| Product Code: ETC13147649 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Bhawna Singh | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Point Absorber Market was valued at USD 0.38 Billion in 2024 and is expected to reach USD 0.58 Billion by 2031, growing at a compound annual growth rate of 6.20% during the forecast period (2025-2031).
The global point absorber market is witnessing significant growth driven by the increasing focus on renewable energy sources, particularly in the offshore wind sector. Point absorbers are wave energy converters that harness energy from ocean waves, offering a promising solution to diversify the renewable energy mix. Technological advancements, government support through favorable policies and incentives, and the rising demand for clean energy are key factors propelling the market. Europe dominates the market, with countries like the UK, Denmark, and Portugal leading in point absorber installations. North America and Asia-Pacific are also experiencing growth in this market. Key players in the global point absorber market include Bombora Wave Power, CorPower Ocean, Ocean Power Technologies, and Carnegie Clean Energy, driving innovation and expansion in the industry.
The Global Point Absorber Market is witnessing significant growth due to the increasing focus on renewable energy sources and the rising adoption of wave energy technologies. Key trends in the market include advancements in technology to improve efficiency and reliability, collaborations between industry players for research and development, and government initiatives to promote clean energy solutions. Opportunities in the market are abundant, with the potential for further innovation in design and materials, expansion into new geographical regions with high wave energy potential, and partnerships with utilities and energy companies to integrate point absorber technology into existing infrastructures. Overall, the Global Point Absorber Market offers promising prospects for growth and development in the renewable energy sector.
The Global Point Absorber Market faces several challenges, including high initial investment costs for installation and maintenance, regulatory uncertainties and permitting issues, technological limitations in terms of efficiency and scalability, as well as environmental concerns regarding the potential impact on marine life and ecosystems. Additionally, the variability of wave energy resources and the need for grid connection infrastructure pose significant challenges for the widespread adoption of point absorber technology. Market competition from other renewable energy sources such as offshore wind and solar power further complicates the market landscape. Overcoming these challenges will require continued research and development efforts, collaboration between industry stakeholders, supportive government policies, and innovative financing mechanisms to drive growth and commercialization in the Global Point Absorber Market.
The Global Point Absorber Market is primarily driven by the increasing demand for renewable energy sources, as point absorbers are a type of wave energy converter that harnesses wave power to generate electricity. The growing emphasis on reducing carbon emissions and transitioning towards sustainable energy sources is fueling the adoption of point absorbers for offshore wave energy projects. Additionally, government initiatives and favorable regulatory policies supporting the development of wave energy technologies further drive the market growth. Technological advancements, such as improvements in efficiency and cost-effectiveness of point absorbers, also play a crucial role in propelling market expansion. The potential for continuous power generation from ocean waves, coupled with the focus on achieving energy security and resilience, are significant factors driving the growth of the Global Point Absorber Market.
Government policies related to the Global Point Absorber Market vary by country, with many governments implementing supportive measures to promote the development and deployment of wave energy technologies. Some common policies include financial incentives such as feed-in tariffs and grants to encourage investment in point absorber projects, as well as research and development funding to advance technology innovation. Additionally, regulatory frameworks are being established to streamline permitting processes and ensure environmental sustainability of wave energy projects. Governments are also collaborating with industry stakeholders to set standards and guidelines for wave energy development, with the aim of creating a conducive market environment for point absorber technologies to thrive. Overall, governments worldwide are recognizing the potential of wave energy and are actively supporting the growth of the Global Point Absorber Market through various policy initiatives.
The Global Point Absorber Market is expected to witness significant growth in the coming years, driven by increasing investment in renewable energy sources and the rising demand for clean energy solutions. Technological advancements in wave energy converters, such as point absorbers, are also anticipated to propel market growth. Additionally, the need to reduce carbon emissions and address climate change concerns will further boost the adoption of point absorber technology worldwide. Government initiatives and favorable policies supporting the development of wave energy projects will play a crucial role in shaping the future outlook of the market. Overall, the Global Point Absorber Market is poised for expansion as countries strive to transition towards more sustainable energy sources.
In the Global Point Absorber Market, Asia is expected to witness significant growth due to the increasing investments in renewable energy projects, particularly in countries like China, Japan, and South Korea. North America is also a key market, driven by the growing focus on offshore renewable energy sources in the US and Canada. Europe leads the market in terms of technological advancements and implementation of point absorber systems, with countries like the UK, Norway, and Sweden at the forefront. The Middle East and Africa region is showing promising potential for point absorber market growth, supported by initiatives to diversify energy sources and reduce dependence on oil. Latin America is also emerging as a key market, with countries like Brazil and Chile investing in offshore renewable energy projects, driving the demand for point absorber systems.
