Point Absorber Market Pegged for Robust Expansion by 2024
Global Point Absorber Market: Overview
The point absorber, a type of wave energy convertor (WEC), can provide substantial quantities of power in a small device as compared to other technologies. Although their designs and working mechanisms differ, they mostly work in the same manner. Point absorbers find application in commercial, industrial and residential purposes. The market for point absorber is still in a nascent stage.
Point absorbers can be installed offshore, near the shore, and in the shoreline. The first kind of point absorber is the Ocean Power Technology’s Power Buoy. It floats on the surface of the ocean and bobs on account of the waves. This movement results in generation of energy. The second type of point absorber is Carnegie Wave Energy’s (CETO). This CETO harnesses the energy of the waves passing by to pull the buoy away from its structure.
A report by TMR Research shows conveys in-depth and accurate information on the global market for point absorbers. It describes the scope of the market, segments it depending upon various parameters, and forecasts its growth trajectory. It furnishes a qualitative analysis of the prominent growth drivers and restraints in the market. The report also profiles important players in the market and employs market leading analytical tools to uncover opportunities for them.
Global Point Absorber Market: Trends and Opportunities
Majorly boosting the global market for point absorber is the rising demand for renewable energy on a commercial scale, worldwide. Stringent rules regarding conventional energy production methods has also been augmenting growth. Going forward, the aforementioned factors will continue stoking demand in the market.
Further, a point absorber steals a march over other such products meant to capture and convert wave energy into electrical energy by continuously producing energy notwithstanding the direction of the waves. This unique perceived benefit is slated to up their swift uptake. A noticeable trend in the market is the increasing thrust on research and development by leading players in the domain to come up with cutting-edge products. Ocean Power Technologies (OPT), for example, has unveiled a point absorber PB150 Power Buoy. It is a surface floating device that can generate up to 150KW power. The company is currently involved in developing devices with even greater capacities.
One drawback of point absorber deployment in sensitive areas near the shore and aquatic life zone, however, is that it has a fallout on aquatic species. The devices also change water movement and turbulence which can bring about habitant changes. Such concerns are predicted to pose a roadblock to the global market in the near future. Besides, steep installation costs and large size of equipment are also anticipated to thwart swift uptake.
Global Point Absorber Market: Regional Outlook
Geographically, the key segments of the global market for machine control system are Asia Pacific, North America, Europe, and the Rest of the World. North America, among them, is predicted to be a dominant region in the next couple of years on account of the massive investment in developing commercial scale energy generation device farm. Asia Pacific is expected to be the fastest growing regional market owing to surge in renewable energy demand and large coastal area availability.
Companies Mentioned in the Report
To present a detailed analysis of the competition prevailing in the global market for point absorber, the report profiles companies such as AWS Ocean Energy Ltd, Pelamis Wave Power Ltd, Carnegie Corporation, Ocean Power Technologies Inc., and Wave Bob Ltd.