Point Absorber Market
Point Absorber Market Forecasts to 2030 - Global Analysis By Type (Single Body Point Absorber, Two-Body Point Absorber and Multi-Body Point Absorber), Installation Type (Fixed and Floating), 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® 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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Point Absorber Market, By Type
5.1 Introduction
5.2 Single Body Point Absorber
5.3 Two-Body Point Absorber
5.4 Multi-Body Point Absorber
6 Global Point Absorber Market, By Installation Type
6.1 Introduction
6.2 Fixed
6.3 Floating
7 Global Point Absorber Market, By Component
7.1 Introduction
7.2 Power Take-Off (PTO) System
7.3 Buoy/Float Systems
7.4 Mooring & Anchoring System
7.5 Control Systems
7.6 Energy Conversion Systems
7.7 Auxiliary Systems
7.8 Other Components
8 Global Point Absorber Market, By Material
8.1 Introduction
8.2 Steel
8.3 Concrete
8.4 Metal Alloys
8.5 Polymers
8.6 Composite Materials
8.7 Other Materials
9 Global Point Absorber Market, By Depth of Deployment
9.1 Introduction
9.2 Shallow Water (<30 Meters)
9.3 Intermediate Water (30–80 Meters)
9.4 Deep Water (>80 Meters)
10 Global Point Absorber Market, By Application
10.1 Introduction
10.2 Power Generation
10.3 Desalination
10.4 Environmental Monitoring
10.5 Other Applications
11 Global Point Absorber Market, By End User
11.1 Introduction
11.2 Commercial
11.3 Residential
11.4 Industrial
11.5 Military
11.6 Other End Users
12 Global Point Absorber Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Ocean Power Technologies (OPT)
14.2 Carnegie Clean Energy
14.3 Eco Wave Power
14.4 Aquamarine Power
14.5 AWS Ocean Energy
14.6 Wello Oy
14.7 Seabased AB
14.8 Wave Swell Energy
14.9 Oscilla Power
14.10 SINN Power GmbH
14.11 CorPower Ocean
14.12 Bombora Wave Power
14.13 Mocean Energy
14.14 Resolute Marine Energy
14.15 Pelamis Wave Power
14.16 BioPower Systems
14.17 Marine Power Systems
14.18 Wavepiston
List of Tables
1 Global Point Absorber Market Outlook, By Region (2022-2030) ($MN)
2 Global Point Absorber Market Outlook, By Type (2022-2030) ($MN)
3 Global Point Absorber Market Outlook, By Single Body Point Absorber (2022-2030) ($MN)
4 Global Point Absorber Market Outlook, By Two-Body Point Absorber (2022-2030) ($MN)
5 Global Point Absorber Market Outlook, By Multi-Body Point Absorber (2022-2030) ($MN)
6 Global Point Absorber Market Outlook, By Installation Type (2022-2030) ($MN)
7 Global Point Absorber Market Outlook, By Fixed (2022-2030) ($MN)
8 Global Point Absorber Market Outlook, By Floating (2022-2030) ($MN)
9 Global Point Absorber Market Outlook, By Component (2022-2030) ($MN)
10 Global Point Absorber Market Outlook, By Power Take-Off (PTO) System (2022-2030) ($MN)
11 Global Point Absorber Market Outlook, By Buoy/Float Systems (2022-2030) ($MN)
12 Global Point Absorber Market Outlook, By Mooring & Anchoring System (2022-2030) ($MN)
13 Global Point Absorber Market Outlook, By Control Systems (2022-2030) ($MN)
14 Global Point Absorber Market Outlook, By Energy Conversion Systems (2022-2030) ($MN)
15 Global Point Absorber Market Outlook, By Auxiliary Systems (2022-2030) ($MN)
16 Global Point Absorber Market Outlook, By Other Components (2022-2030) ($MN)
17 Global Point Absorber Market Outlook, By Material (2022-2030) ($MN)
18 Global Point Absorber Market Outlook, By Steel (2022-2030) ($MN)
19 Global Point Absorber Market Outlook, By Concrete (2022-2030) ($MN)
20 Global Point Absorber Market Outlook, By Metal Alloys (2022-2030) ($MN)
21 Global Point Absorber Market Outlook, By Polymers (2022-2030) ($MN)
22 Global Point Absorber Market Outlook, By Composite Materials (2022-2030) ($MN)
23 Global Point Absorber Market Outlook, By Other Materials (2022-2030) ($MN)
24 Global Point Absorber Market Outlook, By Depth of Deployment (2022-2030) ($MN)
25 Global Point Absorber Market Outlook, By Shallow Water (<30 Meters) (2022-2030) ($MN)
26 Global Point Absorber Market Outlook, By Intermediate Water (30–80 Meters) (2022-2030) ($MN)
27 Global Point Absorber Market Outlook, By Deep Water (>80 Meters) (2022-2030) ($MN)
28 Global Point Absorber Market Outlook, By Application (2022-2030) ($MN)
29 Global Point Absorber Market Outlook, By Power Generation (2022-2030) ($MN)
30 Global Point Absorber Market Outlook, By Desalination (2022-2030) ($MN)
31 Global Point Absorber Market Outlook, By Environmental Monitoring (2022-2030) ($MN)
32 Global Point Absorber Market Outlook, By Other Applications (2022-2030) ($MN)
33 Global Point Absorber Market Outlook, By End User (2022-2030) ($MN)
34 Global Point Absorber Market Outlook, By Commercial (2022-2030) ($MN)
35 Global Point Absorber Market Outlook, By Residential (2022-2030) ($MN)
36 Global Point Absorber Market Outlook, By Industrial (2022-2030) ($MN)
37 Global Point Absorber Market Outlook, By Military (2022-2030) ($MN)
38 Global Point Absorber Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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