Wave Energy Converter Market Research Report—Global Forecast till 2030

Wave Energy Converter Market Research Report Information By Type (Attenuator, Point Absorber, Terminator) Mode of Operation (Submerged Pressure Differential, Oscillating Wave Surge Converter, Oscillating Water Column, Oscillating Body Converter, Rotating Mass Devices, Bulge Wave Devices, Overtopping Devices) Deployment Location (Shoreline Devices, Nearshore Devices, Off-shore Devices) Power Take-Off Systems (Turbine Transfer, Hydraulics, Electrical Linear Generator) Application (Power Generation, Environment Protection, Seawater Desalinatio

ID: MRFR/E&P/9530-HCR | December 2022 | Region: Global | 110 Pages         

Wave Energy Converter Market

Wave Energy Converter Market is expected to grow USD 33 million at a CAGR 5.1% during the forecast 2022-2030.

Segmentation

By Type Attenuator Point Absorber Terminator
By Mode of Operation Submerged Pressure Differential Oscillating Wave Surge Converter Oscillating Water Column Oscillating Body Converter Rotating Mass Devices Bulge Wave Devices Overtopping Devices
By Deployment Location Shoreline Devices Nearshore Devices Off-shore Devices
By Power Take-Off System Turbine Transfer Hydraulics Electrical Linear Generator

Key Players

  • 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)

Drivers

  • Increasing demand for greener renewable sources of energy Increasing government initiatives and investment in renewable energy projects Rising power consumption capacity globally
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The Wave Energy Converter Market size is projected to be worth USD 33 million by 2030, registering a CAGR of 5.1% during the forecast period (20222030).


Wave Energy Converter Market Overview


Ocean waves are a massive, mainly unexplored energy resource with enormous potential for energy extraction. Wave energy converters (WECs) are mechanical or electrical devices that transform the kinetic and potential energy associated with a moving ocean wave. Wave energy converters may supply clean energy to power the electrical grid as well as a variety of other uses such as ocean vehicle propulsion or pumping for saltwater desalination.


This energy is the most abundant ocean energy resource, according to estimates. There are several concepts for wave energy converters, with over 1000 wave energy conversion systems internationally patented. Global desire for environmentally friendly solutions is perpetually supporting market prosperity.


COVID-19 Impact on the Wave Energy Converter Market:


Despite the sector's significant growth in previous years, the COVID-19 epidemic halted numerous RE-related activities and projects. The pandemic's influence originates from RE production facilities as well as supply linkages. During the pandemic, the wave energy market saw a negative influence on demand across all areas, resulting in a drop in wave energy converter market growth.


However, market participants promote prospective new behaviors and social forms to sustain the market and keep ahead of the competitive environment. Furthermore, various energy production efforts have been launched in response to the epidemic. It is important to restructure the present energy investment structure to restart the energy transition after the pandemic. Rather than being the major source of funding, government investment should play a supportive role in promoting a healthy environment for renewable wave energy projects to increase competitiveness and attract additional private investments, hence increasing the growth of the Wave Energy Converter Market.


Wave Energy Converter Market Dynamics


Drivers


  • Increasing demand for greener renewable sources of energy

  • Increasing government initiatives and investment in renewable energy projects

  • Rising power consumption capacity globally

    • Consumer spending power has expanded dramatically as living standards have risen. Global power consumption has increased due to the increased use of different technologies and energy utilities. Worldwide power consumption is rapidly expanding, necessitating more power-producing capacity to satisfy rising global demand. Renewable energy resources such as solar, wind, and wave energy are the ideal alternative answer owing to their availability and environmental friendliness. Wave energy is a prominent renewable source, delivering around 1000-10000 MW of electrical power, and is predicted to fulfill rising electricity/power demands. Wave energy can address the growing demand for electricity and power in a variety of applications while having no negative environmental consequences. Wave energy conversion is a reasonably simple and widely available source with easy energy generation prediction. There are already 33 wave energy converters with a total capacity of 2.3 MW deployed in 9 projects spanning 8 countries on three continents. Hawaii is home to the only active project with a capacity of more than 1 MW. As a result, increased power consumption is predicted to drive the expansion of the Wave Energy Market, which in turn will drive the growth of the Wave Energy Converter Market.




Restraints


  • Unpredictability in ocean waves and tidal currents

  • High installation and maintenance cost

    • Wave energy converters must survive extreme weather conditions and have a long-life cycle. Deployments are projected to persist for 30 years or more. This raises the costs of testing, manufacturing, and installation, particularly when considering offshore equipment. It is necessary to have a very sturdy structure composed of high-quality materials that can endure severe storms and rigorous circumstances at sea, which can lead to corrosion, fouling, and fatigue. The mooring, which assures a maintained position under both regular operating loads and exceptional storm load situations, is critical for any design. It should not apply excessive strain loads to electrical power transmission cables and should maintain appropriate safety intervals between devices in various installations. Because of the high unpredictability of the wave environment with unintentional extremes, it is critical to be able to evaluate prototype designs over an extended period before they are implemented on a big scale. Regular maintenance and repainting are the traditional methods of protecting steel buildings against fouling and corrosion. However, this is time-consuming and costly due to the restricted access to offshore installations, especially when damage occurs. The cost of repairs is a significant component of wave farm expenditures. The dependability of the components is critical for the economic feasibility of a project, especially given the expense of future maintenance procedures. As a result, high installation and maintenance costs constitute industry expansion barriers for Wave Energy Converter Market.




