Global Wave Energy Converter Market Overview
According to SPER Market Research, the Global Wave Energy Converter Market is estimated to reach USD 0.03 billion by 2032 with a CAGR of 4.55%.
The kinetic and potential energy associated with a moving ocean wave is transformed into usable mechanical or electrical energy by devices known as wave energy converters. In order to move saltwater for desalination or to power underwater vehicles, wave energy converters generate clean energy. Using a wave energy converter, the energy present in ocean waves is captured and used to produce power. It is a very efficient method that taps into the vast, inexhaustible energy that ocean waves provide. The wave energy converter uses a number of techniques to capture wave energy. Depending on the setting and ocean depth, it is employed.
The energy contained in ocean waves is captured and used to produce electricity by a wave energy converter. It is a very effective device that makes use of the enormous renewable energy found in ocean waves. The wave energy exchanger absorbs wave energy using a variety of methods. Depending on the location and the depth of the ocean, it is used. Overtopping converters, undulating bodies, and oscillating water columns make up a wave energy converter. Oscillating water columns use air pockets trapped in water columns to drive turbines. Oscillating bodies, which are submerged or floating devices, use wave motion to generate electricity. Since they have no moving components, wave energy converters have the advantages of being dependable and simple.
Both the greater accessibility of wave energy supply and the rising demand for power from renewable energy sources are positive factors for the global market for wave energy converters, which has led to an increase in investments in the industry. Ocean waves move up and down, generating wave energy. Wave energy generators use the energy of the waves in the water to power turbines and generators, generating electricity. Given that the wave energy industry is still developing, significant research and development costs are anticipated. As research and development activities rise, processes should become more efficient and cost-effective, fuelling the expansion of the Wave Energy Converter market.
Impact of COVID-19 on the Global Wave Energy Converter Market
The global economy and various industries have been significantly affected by the COVID-19 pandemic, and the wave energy converter (WEC) market is no different. The pandemic has impacted the WEC market in multiple ways, including delayed installations due to travel and construction restrictions, which have caused a slowdown in the market. Furthermore, investors have become more cautious due to the pandemic's uncertainty, resulting in a reduction in WEC project funding. Additionally, the WEC market's global supply chain has experienced disruptions, causing delays in the delivery of necessary components and equipment, further impeding installation progress. Nevertheless, governments worldwide have recognized the potential of renewable energy, such as wave energy, in lowering carbon emissions and guaranteeing energy security, resulting in government support through funding and policy incentives, lessening the pandemic's impact. While the COVID-19 pandemic has negatively affected the WEC market, impeding installation and investment, government support and the WEC's long-term potential may allow the market to recover and grow in the future.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Type, By Mode of Operation, By Deployment Location, By Take-Off System, By Application
|
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America
|
| Companies Covered | Ocean Power Technologies, Marine Power Systems, Eco Wave Power, SINN Power GmbH, NEMOS GmbH, INGINE Inc., Carnegie Clean Energy, AWS Ocean Energy, HavKraft AS, Wave Dragon, Aquanet Power
|
Target Audience:
- Energy Companies
- Engineering and Construction Firms
- Environmental Organization
Global Wave Energy Converter Market Segmentation:
1. By Type:
- Absorber
- Attenuator Point
- Terminator
2. By Mode of Operation:
- Bulge Wave Devices
- Oscillating Body Converter
- Oscillating Water Column
- Oscillating Wave Surge Converter
- Overtopping Devices
- Rotating Mass Devices
- Submerged Pressure Differential
3. By Deployment Location:
- Nearshore Devices
- Off-shore Devices
- Shoreline Devices
4. By Take-Off System:
- Electrical Linear Generator
- Hydraulics
- Turbine Transfer
5. By Application:
- Environment Protection
- Power Generation
- Seawater Desalination
6. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report:
- Size of Global Wave Energy Converter Market (FY’2019-FY’2032)
- Overview of Global Wave Energy Converter Market
- Segmentation of Global Wave Energy Converter Market By Type (Absorber, Attenuator Point, Terminator)
- Segmentation of Global Wave Energy Converter Market By Deployment Location ( Nearshore Devices, Off-shore Devices, Shoreline Devices)
- Segmentation of Global Wave Energy Converter Market By Take Off System ( Electrical Linear Generator, Hydraulics, Turbine Transfer)
- Segmentation of Global Wave Energy Converter Market By Application ( Environment Protection, Power Generation, Seawater Desalination)
- Growth Analysis of Global Wave Energy Converter Market
- Problems and Challenges in Global Wave Energy Converter Market
- Competitive Landscape in the Global Wave Energy Converter Market
- Details on Recent Investment in Global Wave Energy Converter Market
- Competitive Analysis of Global Wave Energy Converter Market
- Major Players in the Global Wave Energy Converter Market
- SWOT Analysis of Global Wave Energy Converter Market
- Global Wave Energy Converter Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1.2. Market segment analysis
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.2. COVID-19 Impacts of the Global Wave Energy Converter Market
5. Market variables and outlook
5.2.1 Political landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
6.1 Global Wave Energy Converter Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Wave Energy Converter Market
7. Global Wave Energy Converter Market, By Type, 2019-2032 (USD Million)
8. Global Wave Energy Converter Market, By Mode of Operation, 2019-2032 (USD Million)
8.2 Oscillating Body Converter
8.3 Oscillating Water Column
8.4 Oscillating Wave Surge Converter
8.6 Rotating Mass Devices
8.7 Submerged Pressure Differential
9. Global Wave Energy Converter Market, By Deployment Location, 2019-2032 (USD Million)
10. Global Wave Energy Converter Market, By Take-Off System, 2019-2032 (USD Million)
10.1 Electrical Linear Generator
11. Global Wave Energy Converter Market, By Application, 2019-2032 (USD Million)
11.1 Environment Protection
11.3 Seawater Desalination
12. Global Commercial Washing Market, By Region, 2019-2032 (USD Million)
12.1 Global Wave Energy Converter Market Size and Market Share by Region (2019-2025)
12.3.6 Rest of Asia-Pacific
12.5 Middle East and Africa
12.5.1 Kingdom of Saudi Arabia
12.5.2 United Arab Emirates
12.5.3 Rest of Middle East & Africa
12.7.3 Rest of Latin America
13.1 Ocean Power Technologies
13.1.4 Recent developments
13.2 Marine Power Systems
13.2.4 Recent developments
13.3.4 Recent developments
13.4.4 Recent developments
13.5.4 Recent developments
13.6.4 Recent developments
13.7 Carnegie Clean Energy
13.7.4 Recent developments
13.8.4 Recent developments
13.9.4 Recent developments
13.10.2 Financial outlook
13.10.4 Recent developments
13.11.2 Financial outlook
13.11.4 Recent developments
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
