Dublin, Oct. 24, 2022 (GLOBE NEWSWIRE) -- The "Wave Energy Converter Market by Technology (Oscillating Water Column, Oscillating Body Converter (Point Absorber, Attenuator, Oscillating Wave Surge, Submerged Pressure Differential), Overtopping Device), Location, Application, Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The wave energy converter market is expected to grow from an estimated in USD 20 million in 2022 to USD 28 million by 2030, at a CAGR of 4.3% during the forecast period. The primary drivers of the market include rising demand for energy production through renewable sources accompanied by increasing investments in the renewables sector.
The power generation segment, by application, is expected to be the largest and the fastest-growing market from 2022 to 2030
The wave energy converter market, by application, is bifurcated into power generation, desalination and environmental protection. The power generation segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the rising demand from various end-use industries due to rapid industrialization.
The offshore segment, by location, is expected to be the fastest-growing market from 2022 to 2030
The wave energy converter market by location is segmented into shoreline, nearshore and offshore. The offshore segment is expected to be the fastest-growing segment, followed by the nearshore segment. The high growth rate can be attributed to the increasing number of installations for the purpose of R&D across various countries.
Market Dynamics
Drivers
- Rising Electricity Demand from Coastal Communities
- Abundant Untapped Wave Energy Sources
Restraints
- Insufficient Infrastructure and Environmental Challenges
Opportunities
- Increasing R&D Investments and Technological Development
Challenges
- High Capital Investment
- Uncertainty About Environmental Regulations and Licensing Procedures
- Hesitation Among Wave Energy Converter Developers to Collaborate for Technology/ Information Sharing
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Wave Energy Converter Market, by Technology
7 Wave Energy Converter Market, by Location
8 Wave Energy Converter Market, by Application
9 Wave Energy Converter Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Aw-Energy Oy
- Amog Consulting
- Aws Ocean Energy
- Arrecife Energy Systems
- Accumulated Ocean Energy
- Aquanet Power
- Applied Technologies Company
- Able Technologies, L.L.C.
- Bombora Wave Power
- Corpower Ocean
- Calwave Power Technologies
- Carnegie Clean Energy
- Checkmate Seaenergy Ltd.
- Eco Wave Power
- Exowave
- Hann-Ocean Energy
- Ingine Inc.
- Limerick Wave
- Leancon Wave Energy
- Marine Power Systems
- Mocean Energy
- Nemos GmbH
- Ocean Power Technologies
- Oceanenergy
- Oscilla Power
- Oneka Technologies
- Resolute Energy
- Sinn Power
- Sener Group
- Wello Oy
- Wave Swell
- Weptos A/S
- Witt Energy
- Wave Dragon Aps
For more information about this report visit https://www.researchandmarkets.com/r/5dwa04
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