Global Wave Energy Converter Market Size To Worth USD 36.2 Million By 2033 | CAGR Of 4.92%
The Global Wave Energy Converter Market Size was Valued at USD 22.4 Million in 2023 and the Worldwide Wave Energy Converter Market Size is Expected to Reach USD 36.2 Million by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: Wave Swell, Ocean Power Technologies, Marine Power Systems, HavKraft AS, Eco Wave Power, AWS Ocean Energy, SINN Power GmbH, Carnegie Clean Energy, NEMOS GmbH, INGINE Inc., CorPower Ocean, AW-Energy Oy, Wello Oy, Wave Dragon, Aquanet Power, and other key companies.
New York, United States , Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Global Wave Energy Converter Market Size is to Grow from USD 22.4 Million in 2023 to USD 36.2 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 4.92% during the projected period.
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Wave energy converters are devices that convert the kinetic and potential energy of an ocean wave into useful mechanical or electrical energy. Clean energy from wave energy converters may be utilized for a number of applications, including underwater vehicle propulsion and pumping saltwater desalination. The energy from ocean waves is captured and converted into electrical power using a wave energy converter. It's an effective way to use the vast amounts of renewable energy generated by waves in the ocean. The wave energy converter uses a variety of methods to absorb wave energy. Depending on the water's depth and position, it is used. In comparison to other renewable energy technologies, wave energy converters have less of an impact on the environment. Because of this, the global wave energy converter market has a lot of potential in many different parts of the world. However, the wave energy converter setup requires more labor and funding. Furthermore, anchoring the wave energy converter is a critical component that complicates installation, as the anchoring ropes must be fastened to the sea floor by using drilled-in anchors.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "*Global Wave Energy Converter Market **Size, Share, and COVID-19 Impact Analysis, By Technology (Oscillating Body Converters, Oscillating Water Column, and Overtopping Converters), By Location (Onshore, Near Shore, and Offshore), By Application (Desalination, Power Generation, and Environmental Protection), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."*
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*The oscillating water column segment is anticipated to hold the greatest share of the global wave energy converter market during the projected timeframe. *
Based on the technology, the global wave energy converter market is divided into oscillating body converters, oscillating water column, and overtopping converters. Among these, the oscillating water column segment is anticipated to hold the greatest share of the global wave energy converter market during the projected timeframe. Oscillating wave column technology is a renewable energy source that produces no greenhouse emissions through the natural flow of wind through a Wells turbine. The key moveable component of the shoreline concept is the turbine, which is conveniently located on land for easy removal maintenance, or repair.
*The near shore segment is predicted to grow at the greatest pace in the global wave energy converter market during the estimated period. *
Based on the location, the global wave energy converter market is divided into onshore, near shore, and offshore. Among these, the near shore segment is predicted to grow at the greatest pace in the wave energy converter market during the estimated period. This occurs as a result of installations being simpler and less expensive when they are closer to the residence. Moreover, it is sometimes found that nearshore installations are more productive than onshore ones, which offers a fantastic opportunity for further market expansion. These facilities are used simultaneously for the production of energy and desalination.
*The power generation segment is anticipated to grow at the greatest pace in the global wave energy converter market during the projected timeframe.*
Based on the application, the global wave energy converter market is divided into desalination, power generation, and environmental protection. Among these, the power generation segment is anticipated to grow at the greatest pace in the global wave energy converter market during the projected timeframe. The growth in the power generation category is attributed to the considerable emphasis on generating electrical energy from renewable sources. Reducing greenhouse gas emissions from power plant operations is the aim of this effort.
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*Europe is anticipated to hold the largest share of the global wave energy converter market over the forecast period*.
Europe is anticipated to hold the largest share of the global wave energy converter market over the forecast period. This is because, as Europe's coastal areas grow and the demand for sustainable energy sources develops, wave energy converters are becoming more and more common. With so many untapped wave energy resources, Europe is a prime site for the development and use of wave energy converters. Due to European countries like France, Denmark, and Portugal investing in wave energy converter technology and infrastructure, the industry has expanded.
North America is predicted to grow at the fastest pace in the global wave energy converter market during the projected timeframe. This is because the growing need for power generated from renewable sources is the main factor driving North America. Wave energy is regarded as a reliable renewable energy source since a significant portion of Americans reside close to the coast. Big nations like the US spend a significant amount of their budgets on the creation and use of renewable energy sources, such as wave energy research and development. Wave energy is growing in popularity as a more environmentally friendly option for producing electricity, and part of the reason for this growth is that it's simpler to tap the energy contained in ocean waves.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Wave Energy Converter Market include Wave Swell, Ocean Power Technologies, Marine Power Systems, HavKraft AS, Eco Wave Power, AWS Ocean Energy, SINN Power GmbH, Carnegie Clean Energy, NEMOS GmbH, INGINE Inc., CorPower Ocean, AW-Energy Oy, Wello Oy, Wave Dragon, Aquanet Power, and others.
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*Recent Developments*
· *In August 2022, *the wave energy converter developer Bombora Wave Power (Bombora) finished tank testing of a floating foundation construction suited for the InSPIRE system, which integrates a wind turbine with Bombora's mWave technology into an individual floating offshore station.
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Wave Energy Converter Market based on the below-mentioned segments:
*Global Wave Energy Converter Market, By Technology*
· Oscillating Body Converters
· Oscillating Water Column
· Overtopping Converters
*Global Wave Energy Converter Market, By Location*
· Onshore
· Near Shore
· Offshore
*Global Wave Energy Converter Market, By Application*
· Desalination
· Power Generation
· Environmental Protection
*Global Wave Energy Converter Market, Regional Analysis*
· *North America*
· US
· Canada
· Mexico
· *Europe*
· Germany
· Uk
· France
· Italy
· Spain
· Russia
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· *South America*
· Brazil
· Argentina
· Rest of South America
· *Middle East & Africa*
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of the Middle East & Africa
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