Pune, March 24, 2023 (GLOBE NEWSWIRE) -- A global Energy & Power business-consulting firm, Maximize Market research, has published a market intelligence and competitive landscape report on the “Wave Energy Converter Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Wave Energy Converter Market at a global, regional and country level. Over the forecast period, Maximize Market research expects, the market to grow from USD 18.73 Mn in 2021 to USD 26.15 Mn in 2029 at a CAGR of 4.26 percent.
Wave Energy Converter Market Report Scope and Research Methodology
| Market Size in 2021 | USD 18.73 Mn. |
| Market Size in 2029 | USD 26.15 Mn. |
| CAGR | 4.26 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 272 |
| No. of Tables | 116 |
| No. of Charts and Figures | 113 |
| Segment Covered | Technology, Location and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The report mainly focuses on the factors including drivers, opportunities, restraints and challenges in the Wave Energy Converter market. This analysis has been provided region-wise and segment-wise in the report, making it an investor’s guide. The list of global and regional players in the Wave Energy Converter industry has been included in the report with their revenue and recent developments. It also provides strategic profiling of top Wave Energy Converter companies in the market, a detailed analysis of their core competencies and strategies adopted such as agreements, partnerships, joint ventures and acquisitions that apply to the Wave Energy Converter businesses.
To estimate the global and regional Wave Energy Converter market size, the bottom-up approach was used. The key players in the Wave Energy Converter industry were identified through secondary research and revenues were determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading Wave Energy Converter manufacturers, while primary research included interviews with opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. SWOT analysis was conducted to provide the strengths, weaknesses, opportunities and threats of the Wave Energy Converter market. PORTER, PESTEL analysis was employed to understand the potential impact of micro-economic and macro-economic factors on the Wave Energy Converter market.
Wave Energy Converter Market Overview
A device that converts kinetic and potential energy related to ocean waves into mechanical or electrical energy is Wave Energy Converter. Energy in the ocean is captured to generate electricity. This energy is green and eco-friendly. Demand for electricity across coastal countries is expected to contribute to the Wave Energy Converter Market growth.
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Wave Energy Converter Market Dynamics
The Wave Energy Converter Market is expected to grow during the forecast period due to increasing investments and technological advancements. The lower environmental impact of wave energy converters compared to other renewable energy technologies including its limited impact on the shoreline is contributing to the Wave Energy Converter Market growth. The major factor that is contributing to the market growth is the new government policies and increase in the investments by the governments to promote wave energy converter technology for the rapid commercialization of energy converter devices. The inadequate infrastructure for wave energy converters is the major restraining factor for the Wave Energy Converter Market growth.
Wave Energy Converter Market Regional Insights
In 2021, the Wave Energy Converter Market in the Europe region held the largest market share. The growth of the regional market is majorly due to the rapid industrialization in economies such as Portugal, UK, Denmark and France.
During the forecast period, the Wave Energy Converter Market in the North America region is expected to grow at a fast rate. The region has excellent marine power and hydropower generation potential, which is steadily growing. The market has also grown due to the incentives and liberal rules encouraged by the local governments.
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Wave Energy Converter Market Segmentation
By Technology
- Oscillating Body Converter
- Oscillating Water Columns
- Overtopping Devices
- Rotating Mass Converters
Based on Technology, the Oscillating Water Columns segment held the largest Wave Energy Converter Market share in 2021.
By Location
- Nearshore
- Shoreline
- Offshore
Based on Location, the Nearshore segment is expected to grow at a significant rate during the forecast period.
By Application
- Power Generation
- Desalination
- Environmental Protection
- Others
Based on Application, the Power Generation segment held the largest Wave Energy Converter Market share in 2021.
Wave Energy Converter Market Key Competitors 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
- Wello Oy
- HavKraft AS
- Wave Dragon
- Wave Swell
- Aquanet Power
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Key questions answered in the Wave Energy Converter Market are:
- What is Wave Energy Converter?
- What are the global trends in the Wave Energy Converter Market?
- What are the major challenges that the Wave Energy Converter Market could face in the future?
- What are the upcoming industry applications and trends for the Wave Energy Converter Market?
- What are the factors contributing to the final price of Wave Energy Converters?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Wave Energy Converter Market?
- How is the intervention from regulatory authority is shaping the Wave Energy Converter Market?
- What growth strategies are the players considering to increase their presence in Wave Energy Converter Market?
- Who are the leading companies and what are their portfolios in Wave Energy Converter Market?
- Who held the largest market share in Wave Energy Converter Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Technology, Location, Application and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
