Wave Energy Converter Market is predicted to reach USD 33 million at a CAGR of 5.1% during the forecast period

Pune, India, Nov 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Wave Energy Converter Market.

Wave Energy Converter Market

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.

Wave Energy Converter

Market Synopsis

According to the MRFR analysis, the Wave Energy Converter Market value is projected to reach USD 33 million by 2030 at a CAGR of 5.1%.

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.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Wave Energy Converter Market Research Report

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 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).

Segmentation

Wave Energy Converter Market By Type:

• Attenuator: Attenuators 'surf' the waves by lying parallel to the main wave direction. The device's length is of the same order of magnitude (or more) than the wavelength; these devices are positioned parallel to the incident wave.


• Point Absorber: A point absorber is a device with tiny dimensions in comparison to the incident wavelength. They might be floating structures that move up and down on the water's surface or buried structures that rely on pressure differential. Wave direction is unimportant for certain devices, such as Ocean Power Technologies Powerbouy, due to their modest size. The segment is expected to account for the largest share of the Wave Energy Converter Market.


• Terminator: Terminator devices physically intercept waves by having their main axis parallel to the wavefront (perpendicular to the primary wave direction). They have the same dimensions as attenuators.

Wave Energy Converter Market By Mode of Operation:

• Submerged pressure differential: The submerged pressure differential device is a submerged point absorber that employs the pressure difference above the device between wave crests and troughs. It is often positioned nearshore. It is made up of two primary parts: a fixed sea bottom air-filled cylindrical chamber and a mobile top cylinder. This gadget has the benefit of not being exposed to the harmful slamming pressures encountered by floating devices, as well as having a lower aesthetic effect.


• Oscillating wave surge converter: One end of these devices is usually attached to a fixed building or the seafloor, while the other end is free to move. This portion is a hinged deflector that is perpendicular to the wave direction, the terminator. In reaction to the impact of the horizontal movement of the wave, the axis of the deflector (or paddle) oscillates like a pendulum positioned on a pivoting joint.


• Oscillating water column: One of the primary components of this technique is an air chamber. This air, exposed to fluctuating pressure due to the impact of the waves, moves a typical air turbine attached to an electrical generator. As a result, the air turbine may benefit from the whole oscillation cycle of the wave. It is often built in a breakwater, however shore-based and floating types are available. The key advantages of the widely established oscillating water column idea are its simplicity and resilience.


• Oscillating body converter: Oscillating bodies are physical structures that move with waves and absorb their kinetic energy, which is subsequently turned into electrical energy using power take-off (PTO) devices. Surging devices, which take advantage of the longitudinal motion of waves, pitching devices, which take advantage of the tilting motion, and heaving devices, which take advantage of the up-and-down motion, are examples of wave movements that may be exploited.


• Rotating mass devices: The contraption heaving and swaying in the waves uses two types of rotation to gather energy. Precession is caused by the motion of an eccentric weight or a gyroscope. The movement is linked to an electric generator within the gadget in both circumstances.


• Bulge wave devices: Bulge wave devices are made from a rubber tube filled with water that is tethered to the bottom and heads towards the waves. Water enters the tube from the stern, and the passing wave generates pressure fluctuations down the length of the tube, resulting in a 'bulge.' As the bulge moves through the tube, it gathers energy that may be utilized to power a normal low-head turbine at the bow, where the water is subsequently returned to the sea.


• Overtopping devices: An overtopping device collects seawater from incident waves in a reservoir above sea level and then returns it to the sea via turbines. They use the potential energy of the waves to turn it into electrical energy using synchronous generators.

Wave Energy Converter Market By Deployment Location:

• Shoreline devices: They are located at coast proximity and frequently impacted by swallow seas. Shoreline devices have the benefit of being near the utility network, being easy to maintain, and having a lower risk of being destroyed in harsh conditions since waves are attenuated as they travel over shallow water. As a result, one of the downsides of shore-mounted devices is that shallow water results in lesser wave force. The tidal range might also be a problem.


• Nearshore devices: They are positioned close to the coasts, where they are frequently influenced by swallow or intermediate waters. Their deployment and maintenance costs are kept to a minimum since they do not require mooring systems because they are generally fixed or rest on the bottom.


• Offshore devices: They are located far from the shore in deep seas. The benefit of placing a wave energy converter in deep water is that it can gather more energy due to the increased energy content of deep-water waves. Offshore devices, on the other hand, are more difficult to build and maintain, and because of the larger wave height and energy content in the waves, they must be engineered to withstand the harsher circumstances, adding expense to development.

Wave Energy Converter Market By Power Take-Off System:

• Turbine Transfer: The terminology "turbine transfer" refers to the process utilized in systems where the flow of fluid (either saltwater or air) powers a turbine that is directly attached to a generator. The usage of saltwater turbines has the significant benefit of causing no environmental concerns due to fluid leakage. The downside is that saltwater is a complicated fluid with a wide range of unpredictability.


• Hydraulics: At sluggish speeds, waves exert tremendous stresses, and hydraulic systems are ideally adapted to absorbing energy in these conditions. The utilization of hydraulics working at 400 bar pressure is a distinguishing benefit of some types of wave energy converters where size and weight are constraints, and the force generated by these pressures is far larger than that produced by the finest electrical machines.


• Electrical Linear Generator: A linear generator's main principle is to have a translator (what would be the rotor in a rotary machine) on which magnets with alternating polarity are installed and directly coupled to a heaving buoy, with the stator holding windings and mounted in a relatively stationary structure. An electric current will be induced in the stator when the heaving buoy oscillates.

Wave Energy Converter Market By Application:

• Power Generation: Wave energy converter, or WEC, devices convert ocean waves to electricity. The energy associated with surface sea waves may be captured and turned into electricity using appropriately built devices based on numerous ideas and concepts.


• Environment Protection: Wave energy is also environmentally friendly. It does not pollute the environment in the same way that fossil fuels do. As a result, it produces no greenhouse gases and hence does not alter the marine life of that area. Nearshore converters can safeguard ports and the shoreline while also reducing erosion.


• Seawater desalination: Several wave energy converters (WECs) pressurize seawater, which is subsequently pumped onshore to run a seawater reverse osmosis (RO) desalination plant directly. Ocean waves are another renewable energy source that may be utilized for desalination. Using a combined wave power and desalination system, the motion of the ocean waves may be harnessed to create fresh water. The energy in the ocean waves can be turned to electricity and used to power the desalination plant indirectly, or it can be transformed to pressure and used directly to power the process.

Wave Energy Converter Market By Region

• North America: The region is predicted to be the second biggest market for wave energy converters due to increased demand for electric power as per capita power consumption rises. With around 40% of the population residing in coastal areas, an expanding population, and a scarcity of available land space, these factors are projected to fuel the Wave Energy Converter market expansion in North America.


• Europe: Europe is the market's leading region. With growing government regulation for environmental protection and to comply with the Paris Climate Agreement, the value of wave energy has grown exponentially. The region's abundant coastline area and the presence of several wave energy developers foster market expansion.


• Asia-Pacific: The Asia-Pacific region is predicted to have a sizable market share. Because of the presence of areas with a significant potential for tidal currents. Countries with large coastline areas, such as Japan, South Korea, China, and India, are projected to drive the wave energy converter market in this region.


• Middle East & Africa: The growth of the wave energy converter market in this area is predicted to be low during the forecast period.


• South America: Because of the extensive coastline and greater tidal currents, the market in this region has great potential. However, this region's marine renewable energy source is virtually unexplored.