices offer a clean, renewable source of power by harnessing the kinetic energy of ocean waves, significantly reducing reliance on fossil fuels. With international climate agreements and national policies emphasizing carbon reduction, governments are increasingly investing in renewable energy projects, including point absorbers. This shift towards cleaner energy solutions boosts demand for point absorbers, propelling the market's expansion worldwide.

Restraint:

Technological challenges

Technological challenges in point absorbers, such as low energy conversion efficiency, mechanical wear and tear from harsh marine environments, and difficulties in scaling up for large-scale energy generation, hinder market growth. Additionally, energy capture efficiency can be inconsistent, affecting the overall performance. Overcoming these challenges requires ongoing research and development, which may delay commercialization and increase costs, limiting the widespread adoption of point absorbers in the renewable energy market.

Opportunity:

Expanding offshore energy projects

Expanding offshore energy projects increases the demand for renewable energy solutions along coastlines. As governments and private entities invest in offshore wind, wave, and tidal energy, point absorbers become a crucial technology for harnessing wave power. Their ability to operate in offshore environments with minimal visual impact and low maintenance costs makes them attractive for large-scale energy generation. The expansion of offshore projects, driven by global sustainability goals and technological advancements, creates opportunities for point absorbers to contribute to clean energy production, further fueling market growth.

Threat:

High initial capital costs

High initial capital costs in point absorber systems arise from the complex design, manufacturing, installation, and maintenance of offshore energy infrastructure. These costs include building specialized devices, offshore platforms, electrical transmission systems, and ensuring long-term durability in harsh marine environments. As a result, the high upfront investment hampers market growth, slowing the transition to wave energy as a competitive renewable energy solution.

Covid-19 Impact

The covid-19 pandemic negatively impacted the point absorber market by causing delays in manufacturing, supply chain disruptions, and reduced investment in renewable energy projects. Restrictions on global travel and labor shortages hindered the installation and maintenance of wave energy systems. However, as the world increasingly focuses on sustainable energy solutions, the market for point absorbers is recovering, driven by a growing emphasis on clean energy and government incentives for renewable energy infrastructure post-pandemic.

The power generation segment is expected to be the largest during the forecast period

The power generation segment is predicted to secure the largest market share throughout the forecast period. Point absorbers in power generation harness wave energy to generate electricity. This renewable energy source offers a sustainable alternative to fossil fuels. Point absorbers are particularly effective in areas with high wave energy potential, making them an ideal solution for offshore power generation. As technology improves, point absorbers are becoming a viable option for large-scale, clean energy production, contributing to global efforts to reduce carbon emissions and combat climate change.

The industrial segment is expected to have the highest CAGR during the forecast period

The industrial segment is anticipated to witness the highest CAGR during the forecast period. In industrial applications, point absorbers are used to harness wave energy for various purposes, such as powering remote offshore facilities, desalination plants, or aquaculture operations. They offer a significant advantage in reducing dependency on traditional energy sources, especially in off-grid areas. As technology advances, point absorbers can contribute to powering industrial systems in an environmentally friendly manner, supporting the transition to clean energy in maritime-based industries.

Region with largest share:

Asia Pacific is expected to register the largest market share during the forecast period due to the increasing demand for renewable energy sources and favourable government policies supporting clean energy initiatives. Countries like Japan, Australia, and South Korea are investing in ocean energy technologies, including point absorbers, to reduce dependence on fossil fuels. The region's vast coastline and strong wave energy potential make it an attractive market for wave energy solutions. As technology advances and costs decrease, the Asia-Pacific market is poised for expansion, with growing interest in sustainable offshore energy generation.

Region with highest CAGR:

North America is projected to witness the highest CAGR over the forecast period driven by growing government and private sector's investments. The U.S. and Canada, with their extensive coastlines, have significant wave energy potential, which drives interest in point absorber technology. Favourable policies, such as incentives for clean energy and offshore projects, are accelerating market growth. Additionally, ongoing research and development efforts are expected to expand further as demand for renewable energy rises.

Key players in the market

Some of the key players profiled in the Point Absorber Market include Ocean Power Technologies (OPT), Carnegie Clean Energy, Eco Wave Power, Aquamarine Power, AWS Ocean Energy, Wello Oy, Seabased AB, Wave Swell Energy, Oscilla Power, SINN Power GmbH, CorPower Ocean, Bombora Wave Power, Mocean Energy, Resolute Marine Energy, Pelamis Wave Power, BioPower Systems, Marine Power Systems and Wavepiston.

Key Developments:

In November 2024, Ocean Power Technologies (OPT) has advanced its PowerBuoy(R) technology, enhancing its energy storage and communication capabilities to support remote ocean infrastructure, including surveillance and environmental monitoring systems. The system harnesses renewable energy sources, such as wave, solar, and wind power, to generate clean energy, aligning with global sustainability goals.

In October 2024, Carnegie Clean Energy introduced the new CETO 6, a cutting-edge iteration of their wave energy technology. This advanced system is a fully submerged point absorber, leveraging ocean wave energy to generate clean electricity and freshwater. The CETO 6 represents a significant step forward in wave energy technology, aligning with global efforts to harness renewable resources for sustainable development.

Types Covered:

• Single Body Point Absorber
• Two-Body Point Absorber
• Multi-Body Point Absorber

Installation Types Covered:

• Fixed
• Floating

Components Covered:

• Power Take-Off (PTO) System
• Buoy/Float Systems
• Mooring & Anchoring System
• Control Systems
• Energy Conversion Systems
• Auxiliary Systems
• Other Components

Materials Covered:

• Steel
• Concrete
• Metal Alloys
• Polymers
• Composite Materials
• Other Materials

Depth of Deployments Covered:

• Shallow Water (<30 Meters)
• Intermediate Water (30-80 Meters)
• Deep Water (>80 Meters)

Applications Covered:

• Power Generation
• Desalination
• Environmental Monitoring
• Other Applications

End Users Covered:

• Commercial
• Residential
• Industrial
• Military
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances