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The world market for Wave Energy Converters is growing faster and more quickly as things change all the time. Recent years have seen a lot of money put into this very technical business that turns the power of water waves into energy. Changes in policy, new technologies, and more people around the world becoming interested in green energy sources all have a big impact on the market.
One big reason the market is changing is the growth of WEC technology. More research and development is making new and better converter designs, which makes these systems work better and be more reliable overall. Newer technologies, such as point absorbers, spinning water columns, and attenuators, are making it easier to change and gather energy.
Laws and rules made by the government also have a big effect on how the WEC market works. Businesses find it easier to work in the WEC market thanks to these policy changes. This leads to more teamwork and investment.
The wave energy transfer business is even busier now that people all over the world are trying to get rid of carbon emissions and stop climate change. Ocean waves store a lot of energy, and WECs are a great way to solve the problem because they provide a steady source of power. Wave energy is getting more common since it is good for the earth. This helps the market because it brings in money from both the state and private areas.
There are also problems in the WEC market. It can be hard for some people to buy wave energy converters since they are pricey to set up and keep up. Technically, it's also hard to work in rough sea conditions. These problems will go away as the industry gets older, though, thanks to better materials, maintenance methods, and the general design of the system. This will make WECs more profitable in the long run.
It is now usual for WECs in the global market to work together, join, and buy other companies. This is because more and more people need to be able to get more information and tools. Businesses are teaming up to share what they know and figure out how to fix the many issues that come up when putting together, starting, and overseeing wave energy conversion projects. Working together in this way not only speeds up the development of technology but also makes it easier for people to share information. This makes the industry better and more connected.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Mode of operation, and Region |
Wave Energy Converter Market Highlights:
Global Wave Energy Converter Market Overview:
Wave Energy Converter Market Size was valued at USD 52.2 billion in 2023. The Wave Energy Converter market industry is projected to grow from USD 54.86 Billion in 2024 to USD 80.05 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.84% during the forecast period (2024 - 2032). The ample availability of wave energy resources and the growing power demand from coastal communities are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wave Energy Converter Market Trends
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Increasing demand for greener renewable sources of energy is driving the market growth
Market CAGR for greener renewable sources is being driven by the sustainable sources of energy. As increasing demand for renewable energy is the growing concern over climate change and its impact on the environment. Also, people become more aware of the negative consequences of burning fossil fuels, they are looking for alternative sources of energy that are more sustainable and less harmful to the environment.
Renewable energy sources such as solar, wind, hydropower, geothermal, and biomass are all considered to be greener alternatives to traditional fossil fuels. person who is obese has an abnormally high level of fat in their body, which could be harmful to their health.
Additionally, the increasing cost competitiveness of renewable energy technologies. In recent years, the cost of renewable energy has been declining, making it more affordable and accessible to a wider range of consumers. For example, the cost of solar panels has decreased significantly over the past decade, making solar energy a more viable option for both residential and commercial users.
Many countries have implemented policies to encourage the adoption of renewable energy, such as feed-in tariffs, tax incentives, and renewable portfolio standards. These policies are designed to promote the use of renewable energy and reduce greenhouse gas emissions.
In addition, technological advancements in renewable energy are also driving the market. Researchers and engineers are constantly developing new and more efficient technologies for harnessing renewable energy, which are making it more feasible and cost-effective. The power consumption has increased due to the increased use of different technologies and energy utilities. Worldwide power consumption is rapidly expanding, necessitating more power-producing capacity to satisfy rising demand.
For instance, IRENA published a report titled "Ocean Energy: Technology Brief," which provides an overview of the current state of ocean energy technologies, including WECs. It highlights the potential of ocean energy as a significant source of renewable energy and notes that WECs can provide a reliable and predictable source of electricity. Thus, driving the Wave Energy Converter market revenue.
Wave Energy Converter Market Segment Insights:
Wave Energy Converter Type Insights
The Wave Energy Converter market segmentation, based on type includes Attenuator, Point Absorber, Terminator. The Point Absorber segment dominated the market, accounting for 35% of market revenue. The 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.
Figure 1: Wave Energy Converter Market, by Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wave Energy Converter Mode of Operation Insights
The Wave Energy Converter market segmentation, based on Mode of Operation includes Submerged pressure differential, Oscillating wave surge converter, Oscillating water column, Oscillating body converter Rotating mass devices, Bulge wave devices, and Overtopping devices. The Oscillating Wave Surge Converters category generated the most income (70.4%). It deployed in arrays, which allows for greater scalability and efficiency.
This means that a single OWSC device can generate a relatively small amount of electricity, but when deployed in an array, they can generate a significant amount of power.