Opportunity


  • Abundant availability of wave energy generation natural resources

  • Rapid technological advancements and innovations in the industry

    • Ocean waves are a massive, mainly unexplored energy resource with enormous potential for energy extraction. The necessity to reach renewable energy objectives drives research in this sector, but it is still in its early stages when compared to other renewable energy technologies. With the worldwide emphasis now focused on climate change and growing CO2 levels, the focus on generating power from renewable sources has resurfaced as an essential topic of research. Since then, substantial study into wave energy has been more apparent. Many nations are currently exploring wave energy, including Australia, China, Denmark, Italy, Korea, Portugal, Spain, the United Kingdom, and the United States. Since 2010, regular bulletins have been published on research and development (R&D), government regulations, device deployments, and projects in OES member nations due to the recent increase in the number of wave energy initiatives. According to these assessments, a diverse variety of WECs has been produced thus far. Furthermore, over 1000 wave energy conversion systems have been patented in Japan, North America, and Europe, with the number steadily growing. In the United States, the Department of Energy (DOE) announced a $25 million funding boost to encourage expanded research, development, and demonstration of devices that use wave power to generate energy. Hence, Technological advancements and innovation create opportunities for market growth for Wave Energy Converter Market.




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.


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.


North America is the Wave Energy Converter Market's second-largest growing area. The industry, numerous groups, and the government are collaborating and doing research to realize the potential of marine renewable energy. The United States is a major investment in renewable energy research and development. According to the US Energy Information Administration, the yearly wave energy potential of the US coastlines is projected to be 2.64 trillion kWh. Coastal towns are home to about 40% of the US population, and wave energy is the most dependable renewable energy source. As a result, the increasing need for power generation is one of the factors driving the growth of the Wave Energy Converter Market in North America.


Wave Energy Converter Market Competitive Landscape


The Wave Energy Converter Market comprises many local and global players. The market is expected to witness a healthy growth rate throughout the forecast period. The key players in the industry, to maintain their market share, are involved in various strategies such as new product launches, collaborations, corporate deals, mergers, and acquisitions to maintain and expand their market dominance.


List of Key Companies covered in the report:



  • 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)

  • Aquanet Power (UK)


Recent Developments:



  • In June 2022, CorPower Ocean launched its first commercial-scale wave energy converter C4 along with the new CorPack concept. With a 300kW power rating, the new device represents the world’s most compact wave energy system in relation to power output.

  • In June 2022, Wello Oy announced the expansion off the coast of Taiwan, for the exploration and deployment of its technology, by signing an MoU with the National Taiwan Ocean University’s Centre for Ocean Energy Systems (NTOU)

  • In January 2022, Eco Wave Power and Ocean Power Technologies, Inc. two wave energy companies, announced they are collaborating to utilize their complementary technologies and skills to accelerate wave energy projects.

  • In November 2021, Ocean Power Technologies acquired Marine Advanced Robotics, Inc., a San Francisco Bay Area-based developer, and manufacturer of autonomous surface vehicles. This will provide Ocean Power Technologies with an established, innovative offshore product line that features roaming capability and highly complements the OPT business strategy.

  • In October 2021, Carnegie Clean Energy launched a CETO-derived wave energy product designed for moored vessels, which offers a solution to the challenge of securing clean and reliable energy for offshore activities, reducing reliance on diesel generation.


Wave Energy Converter Market Report Overview:


The Wave Energy Converter Market is segmented based on by type, mode of operation, deployment location, power take-off systems, and application in this report. The report is focused on various analytical aspects such as market dynamics, Technology Analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Wave Energy Converter Industry.


Segmentation Overview:


By Type:



  • Attenuator

  • Point Absorber

  • Terminator


By Mode of Operation:



  • Submerged Pressure Differential

  • Oscillating Wave Surge Converter

  • Oscillating Water Column

  • Oscillating Body Converter

  • Rotating Mass Devices

  • Bulge Wave Devices

  • Overtopping Devices


By Deployment Location:



  • Shoreline Devices

  • Nearshore Devices

  • Off-shore Devices


By Power Take-Off Systems:



  • Turbine Transfer

  • Hydraulics

  • Electrical Linear Generator


By Application:



  • Power Generation

  • Environment Protection

  • Seawater Desalination


By Regions:



  • North America

  • Europe

  • Asia-Pacific

  • Middle East & Africa

  • South America


Objectives of the Study



  • To get a comprehensive overview of the Wave Energy Converter Market

  • To get wide-ranging information about the key factors driving the market and market opportunities

  • To gain information regarding the key players in the industry, technology advancements, and key developments

  • To gain insights about the key country/region in which the market is growing



Report Scope:

Report Attribute/Metric Details
  Market Size    2030: USD 33 Million
  CAGR   ~5.1 %
  Base Year    2021
  Forecast Period    2022-2030
  Historical Data    2018 & 2020
  Forecast Units    Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Mode of Operation, Deployment Location, Power Take-Off Systems, and Application
  Geographies Covered   North America, Europe, Asia-Pacific, Middle East & Africa, and South America
  Key Vendors   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), Aquanet Power (UK)
  Key Market Opportunities   Rapid technological advancements and innovations in the industry Abundant availability of wave energy generation natural resources
  Key Market Drivers   Increasing demand for greener renewable sources of energy Increasing government initiatives and investment in renewable energy projects Rising power consumption capacity globally


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Frequently Asked Questions (FAQ) :

Wave energy converters (WECs) are mechanical or electrical devices that transform the kinetic and potential energy associated with a moving ocean wave.

The Wave Energy Converter Market would register a growth of ~5.1% during the forecast period.

Power generation will play a prominent role in taking the market forward.

High installation and maintenance costs are key restraining factors for Wave Energy Converter Market

Europe would enjoy the upper hand in the Wave Energy Converter Market.