Wave Energy Converter Market Overview:
Wave Energy Converter Market is expected to grow USD 33 million at a CAGR 5.1% during the forecast 2022-2030.
Wave Energy Converters are mechanical devices that create electricity by harnessing the kinetic energy of ocean surface waves. Among renewable energy sources, sea waves have the highest energy density. Winds create waves, which are in turn generated by solar energy. Wave energy has enormous potential for generating electricity. The ocean is a vast resource and capturing the energy in ocean waves is a critical step toward fulfilling renewable energy objectives.
The Wave Energy Converter Market is predicted to expand significantly over the forecast period. Technological improvement and innovation are critical in establishing market growth prospects. Boosting environmental consciousness is encouraging the use of renewable energy sources, increasing demand for wave energy, and therefore considerably affecting the Wave Energy Converter market expansion of wave energy converters. While the high cost of installation and the influence of unexpected weather conditions might limit market expansion.
During the COVID-19 epidemic, the wave energy converter industry witnessed a drop in demand due to decreased energy consumption and the global suspension of all renewable energy initiatives. The market, however, is likely to rebound as main industries restart operations following the ease of the lockdown. Because of the growing need for environmentally friendly and sustainable power-generating resources, the Wave Energy Converter market will grow considerably in the near future.
Wave Energy Converter Market Segmentation
By Type
Attenuator, Point Absorber, and Terminator are the types of Wave Energy Converter Market. The point Absorber segment is the largest market segment and is expected to grow substantially during the forecast period. Point absorber wave energy converters are floating structures, most designs for point absorbers resemble a run-of-the-mill buoy, at least from the surface.
By Mode of Operation
Submerged pressure differential, Oscillating wave surge converter, Oscillating water column, Oscillating body converter Rotating mass devices, Bulge wave devices, and Overtopping devices are the segments based on the mode of operation of the Wave Energy Converter Market.
By Deployment Location
Shoreline devices, Nearshore devices, and Offshore devices are the segments based on the deployment location of the Wave Energy Converter Market. The Offshore devices segment is expected to lead the market growth during the forecast period. Offshore wave converters can attain the highest amount of wave energy as ocean waves’ strength is stronger in deep waters.
By Power Take-Off Systems
Turbine Transfer, Hydraulics, and Electrical Linear Generators are the segments based on the power take-off systems deployment location of the Wave Energy Converter Market. The electric linear generators segment has the largest market share and is expected to continue leading the market during the forecast period as it has fewer components to maintain, avoiding intermediate steps while providing simpler/cheaper construction and better reliability.
By Application
Power generation, environmental protection, and seawater desalination are the segments based on the application of the Wave Energy Converter Market. The power generation segment is the largest market for application and is forecasted to be the fastest-growing market segment during the forecast period. The rising demand for electricity from renewable sources is a major factor driving the adoption of the wave energy converter.
Wave Energy Converter Market Competitive Landscape
The Wave Energy Converter market comprises many local and global players. The key players in the industry are involved in various strategies such as new product launches, collaborations, corporate deals, mergers, and acquisitions to maintain and expand their market dominance. The key players operating in this Wave Energy Converter market include Ocean Power Technologies (Israel), Marine Power Systems (UK), Eco Wave Power (Israel), SINN Power GmbH (Germany), NEMOS GmbH (Germany), INGINE Inc. (South Korea), Carnegie Clean Energy (Australia), CorPower Ocean (Sweden), AW-Energy Oy (Finland), AWS Ocean Energy (UK), Wello Oy (Finland), HavKraft AS (Norway), Wave Dragon (Denmark), Wave Swell (Australia) and Aquanet Power (UK).
Wave Energy Converter Market Regional Analysis
The regions are classified as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe is currently the largest market for Global Wave Energy Converter of all the regions. This is due to the rising importance of renewable energy sources in the electric power generating business. The United Kingdom has the most wave energy conversion deployment. The Europe Marine Energy Center is the major location for wave technology initiatives and is home to a substantial number of wave energy companies. According to Ocean Energy Europe, the seas are the biggest untapped source of renewable energy, with ocean energy capable of meeting up to 10% of Europe's current electricity needs by 2050.
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