Wave Energy Converter Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Europe Wave Energy Converter market area will dominate this market, owing to an significant support for the development and deployment of renewable energy technologies, including Wave Energy Converters will boost market growth in this region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Wave Energy Converter Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North American Wave Energy Converter market accounts for the second-largest market share due to regulatory environment generally favorable to the development of Wave Energy Converter. Further, the Canada Wave Energy Converter market held the largest market share, and the US Wave Energy Converter market was the fastest growing market in the North America region
The Asia-Pacific Wave Energy Converter Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to significant advancements in the technology, including the development of new materials and control systems. Moreover, China’s Wave Energy Converter market held the largest market share, and the Indian Wave Energy Converter market was the fastest growing market in the Asia-Pacific region.
For instance, U.S. Department of Energy provided significant funding for research and development in the Wave Energy Converter industry. It announced $27 million in funding for research and development of WEC technologies through its office of Energy Efficiency and Renewable Energy.
Wave Energy Converter Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Wave Energy Converter market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
To expand and survive in a more competitive and rising market climate, Wave Energy Converter industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Wave Energy Converter industry to benefit clients and increase the market sector. In recent years, the Wave Energy Converter industry has offered some of the most significant advantages.
Major players in the Wave Energy Converter market, including Ocean Power Technologies, Marine Power Systems, Eco Wave Powe, SINN Power GmbH, NEMOS GmbH and others, are attempting to increase market demand by investing in research and development operations.
Marine Power Systems (MPS) is a UK-based company that designs and develops wave energy converters (WECs). It founded by Gareth Stockman and Dr. Graham Foster, who set out to create a new type of WEC that could harness the power of ocean waves more efficiently and cost-effectively than existing technologies. It developed a patented technology known as the WaveSub, which is a submerged WEC that uses two floats to capture energy from waves.
The floats are connected to a mechanical system that converts the motion of the waves into electricity, which can be transmitted to the grid. The WaveSub is designed to be scalable and modular, which allows it to be deployed in a range of different environments and wave conditions. In addition to developing the WaveSub technology, MPS has also built a state-of-the-art testing facility in South Wales, UK.
SINN Power GmbH is a German renewable energy company that specializes in developing and producing wave energy converters (WECs). It based on the principle of oscillating water columns (OWCs), which convert the energy of ocean waves into electricity. Its WECs consist of a hollow structure that is partially submerged in the water. As waves enter the structure, they compress the air inside, which drives a turbine that generates electricity.
The technology is designed to be modular and scalable, which allows it to be adapted to different wave conditions and environments. In addition to developing its WEC technology, SINN Power has also established a testing facility on the Greek island of Crete, where it has deployed a number of WEC prototypes. The facility allows it to test and validate its technology under real-world conditions and to optimize its performance.
Key Companies in the Wave Energy Converter market include
- Ocean Power Technologies
- Marine Power Systems
- Eco Wave Power
- SINN Power GmbH
- NEMOS GmbH
- INGINE Inc.
- Carnegie Clean Energy
- CorPower Ocean
- AW-Energy Oy
- AWS Ocean Energy
- oneka Technologies
- Exowave
Wave Energy Converter Industry Developments
June 2022:CorPower Ocean launched its first commercial-scale wave energy converter C4 along with the new CorPack concept. With a 300kW power rating, the new device represents the world’s most compact wave energy system in relation to power output.
January 2022:Eco Wave Power and Ocean Power Technologies, Inc. two wave energy companies, announced they are collaborating to utilize their complementary technologies and skills to accelerate wave energy projects.
October 2021:Carnegie Clean Energy launched a CETO-derived wave energy product designed for moored vessels, which offers a solution to the challenge of securing clean and reliable energy for offshore activities, reducing reliance on diesel generation.
In April 2022:Eco Wave Power Global AB, a leader in the production of clean electricity from ocean and sea waves, announced that it has entered an official agreement with Port Adriano, Spain, for the potential construction of a wave energy power plant of up to 2MW. The agreement expands Eco Wave Power’s presence in Europe and will help Spain achieve its aggressive goals for renewable power, leveraging its significant coastline capacity.
Wave Energy Converter Market Segmentation:
Wave Energy Converter Type Outlook
- Attenuator
- Point Absorber
- Terminator
Wave Energy Converter Mode of Operation Outlook
- Submerged Pressure Differential
- Oscillating Wave Surge Converter
- Oscillating Water Column
- Rotating Mass Devices
- Bulge Wave Devices
- Overtopping Devices
- Oscillating Body Converter
Wave Energy Converter Location Outlook
- Nearshore
- Shoreline
- Offshore
Wave Energy Converter Application Outlook
- Power Generation
- Desalination
- Enviromental Protection
Wave Energy Converter Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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