Global Wave Energy Converter Market Research Report 2022: Oscillating Water Column, Oscillating Body Converter, Overtopping Device – Abundant Untapped Wave Energy Sources & Increasing R&D Investments – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–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%
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.
Competitive landscape
The wave energy converter market is dominated by a few major players that have a wide regional presence. The leading players in the wave energy converter market Ocean Power Technologies (US), Eco Wave Power (Israel), CorPower Ocean (Sweden), Wello Oy (Finland), CalWave (US) and others.
Premium Insights
- Increasing Need for Renewable Power Generation to Drive Wave Energy Converter Market, 2022-2030
- Europe to Witness Highest Growth Rate in Wave Energy Converter Market During Forecast Period
- Oscillating Body Converters Segment Dominated Wave Energy Converter Market, by Technology, in 2021
- Offshore Segment Dominated Wave Energy Converter Market, by Location, in 2021
- Power Generation Segment Dominated Wave Energy Converter Market, by Application, in 2021
- Power Generation & UK Dominated European Wave Energy Converter Market, by Application & Country, in 2021
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
- Lack of Connectivity to Central Grid
Supply Chain Analysis
- Component Manufacturers
- Wave Energy Converter Manufacturers
- Wave Energy Converter Support Service Providers/ Integrators
- End-users
Ecosystem/Market Map
- Technology Analysis
- Moonwec Technology
- Wave-To-Grid
- Power Take-Off (PTO) Systems
Case Study Analysis
- Inwave Well Suited for Local Communities to Access Renewable and Clean Energy (2021)
- Moorpower Scaled Demonstration Project Will Provide Clean Energy (2021)
Company Profiles
Key Players
- 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
- Ingine Inc.
- Aws Ocean Energy
- Limerick Wave
- Arrecife Energy Systems
- Hann-Ocean Energy
- Accumulated Ocean Energy
- Aquanet Power
- Resolute Energy
- Bombora Wave Power
- Marine Power Systems
- Applied Technologies Company
- Weptos A/S
- Oscilla Power
Other Players
- Able Technologies, L.L.C.
- Leancon Wave Energy
- Sener Group
- Exowave
- Witt Energy
- Wave Dragon Aps
- Checkmate Seaenergy Ltd.
- Oneka Technologies
- Mocean Energy
For more information about this report visit https://www.researchandmarkets.com/r/eagm4p
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