New York, US, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Wave Energy Converter Market Research Report Information By Type, Mode of Operation, Deployment Location, Power Take-Off Systems, Application – Global Forecast 2030”, The global wave energy converter market will touch USD 33 million at a 5.1% CAGR by 2030.
Wave Energy Converter Market Growth Drivers
In the assessment period, it is anticipated that new government policies & increased government spending will boost the global market by promoting wave energy converter technology and accelerating the commercialization of energy converter devices.
Increasing Power Consumption Capacity Worldwide to offer Robust Opportunities
The spending power of consumers has significantly increased as living standards have increased. The increased use of various technologies and energy utilities has led to an increase in global power consumption. In order to cater to the burgeoning demand for power, which is occurring worldwide, more power-producing capacity is needed. The increasing power consumption capacity worldwide will provide robust opportunities for this market in the assessment period.
Wave Energy Converter Market Key Players
Eminent market players profiled in the global wave energy converter market report includes,
- 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)
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Industry Updates
- Along with the new CorPack idea, CorPower Ocean debuted its first wave energy converter C4 on a commercial scale in June 2022. The new device is the most portable wave energy system in the world in terms of power output, with a 300kW power rating.
Wave Energy Converter Market Restraints
Unpredictability in Tidal Currents and Ocean Waves to act as Market Restraints
The unpredictability in tidal currents and ocean waves may serve as a market restraint in the forecast period.
Wave Energy Converter Market Challenges
High Installation Cost to act as Market Challenge
The high installation as well as maintenance cost of wave energy converter may act as market challenges over the forecast period.
Wave Energy Converter Market Report Scope:
| Report Metrics | Details |
| Wave Energy Converter Market Size by 2030 | USD 33 Million |
| Wave Energy Converter Market CAGR during 2022-2030 | 5.1 % |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Rapid technological advancements and innovations in the industry Abundant availability of wave energy generation natural resources |
| Key Market Drivers | Increasing demand for greener renewable sources of energy Increasing government initiatives and investment in renewable energy projects Rising power consumption capacity globally |
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Wave Energy Converter Market Segmentation
The global wave energy converter market has been bifurcated based on application, type, mode of operation, deployment location, and power take-off systems.
By type, point absorber will lead this market in the forecast period.
By mode of operation, oscillating water column will dominate the market over the forecast period.
By deployment location, offshore devices will spearhead this market in the forecast period.
By power take-off systems, electric linear generators will have the lions share in this market in the forecast period.
By application, power generation will sway the market over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic stopped many RE-related activities and projects, despite the industry's significant growth in previous years. The pandemic is influenced by RE production facilities and supply connections. The pandemic had a negative impact on demand in all areas of the wave energy market, which slowed the growth of the wave energy converter market. To maintain the market and stay ahead of the competitive environment, participants in the market, however, promote potential new behaviors and social forms. In addition, a number of energy production initiatives have been started in response to the epidemic.
To restart the energy transition after the pandemic, it is crucial to restructure the current energy investment structure. In order to increase competitiveness and draw additional private investments, government investment should not be the primary source of funding for renewable wave energy projects but rather should play a supportive role in fostering a positive environment. This will help the market for wave energy converters grow.
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Wave Energy Converter Market Regional Analysis
Europe to Lead Wave Energy Converter Market
Of all the continents, Europe currently has the largest market for Global Wave Energy Converter. This is a result of the growing significance of renewable energy sources in the industry of producing electric power. The largest wave energy conversion deployment is in the United Kingdom. The main hub for wave technology initiatives and the location of many wave energy companies is the Europe Marine Energy Center. Ocean energy has the potential to provide up to 10% of Europe's current electricity needs by 2050, making the oceans the largest untapped source of renewable energy.
The market's dominant region is Europe. The value of wave energy has increased exponentially as a result of increased governmental regulation for environmental protection and to comply with the Paris Climate Agreement. Market expansion is facilitated by the region's extensive coastline and the presence of several wave energy developers.
North America to Have Admirable Growth in Wave Energy Converter Market
Due to the region's abundance of rivers and coastal waters, as well as its high potential for marine and hydropower, North America is anticipated to have a favorable share of the wave energy converter market from 2019- 2027. By 2030, the United States' water and wave power resources are expected to generate 13% and 15%, respectively, of the nation's electricity, according to the U.S. Department of Energy (DoE). Hawaii and Alaska have been noted as the main regions.
To realize the potential of marine renewable energy, the industry, numerous organizations, and the government are working together and conducting research. The United States has made a sizable investment in the study and development of renewable energy. The US Energy Information Administration estimated that the US coastlines have a yearly wave energy potential of 2.64 trillion kWh. About 40% of Americans live in coastal towns, and the most reliable renewable energy source is wave energy. As a result, one of the factors fuelling the market growth in North America is the rising demand for power generation.
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Due to rising electric power demand as per capita power consumption rises, the region is anticipated to be the second largest market for wave energy converters. These factors are anticipated to fuel the Wave Energy Converter market expansion in North America, with about 40% of the population living in coastal areas, an escalating population, and a lack of available land space.
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