DUBAI, UAE, Feb. 6, 2024 /PRNewswire/ — According to a recent Kings Research study, the global Wave Energy Converter Market was valued at USD 18.6 million in 2022 and is projected to reach USD 27.8 million by 2030, growing at a CAGR of 5.04% from 2023 to 2030. The market growth is primarily driven by increasing global demand for clean and renewable energy, growing environmental concerns, and government initiatives promoting sustainable energy solutions. Wave energy, positioned as a promising alternative to fossil fuels, benefits from consistent and abundant power sources. Technological advancements, including improved WEC designs and materials, contribute to enhanced efficiency and reduced costs, presenting lucrative growth opportunities.
Wave energy converters (WECs) are engineered devices designed to harness the kinetic and potential energy inherent in ocean waves and convert it into electricity. These devices appear in various forms, such as point absorbers, oscillating water columns, and attenuators, each adhering to distinct operational principles. The applications of WECs are diverse and primarily centered around the generation of clean and renewable electricity.
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Trending Now: Oscilla Power’s Triton Wave Energy Converter Receives Recognition in Fast Company’s 2023 Innovation by Design Awards
In August 2023, Oscilla Power, a leader in wave energy conversion technology, was honored as a Finalist in the Sustainability category for its Triton WEC (wave energy converter) as part of Fast Company’s Awards for Innovation by Design. The Triton WEC, designed to make ocean wave energy a viable resource, stands out for its innovative architecture, overcoming existing limitations and offering increased energy capture, conversion efficiency, and survivability in challenging ocean environments.
Competitive Landscape
Key players in the global wave energy converter market are prioritizing various business strategies, including partnerships, mergers & acquisitions, product innovations, and joint ventures. These efforts aim to broaden their product portfolios and enhance market shares in different regions.
For instance, in September 2023, CorPower Ocean deployed its inaugural commercial-scale wave energy converter off the coast of northern Portugal. The company’s C4 device was launched at the port of Viana do Castelo before it was transported to the Aguçadoura site.
Major participants profiled in the global wave energy converter market include:
Ocean Power Technologies, Inc.
CorPower Ocean
Arrecife Energy Systems
Hann-Ocean Co., Ltd.
Resolute Energy
Carnegie
Bombora Wave Power
Eco Wave Power Ltd.
AW-Energy
CalWave
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Oscillating Water Columns Pose as a Solution in Meeting the Rising Demand for Renewable Energy
Based on device, the market is bifurcated into oscillating body converters, wave absorbing devices, and oscillating water columns.
The oscillating water columns (OWC) segment dominated the global wave energy converter market in 2022, garnering significant attention in the renewable energy sector owing to its distinctive design and efficient wave energy conversion potential. With the increasing demand for electricity from renewable sources, oscillating water columns emerge as a promising solution for tapping into the energy of ocean waves, which is ultimately driving segmental growth. Overall, OWC technology holds the potential to optimize the conversion of wave energy into electricity, providing a simple yet effective approach to harnessing the power of ocean waves.
Increasing Demand for Wave Energy Converters in Offshore Locations to Spur Market Development
Based on location, the wave energy converter market is bifurcated into nearshore, shoreline, and offshore.
The offshore segment is anticipated to experience substantial growth over the forecast period. The increasing demand for wave energy converters for power generation in coastal communities is a consistent trend. Furthermore, the commitment to achieving renewable energy objectives and the desire to reduce dependence on fossil fuels are key factors propelling the adoption of wave energy converters. Consequently, the demand for wave energy converters in offshore locations is on the rise as coastal communities seek to leverage ocean power for their electricity generation needs.
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Increasing Emphasis on Clean and Renewable Energy Sources Worldwide to Fuel Wave Energy Converter Market Growth
A pivotal driving factor in the wave energy converter market is the increasing global emphasis on clean and renewable energy sources. In response to growing concerns about climate change and the adverse impacts of fossil fuels, there is a high demand from governments, businesses, and consumers for sustainable alternatives. Wave energy converters emerge as a favorable solution, tapping into the vast and untapped energy resources of the world’s oceans. This, as a result, propels investments in the research, development, and commercialization of wave energy converter technology.
Furthermore, supportive government initiatives, subsidies, and policies promoting the adoption of renewable energy sources are contributing to the growth of the market. Collaborative efforts among governments, research institutions, and private enterprises are further promoting innovation and investment. With an increasing emphasis on curbing carbon emissions and transitioning to green energy, the wave energy converter industry is set to witness substantial expansion.
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Robust Research and Development Initiatives in Europe to Drive Wave Energy Converter Market Progress
Europe held the largest share of the wave energy converter market in 2022. This regional growth was mainly driven by its strong commitment to renewable energy, reflected in ambitious targets set by countries in the European Union, leading to significant investments in wave energy projects. Additionally, Europe benefits from well-established research and development initiatives focused on advancing wave energy technologies, supported by a network of research institutions. Moreover, Europe benefits from well-established research and development initiatives specifically focused on advancing wave energy technologies. The region is home to a comprehensive network of research institutions dedicated to fostering innovation and driving technological advancements in the design of wave energy converters.
Furthermore, Europe benefits from a favorable regulatory environment that actively supports the development and deployment of wave energy converters. This regulatory support has facilitated the execution of numerous pilot projects and commercial deployments along European coastlines, underscoring the region’s steadfast dedication to harnessing the vast energy potential of its seas.
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Key Points from TOC:
1 Introduction of The Global Wave Energy Converter Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Wave Energy Converter Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Wave Energy Converter Market, By Device
7 Global Wave Energy Converter Market, By Application
8 Global Wave Energy Converter Market, By Location
9 Global Wave Energy Converter Market, By Geography
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Wave Energy Converter Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
16 Company Profiles
16.1 Ocean Power Technologies, Inc.
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Device Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 CorPower Ocean
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Device Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Arrecife Energy Systems
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Device Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Hann-Ocean Co., Ltd.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Device Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
Continued…….
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