Farmington, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The global Wave Energy Converter Market was valued at USD 18.73 Million in 2022 and is projected to reach USD 26.15 Million by 2030, growing at a CAGR of 4.26% from 2023 to 2030. Wave energy converters are machines that transform the kinetic and potential energy of a moving ocean wave into a form of energy that may be utilized, such as mechanical or electrical energy. Wave energy converters generate clean energy that can be used for a variety of uses, including pumping to remove salt from water and propulsion of underwater vehicles. The energy contained in ocean waves can be extracted and converted into usable forms of energy through the use of a wave energy converter.
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Because there is a greater demand for power from renewable energy sources and a greater supply of wave energy accessible, the global market for wave energy converters is doing well. More investments in the industry have resulted from this. Ocean waves upward and downward motion is what generates wave energy. Wave energy generators harness the strength of the ocean's waves to drive electricity-generating turbines and generators.
Recent Developments:
- In June 2022, CorPower Ocean launched its first commercial-scale wave energy converter, the C4, with the new CorPack concept. With a power rating of 300 kW, the new unit represents the world's most compact wave energy system in terms of power output.
- In June 2022, Wello Oy announced an MoU with National Taiwan Ocean University's Center for Ocean Energy Systems (NTOU) to expand offshore Taiwan for technology exploration and deployment.
- In January 2022, two wave energy companies, Eco Wave Power and Ocean Power Technologies, Inc., announced a collaboration to accelerate wave energy projects by leveraging complementary technologies and technologies.
Segmentation Analysis:
Wave Energy Converter Market products can be broken down into three categories: attenuator, point absorber, and terminator. Over the course of the period covered by this research, it is predicted that the point Absorber market segment would enjoy the considerable expansion. The point absorber wave energy converters are floating structures that, from the surface, resemble a typical buoy. The majority of point absorber designs have this appearance.
The Wave Energy Converter Market may be broken down into three submarkets based on the applications that it serves: power production, environmental protection, and saltwater desalination. Over the course of the time covered by this projection, the sector of the market dealing with electricity generation is predicted to experience the highest rate of growth. The rising demand for power generated by renewable sources is the primary factor that is driving the widespread implementation of the wave energy converter.
Regional Outlook:
Europe held the highest proportion of the global Wave Energy Converter Market in 2021. Due to the fact that numerous firms in Europe are doing research and creating wave energy converters, it is anticipated that these devices will be widely utilized and adopted in Europe. Europe implemented 12 MW of wave power between 2010 and 2020. By the end of the year 2020, just 1.1 MW was still in operation, while 10.3 MW had been deactivated following the completion of testing programs. According to the EU Offshore Renewable Energy Strategy, Europe aspires to have 40 GW of ocean energy by 2050. (including wave, tidal, ocean thermal, and floating solar).
Europe consists of the United Kingdom, Spain, Germany, the Nordic countries, and the remainder of the continent. Europe has a good standard of living, although the climate is chilly throughout the year. Due to these factors, the demand for electricity increases gradually over time.
During the projected period, North America is anticipated to increase at the fastest rate. For marine renewable energy to attain its full potential, the government, the business, and a number of other organizations are doing research and collaborating. Annually, waves might provide 2.64 quadrillion kWh of energy to U.S. beaches. Approximately forty percent of Americans reside in coastal regions, and wave energy is the most dependable source of renewable energy.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 4.26% from 2023 to 2030 |
| Market Size in 2022 | USD 18.73 Million |
| Revenue Forecast by 2030 | USD 26.15 Million |
| By Type | Attenuator, Point Absorber, Terminator |
| By Mode of Operation | Submerged Pressure Differential, Oscillating Wave Surge Converter, Oscillating Water Column, Oscillating Body Converter, Rotating Mass Devices, Bulge Wave Devices, Overtopping Devices |
| By Applications | Power Generation, Environment Protection, Seawater Desalination |
| By Companies | 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), Aquanet Power (UK) |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
As people's living standards have increased, so has their ability to spend. More technology and energy utilities have contributed to an increase in global energy consumption. More power plants are required to supply the growing demand for electricity, as global electricity consumption is rising rapidly. Renewable energy sources such as solar, wind, and wave power are the greatest option because they can be used immediately and are environmentally friendly. Wave energy is a common renewable energy source that may generate between one thousand and ten thousand megawatts of electricity. It is anticipated to satisfy the rising demand for electricity/power.
Market Restraints
Wave energy converters must operate in all weather conditions and be durable. The duration of deployments is anticipated to be at least 30 years. This increases the cost of testing, manufacturing, and installing equipment, particularly offshore equipment. It is crucial to have a structure composed of extremely durable, high-quality materials that can survive turbulent seas and intense storms, which can cause corrosion, fouling, and fatigue. The mooring is a crucial component of any design since it maintains the ship's position during regular operating loads and strong storm loads. It should not place an excessive amount of strain on the electrical cables, and it should maintain safe distances between devices in different installations.
Market Opportunity:
Ocean waves are a vast, largely untapped source of energy that might be utilized in a vast array of applications. The necessity to reach renewable energy objectives is driving research in this sector, but it is still in its infancy compared to other sources of renewable energy. Now that climate change and growing CO2 levels are receiving significant global attention, the production of energy from renewable sources is once again an essential area of study. Since then, a great deal of research has been conducted on wave energy. Currently, Australia, China, Denmark, Italy, Korea, Portugal, Spain, the United Kingdom, and the United States are investigating wave energy.
Key Segments Covered:
Top Market Players:
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), Aquanet Power (UK), And Others.
By Type:
- Attenuator
- Point Absorber
- Terminator
By Mode of Operation:
- Submerged Pressure Differential
- Oscillating Wave Surge Converter
- Oscillating Water Column
- Oscillating Body Converter
- Rotating Mass Devices
- Bulge Wave Devices
- Overtopping Devices
By Deployment Location:
- Shoreline Devices
- Nearshore Devices
- Off-shore Devices
By Power Take-Off Systems:
- Turbine Transfer
- Hydraulics
- Electrical Linear Generator
By Application:
- Power Generation
- Environment Protection
- Seawater Desalination
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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