Burlingame, March 19, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Wave Energy Converter Market, By Technology (Oscillating Body Converter, Oscillating Water Columns, Overtopping Devices, Rotating Mass Converters), By Location (Nearshore, Shoreline, Offshore), By Application (Power Generation, Desalination, Environmental Protection, Others), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2024-2031. According to the report the global wave energy converter market size is valued US$ 19.52 Bn in 2024 and is expected to reach US$ 26.15 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
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Market Dynamics:
The Wave Energy Converter market is being primarily driven by the increasing focus on renewable energy sources and the growing concerns regarding environmental sustainability. Governments and organizations across the globe are investing heavily in wave energy projects to reduce their dependence on fossil fuels and mitigate the impact of climate change. Additionally, technological advancements in wave energy converters are making them more efficient and cost-effective, further fueling market growth.
Wave Energy Converter Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $19.52 billion |
| Estimated Value by 2031 | $26.15 billion |
| Growth Rate | Poised to grow at a CAGR of 4.3% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By Location, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing focus on clean energy transition • Advancements in wave energy technologies |
| Restraints & Challenges | • High initial investment costs • Intermittency in wave energy resource availability |
Market Trends:
Two key trends shaping the Wave Energy Converter market include the increasing adoption of hybrid wave energy systems and the rise in investments in wave energy projects. Hybrid wave energy systems, which combine wave energy converters with other renewable energy sources such as solar or wind, are gaining popularity due to their ability to provide a more stable and reliable source of power. Moreover, the surge in investments in wave energy projects, particularly in countries with abundant coastal resources, is expected to drive market growth further.
Market Opportunities:
The wave energy converter market is experiencing a significant growth opportunity due to the increasing demand for renewable energy sources. With the growing concerns over climate change and the need to reduce greenhouse gas emissions, there is a greater emphasis on the use of clean energy sources. Wave energy converters offer a sustainable and environmentally friendly solution to generate electricity from the kinetic energy of ocean waves. As a result, there is a rising adoption of wave energy converters as an alternative to traditional fossil fuel-based power generation systems.
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Another key market opportunity for wave energy converters is the rapid technological advancements in the field. Innovations in wave energy converter technology are leading to improved efficiency, reliability, and cost-effectiveness of these systems. New designs and configurations of wave energy converters are being developed to optimize energy capture and conversion rates, making them more competitive with other renewable energy sources. This surge in technological advancements is driving the growth of the wave energy converter market and opening up new possibilities for sustainable energy generation from ocean waves.
Key Market Takeaways:
Wave Energy Converter market is anticipated to witness a CAGR of 4.3% during the forecast period 2024-2031, owing to the increasing demand for renewable energy sources and technological advancements in wave energy converter technology.
On the basis of Technology, the Oscillating Body Converter segment is expected to hold a dominant position, owing to its higher efficiency and reliability compared to other technologies.
In terms of Location, the Nearshore segment is dominating the market, as it allows for easier installation and maintenance of wave energy converters. The Power Generation application segment is expected to have the highest market share, driven by the need for clean energy sources.
In terms of region, North America is expected to hold a dominant position over the forecast period, due to the favorable government initiatives and investments in renewable energy projects.
Key players operating in the Wave Energy Converter market include Ocean Power Technologies, Marine Power Systems, Eco Wave Power, and SINN Power GmbH. These companies are focusing on research and development activities to enhance the efficiency and performance of wave energy converters. The market is highly competitive with the presence of key players striving to gain a competitive edge through technological innovations and strategic partnerships. Overall, the wave energy converter market presents lucrative opportunities for growth and advancement in the renewable energy sector.
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Recent Developments:
In January 2022, Ocean Power Technologies announced its collaboration with Eco Wave Power to work on a number of projects, including knowledge sharing, joint grant submissions, and collaborative assistance in entry to new markets Moreover, cooperative solutions can be created for Eco Wave Power's applicable projects by combining the offshore and onshore technologies of each company, as well as OPT's offshore engineering and recently acquired robotics skills. Ocean Power Technologies (OPT) is a U.S. publicly owned renewable energy company that provides electric power and communications solutions, services, and related technologies for remote offshore applications. The company's PowerBuoy wave energy conversion technology is theoretically scalable to hundreds of megawatts. OPT has been involved in several large PowerBuoy projects around the world, including a 19-megawatt wave power station in Australia and a successful deployment in Scotland.
Eco Wave Power (EWP) is an Israeli company that has developed an innovative technology to generate clean electricity from ocean and sea waves.
Read complete market research report, " Wave Energy Converter Market, By Technology, By Location, By Application, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Segmentation:
By Technology
- Oscillating Body Converter
- Oscillating Water Columns
- Overtopping Devices
- Rotating Mass Converters
By Location
- Nearshore
- Shoreline
- Offshore
By Application
- Power Generation
- Desalination
- Environmental Protection
- Others
By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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