Global Point Absorber Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Point Absorber Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Point Absorber Market Revenues & Volume, 2021 & 2031F |
3.3 Global Point Absorber Market - Industry Life Cycle |
3.4 Global Point Absorber Market - Porter's Five Forces |
3.5 Global Point Absorber Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Point Absorber Market Revenues & Volume Share, By Application, 2021 & 2031F |
3.7 Global Point Absorber Market Revenues & Volume Share, By Product, 2021 & 2031F |
4 Global Point Absorber Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Point Absorber Market Trends |
6 Global Point Absorber Market, 2021 - 2031 |
6.1 Global Point Absorber Market, Revenues & Volume, By Application, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Point Absorber Market, Revenues & Volume, By Offshore Renewable Energy, 2021 - 2031 |
6.1.3 Global Point Absorber Market, Revenues & Volume, By Wave Energy Conversion, 2021 - 2031 |
6.1.4 Global Point Absorber Market, Revenues & Volume, By Ocean Power Generation, 2021 - 2031 |
6.1.5 Global Point Absorber Market, Revenues & Volume, By Marine Applications, 2021 - 2031 |
6.2 Global Point Absorber Market, Revenues & Volume, By Product, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Point Absorber Market, Revenues & Volume, By Floating Point Absorbers, 2021 - 2031 |
6.2.3 Global Point Absorber Market, Revenues & Volume, By Bottom-mounted Point Absorbers, 2021 - 2031 |
6.2.4 Global Point Absorber Market, Revenues & Volume, By Semi-submerged Point Absorbers, 2021 - 2031 |
6.2.5 Global Point Absorber Market, Revenues & Volume, By Buoyant Point Absorbers, 2021 - 2031 |
6.3.1 Overview & Analysis |
7 North America Point Absorber Market, Overview & Analysis |
7.1 North America Point Absorber Market Revenues & Volume, 2021 - 2031 |
7.2 North America Point Absorber Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Point Absorber Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Point Absorber Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Point Absorber Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Point Absorber Market, Revenues & Volume, By Application, 2021 - 2031 |
7.4 North America Point Absorber Market, Revenues & Volume, By Product, 2021 - 2031 |
8 Latin America (LATAM) Point Absorber Market, Overview & Analysis |
8.1 Latin America (LATAM) Point Absorber Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Point Absorber Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Point Absorber Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Point Absorber Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Point Absorber Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Point Absorber Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Point Absorber Market, Revenues & Volume, By Application, 2021 - 2031 |
8.4 Latin America (LATAM) Point Absorber Market, Revenues & Volume, By Product, 2021 - 2031 |
9 Asia Point Absorber Market, Overview & Analysis |
9.1 Asia Point Absorber Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Point Absorber Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Point Absorber Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Point Absorber Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Point Absorber Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Point Absorber Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Point Absorber Market, Revenues & Volume, By Application, 2021 - 2031 |
9.4 Asia Point Absorber Market, Revenues & Volume, By Product, 2021 - 2031 |
10 Africa Point Absorber Market, Overview & Analysis |
10.1 Africa Point Absorber Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Point Absorber Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Point Absorber Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Point Absorber Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Point Absorber Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Point Absorber Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Point Absorber Market, Revenues & Volume, By Application, 2021 - 2031 |
10.4 Africa Point Absorber Market, Revenues & Volume, By Product, 2021 - 2031 |
11 Europe Point Absorber Market, Overview & Analysis |
11.1 Europe Point Absorber Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Point Absorber Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Point Absorber Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Point Absorber Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Point Absorber Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Point Absorber Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Point Absorber Market, Revenues & Volume, By Application, 2021 - 2031 |
11.4 Europe Point Absorber Market, Revenues & Volume, By Product, 2021 - 2031 |
12 Middle East Point Absorber Market, Overview & Analysis |
12.1 Middle East Point Absorber Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Point Absorber Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Point Absorber Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Point Absorber Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Point Absorber Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Point Absorber Market, Revenues & Volume, By Application, 2021 - 2031 |
12.4 Middle East Point Absorber Market, Revenues & Volume, By Product, 2021 - 2031 |
13 Global Point Absorber Market Key Performance Indicators |
14 Global Point Absorber Market - Export/Import By Countries Assessment |
15 Global Point Absorber Market - Opportunity Assessment |
15.1 Global Point Absorber Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Point Absorber Market Opportunity Assessment, By Application, 2021 & 2031F |
15.3 Global Point Absorber Market Opportunity Assessment, By Product, 2021 & 2031F |
16 Global Point Absorber Market - Competitive Landscape |
16.1 Global Point Absorber Market Revenue Share, By Companies, 2024 |
16.2 Global Point Absorber Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |
Export potential enables firms to identify high-growth global markets with greater confidence by combining advanced trade intelligence with a structured quantitative methodology. The framework analyzes emerging demand trends and country-level import patterns while integrating macroeconomic and trade datasets such as GDP and population forecasts, bilateral import–export flows, tariff structures, elasticity differentials between developed and developing economies, geographic distance, and import demand projections. Using weighted trade values from 2020–2024 as the base period to project country-to-country export potential for 2030, these inputs are operationalized through calculated drivers such as gravity model parameters, tariff impact factors, and projected GDP per-capita growth. Through an analysis of hidden potentials, demand hotspots, and market conditions that are most favorable to success, this method enables firms to focus on target countries, maximize returns, and global expansion with data, backed by accuracy.
By factoring in the projected importer demand gap that is currently unmet and could be potential opportunity, it identifies the potential for the Exporter (Country) among 190 countries, against the general trade analysis, which identifies the biggest importer or exporter.
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