Global Wave Energy Converter Market Report Size, Trends, & Growth Opportunity By Technology (Oscillating Body Converters, Oscillating Water Column, Overtopping Converters), By Application (Desalination, Power Generation, Environmental Protection), By Location (Onshore, Near Shore, Offshore), By Region (North America, Europe, Asia Pacific, Latin America, Middle East), And Forecast Till 2027
Global Wave Energy Converter Market
The Global Wave Energy Converter Market is estimated to be USD 50.90 million in 2021 and is projected to reach USD 152.19 million by 2027, growing at a CAGR of 14.0%.
Machines that transform the kinetic and potential energy of a moving ocean wave into a form of energy that may be utilized, such as mechanical or electrical energy, are called wave energy converters.
Market Drivers
One of the key factors that drive market growth is the increasing power consumption capacity worldwide as living standards have ascended and the improved use of different technologies and energy utilities.
Moreover, growing demand for greener, renewable sources of energy and rising government initiatives and investment in renewable energy projects are other market drivers that drive market growth.
Market Restraints
It is difficult to be able to evaluate prototype designs over an extended period before they are implemented on a large scale because of the high unpredictability of the wave environment with unintentional extremes.
High installation and maintenance costs are also one of the major restraining factors for the growth of the market.
Market Segmentation
There are four main divisions in the wave energy converter market. Oscillating Body Converters, Oscillating Water Columns, and Overtopping Converters are the three technological subgroups that make up the market. Based on location, the market is divided into onshore, nearshore, and offshore. Based on application, the market is segmented into three categories: desalination, power generation, and environmental protection.
Regional Analysis
Europe is expected to hold the highest proportion of the global wave energy converter market owing to the increasing importance of renewable energy sources in the electric power generating business, and the United Kingdom has the most wave energy conversion deployment. Also, many firms in Europe are doing research and creating wave energy converters, and it is projected that these devices will be broadly utilized and adopted in Europe.
Market Key Players
Some of the key players operating in the global wave energy converter market are Ocean Power Technologies, Marine Power Systems, Eco Wave Power, SINN Power GmbH, INGINE Inc., Carnegie Clean Energy, CorPower Ocean, AW-Energy Oy, AWS Ocean Energy, and Aquanet Power.
Industry development
During August 2022, Bombora Wave Power, the creator of a wave energy converter that integrates a wind turbine and its mWave technology into a single floating offshore platform, has just finished tank testing on a floating foundation construction (Bombora). Modified INSPIRE platform that was created in collaboration with TechnipFMC completed tank testing at the FloWave test facility to validate the system loads and dynamics.
The CorPower C4, CorPower Ocean's first wave energy converter on a commercial size, and CorPack clusters were unveiled in July 2022 in order to set the groundwork for utility-scale wave farms. Future wave farms that are connected to the grid will be created using the new CorPower C4 device, which will be a part of a four-system wave array off the coast of Aguçadoura, Portugal.
The Spanish port Adriano and the wave energy technology firm Eco Wave Power formally agreed to talk about the potential construction of a 2 MW wave energy power station in May 2022. A potentially acceptable area in Port Adriano will be made available to Eco Wave Power for 20 years, per the conditions of the agreement. It will be up to Eco Wave Power to secure all necessary permits, construct and operate the power plant or power plants, and sell the electricity generated by those power plants in line with a production quota that will be established for the location.
Market Taxonomy
By Technology
• Oscillating Body Converters
• Oscillating Water Column
• Overtopping Converters
By Application
• Desalination
• Power Generation
• Environmental Protection
By Location
• Onshore
• Near Shore
• Offshore
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Wave Energy Converter Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Wave Energy Converter Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Wave Energy Converter Market, By Application
5.1 Y-o-Y Growth Comparison, By Application
5.2 Wave Energy Converter Market Share Analysis, By Application
5.3 Wave Energy Converter Market Size and Forecast, By Application
5.3.1 Desalination
5.3.2 Power Generation
5.3.3 Environmental Protection
6 Wave Energy Converter Market, By Technology
6.1 Y-o-Y Growth Comparison, By Technology
6.2 Wave Energy Converter Market Share Analysis, By Technology
6.3 Wave Energy Converter Market Size and Forecast, By Technology
6.3.1 Oscillating Body Converters
6.3.2 Oscillating Water Column
6.3.3 Overtopping Converters
7 Wave Energy Converter Market, By Location
7.1 Y-o-Y Growth Comparison, By Location
7.2 Wave Energy Converter Market Share Analysis, By Location
7.3 Wave Energy Converter Market Size and Forecast, By Location
7.3.1 Onshore
7.3.2 Near Shore
7.3.3 Offshore
8 Wave Energy Converter Market, By Region
8.1 Wave Energy Converter Market Share Analysis, By Region
8.2 Wave Energy Converter Market Share Analysis, By Region
8.3 Wave Energy Converter Market Size and Forecast, By Region
9 North America Wave Energy Converter Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Wave Energy Converter Market Share Analysis, By Application
9.3 North America Wave Energy Converter Market Size and Forecast, By Technology
9.4 North America Wave Energy Converter Market Size and Forecast, By Location
9.5 North America Wave Energy Converter Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Wave Energy Converter Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Wave Energy Converter Market Share Analysis, By Application
10.3 Europe Wave Energy Converter Market Size and Forecast, By Technology
10.4 Europe Wave Energy Converter Market Size and Forecast, By Location
10.5 Europe Wave Energy Converter Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11 Asia Pacific Wave Energy Converter Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Wave Energy Converter Market Share Analysis, By Application
11.3 Asia Pacific Wave Energy Converter Market Size and Forecast, By Technology
11.4 Asia Pacific Wave Energy Converter Market Size and Forecast, By Location
11.5 Asia Pacific Wave Energy Converter Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Wave Energy Converter Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Wave Energy Converter Market Share Analysis, By Application
12.3 Latin America Wave Energy Converter Market Size and Forecast, By Technology
12.4 Latin America Wave Energy Converter Market Size and Forecast, By Location
12.4 Latin America Wave Energy Converter Market Size and Forecast, Country
12.5.1. Brazil
12.5.2. Rest of Latin America
13 Middle East Wave Energy Converter Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Middle East Wave Energy Converter Market Share Analysis, By Application
13.3 Middle East Wave Energy Converter Market Size and Forecast, By Technology
13.4 Middle East Wave Energy Converter Market Size and Forecast, By Location
13.5 Middle East Wave Energy Converter Market Size and Forecast, By Country
13.5.1. Saudi Arabia
13.5.2. UAE
13.5.3. Egypt
13.5.4. Kuwait
13.5.5. South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Ocean Power Technologies
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Marine Power Systems
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Eco Wave Power
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 SINN Power GmbH
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 INGINE Inc.
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Carnegie Clean Energy
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 CorPower Ocean
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 AW-Energy Oy
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 AWS Ocean Energy
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Aquanet Power
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
