Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Global Wave Energy Converter Market Size and Share Analysis by Technology, Location, Application - Industry Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In 2022, the wave energy converter market had a total size of USD 21.08 million, and it is expected to hit USD 30.44 million by 2030, progressing at a rate of 4.70% from 2022 to 2030, as per the report.
This can be credited to the growing demand for power from renewable sources because of their low or near-zero CO2 emissions. Furthermore, the need for access to the power contained in ocean waves and the increase in R&D activities are projected to drive the market.
Oscillating Water Column Demand Is Rising Swiftly
In the coming few years, the oscillating water column category, on the basis of technology, is set to experience the highest CAGR, of 5.4%. This can be ascribed to several factors, such as the longer lifetime and low maintenance of this component and easy access near the shores.
It is more convenient to build and design through a Wells turbine, with the utilization of the natural flow of wind energy, which does not release any greenhouse gases, thus making it a non-polluting and renewable resource of energy.
Europe Is Highest Revenue Generator
In 2022, Europe was the highest revenue generator in the market. This is mainly because several types of renewable energy generation equipment is accepted in Europe. This is itself ascribed to the existence of key players, which have engaged in extensive research and development on wave power converters.
Nearshore Locations Are Popular because of Their Low Cost
The nearshore location category held the largest revenue share, credited to the less cost and compact size of converts used in such locations. Furthermore, wave energy converters installed at nearshore settings operate with higher efficiency than other those at locations, helping in both energy generation and desalination.
The offshore category is projected to witness considerable development during the forecast period. This is because offshore locations offer numerous benefits, including more-dependable renewable sources and low or no environmental pollution. Further, a small surge in the velocity of the wind can produce a huge amount of energy in these locations.
The growing focus on the ability to use sea waves to produce electricity is growing quickly throughout the world. The advantage of shifting to renewable resources from older, fossil-fuel-reliant methods have been realized recently for a range of geopolitical, environmentally practical, and economic reasons.
Coastal Regions Could Benefit Massively from Wave Energy Converters
Around 37% of the global population resides within 100 km of the coast. With coastal towns and cities growing incessantly, the demand for electricity is rising here. Thus, these communities could benefit massively by harnessing the power of the waves to produce electricity, which would be cheaper to transport to the coast than further inland.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 160 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $21.08 Million |
| Forecasted Market Value (USD) by 2030 | $30.44 Million |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
Company Profiles
- Ocean Power Technologies Inc.
- SINN Power GmbH
- Advanced Energy Industries Inc.
- NEMOS Ltd.
- Carnegie Clean Energy Limited
- Wave Swell Energy Ltd.
- Acquanet Power
- Hann-Ocean Co. Ltd.
- Marine Power Systems Limited
- Resolute Energy Corporation
- Eco Wave Power Global AB
- Atargis Energy Corporation
- CorPower Ocean AB
- Wello Oy
- Accumulated Ocean Energy Inc.
Key Topics Covered:
Chapter 1. Research Scope
1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segment
1.5. Market Data Reporting Unit
1.6. Key Stakeholders
Chapter 2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
Chapter 6. Industry Outlook
6.1. Market Dynamics
6.1.1. Trends
6.1.2. Drivers
6.1.3. Restraints/challenges
6.1.4. Impact analysis of drivers/restraints
6.2. Impact of COVID-19
6.3. Porter's Five Forces Analysis
Chapter 7. Global Market
7.1. Overview
7.2. Market Revenue, by Technology (2017-2030)
7.2.1. Oscillating body converter market revenue, by type (2017-2030)
7.3. Market Revenue, by Location (2017-2030)
7.4. Market Revenue, by Application (2017-2030)
7.5. Market Revenue, by Region (2017-2030)
For more information about this report visit https://www.researchandmarkets.com/r/d1e6ix
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