Wave Energy Converter Market Overview:

Wave Energy Converter Market is expected to grow USD 33 million at a CAGR 5.1% during the forecast 2023-2030.

Wave energy converters are devices that convert the energy from ocean waves into electricity. They are a promising source of renewable energy and are gaining traction in the energy industry as countries look for alternative sources of power. The global wave energy converter market is expected to witness strong growth in the coming years driven by increasing demand for renewable energy sources.

The market is segmented by type, location, and region. The main types of wave energy converters are oscillating water column, point absorber, attenuator, and overtopping device. The location of wave energy converters can be offshore or nearshore, depending on the distance from the shore and the depth of the water. The offshore segment dominates the market due to the higher energy potential of waves in deep water.

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During the COVID-19 epidemic, the wave energy converter industry witnessed a drop in demand due to decreased energy consumption and the global suspension of all renewable energy initiatives. The market, however, is likely to rebound as main industries restart operations following the ease of the lockdown. Because of the growing need for environmentally friendly and sustainable power-generating resources, the Wave Energy Converter market will grow considerably in the near future.

Wave Energy Converter Market Regional Analysis

The regions are classified as North America, Europe, Asia-Pacific, Middle East Africa, and South America. Europe is currently the largest market for Global Wave Energy Converter of all the regions.  This is due to the rising importance of renewable energy sources in the electric power generating business. The United Kingdom has the most wave energy conversion deployment. The Europe Marine Energy Center is the major location for wave technology initiatives and is home to a substantial number of wave energy companies. According to Ocean Energy Europe, the seas are the biggest untapped source of renewable energy, with ocean energy capable of meeting up to 10% of Europe's current electricity needs by 2050.

Wave Energy Converter Market Competitive Landscape

The Wave Energy Converter market comprises many local and global players. The key players in the industry are involved in various strategies such as new product launches, collaborations, corporate deals, mergers, and acquisitions to maintain and expand their market dominance. The key players operating in this Wave Energy Converter market include 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) and Aquanet Power (UK).

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Wave Energy Converter Market Segmentation

By Type

Attenuator, Point Absorber, and Terminator are the types of Wave Energy Converter Market. The point Absorber segment is the largest market segment and is expected to grow substantially during the forecast period. Point absorber wave energy converters are floating structures, most designs for point absorbers resemble a run-of-the-mill buoy, at least from the surface.

By Mode of Operation

Submerged pressure differential, Oscillating wave surge converter, Oscillating water column, Oscillating body converter Rotating mass devices, Bulge wave devices, and Overtopping devices are the segments based on the mode of operation of the Wave Energy Converter Market.

By Deployment Location

Shoreline devices, Nearshore devices, and Offshore devices are the segments based on the deployment location of the Wave Energy Converter Market. The Offshore devices segment is expected to lead the market growth during the forecast period. Offshore wave converters can attain the highest amount of wave energy as ocean waves’ strength is stronger in deep waters.

By Power Take-Off Systems

Turbine Transfer, Hydraulics, and Electrical Linear Generators are the segments based on the power take-off systems deployment location of the Wave Energy Converter Market. The electric linear generators segment has the largest market share and is expected to continue leading the market during the forecast period as it has fewer components to maintain, avoiding intermediate steps while providing simpler/cheaper construction and better reliability.

By Application

Power generation, environmental protection, and seawater desalination are the segments based on the application of the Wave Energy Converter Market. The power generation segment is the largest market for application and is forecasted to be the fastest-growing market segment during the forecast period. The rising demand for electricity from renewable sources is a major factor driving the adoption of the wave energy converter.