Wave Energy Converter Market Size Accelerating at High CAGR of 24.1% during 2022–2028
Wave energy converter market is flourishing owing to increasing demand for electricity from renewable energy sources, wide availability of wave energy.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of global wave energy converter market to grow at an impressive CAGR of 24.1% during the forecast period between 2022 and 2028. BlueWeave forecasts global wave energy converter market size to reach a value of USD 185.6 million by 2028. The global wave energy converter market is benefiting from the rising demand for electricity from renewable energy sources and the growing accessibility of wave energy supply, which has further led to an increase in investments within the industry. The up-and-down motion of ocean waves results in the generation of wave energy. Wave energy generators are used to extract the wave energy from the ocean waves, which is then used to power turbines and generators to create electricity. As the wave energy industry is still in its early stages, it is expected to see significant investments in research and development activities. The increase in research and development activities is expected to make processes more efficient and cost-effective, thereby assisting market growth.
Global Wave Energy Converter Market – Overview
The energy contained in ocean waves is captured and used to generate electricity by a wave energy converter. It is an effective technology that makes use of the enormous renewable energy found in ocean waves. The wave energy converter absorbs wave energy using a variety of methods. It is used depending on the location and the depth of the water. Due to these converters' low environment impact when compared to other renewable energy technologies, including their minimal impact on the shoreline, the wave energy converter market has significant growth potential in across countries. During the forecast, it is expected that new government policies and increased government spending will spur the development of wave energy converter technology and accelerate the commercialization of energy converter devices.
The amount of energy consumed per person worldwide has been rising quickly since 2005. The World Bank estimates that each person uses more than 3,135 kWh of electricity annually. The major countries with the highest annual per capita energy consumption include the United States, Canada, Japan, the United Kingdom, South Korea, and Germany. As electric appliances, such as heaters, air conditioners, refrigerators, and other devices, are so widely used in these countries, the amount of electricity consumed there is increasing. The increased purchasing power of consumers also supports this. Furthermore, the growing population reduces available land while increasing demand for power. As a result, there is not enough space or a viable business case to build land-based power plants. As a result of these factors, the demand for power plants in coastal areas has increased. Coastal regions and their residents may benefit from the production of clean energy using wave energy converters, which would aid the growth of global wave energy converter market.
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Global Wave Energy Converter Market – Technology Advancements
Global wave energy converter market is expected to grow in the coming years, because of technology advancements and an increase in the use of renewable energy sources. On November 12, 2019, NEMOS started testing its 2019 Wave Energy Converter (WEC) prototype in Ostend, Belgium. A series of handling and installation tests are being carried out at present. The wave energy converter was set up at the coast of Ostend in October 2019.
Global Wave Energy Converter Market – Segmental Information
Global wave energy converter market has segments, such as Oscillation Body Converters, Oscillating Water Columns, Overtopping Devices, and Rotating Mass Converters based on technology; Nearshore, Shoreline, and Offshore based on location; and Power Generation, Water Desalination, Pumping of Water, and Environmental Protection based on application. The power generation segment is projected to dominate global wave energy converter market, accounting for most of the market share.
Impact of COVID-19 on Global Wave Energy Converter Market
COVID-19 pandemic adversely affected the economies and industries of many countries, due to lockdowns, travel restrictions, and business closures. The closure of numerous plants and factories harmed production, delivery schedules, and international sales of goods. Only a few companies experienced delivery delays and sales declines. International travel bans implemented by countries across Europe, Asia Pacific, and North America are affecting opportunities for business partnerships and collaborations.
Prominent players in global wave energy converter market include Ocean Power Technologies, ECO Wave Power, Corpower Ocean, Wello OY, Calwave Power Technologies, AW-Energy OY, Carnegie Clean Energy, Sinn Power, Amog Consulting, Nemos GMbH, Oceanenergy, Wave Swell, AWS Ocean Energy, Hann-Ocean Energy, and Accumulated Ocean Energy. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global wave energy converter market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Wave Energy Converter Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Wave Energy Converter Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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