Wave Energy Converter Market | Contrive Datum Insights

The global Wave Energy Converter Market was valued at USD 18.73 Million in 2022 and is projected to reach USD 26.15 Million by 2030, growing at a CAGR of 4.26% from 2023 to 2030.

Wave Energy Converter Market Overview:

Wave Energy Converters are machines that turn the kinetic and potential energy of a moving ocean wave into mechanical or electrical energy that can be used. Wave energy converters make clean energy that can be used for many things, like pumping to remove salt from water or moving underwater vehicles. Using a wave energy converter, the energy in ocean waves is taken and used to make electricity. It is a very useful method that takes advantage of the huge amount of energy that can be found in ocean waves. The wave energy converter uses different ways to take in wave energy. It is used based on where it is and how deep the water is.

The global market for wave energy converters is doing well because there is more wave energy available and there is more demand for power from renewable energy sources. This has led to more investments in the sector. Wave energy comes from the way ocean waves move up and down. Wave energy generators take the energy from the ocean waves and use it to power turbines and generators that make electricity. As the wave energy sector is still growing, it is likely that there will be a lot of money spent on research and development. As research and development activities increase, processes should become more effective and cost-efficient, which will drive the growth of the Wave Energy Converter market.

Wave Energy Converter Market Dynamics

Drivers

Increasing power consumption around the world

As people's living standards have gone up, their ability to spend has grown a lot. The use of more technologies and energy utilities has led to more power being used around the world. The amount of electricity used around the world is growing quickly, so more power plants are needed to meet the growing demand. Renewable energy sources like solar, wind, and wave power are the best alternative because they can be used right away and are good for the environment. Wave energy is a popular renewable energy source that can provide between 1000 and 10000 MW of electricity. It is expected to meet the growing need for electricity/power. Wave energy can help meet the growing need for electricity and power in a number of different ways without hurting the environment. Wave energy conversion is a fairly simple, widely available source that makes it easy to predict how much energy will be made. 33 wave energy converters with a combined power of 2.3 MW are already in use in 9 projects in 8 countries on three continents. Hawaii is home to the only project that is still running and has more than 1 MW of power. So, it's expected that more people will use more power, which will lead to the growth of the Wave Energy Market, which will then lead to the growth of the Wave Energy Converter Market.

Restraints

Expenses for installation and maintenance

Wave energy converters must work in all kinds of weather and last a long time. It is expected that deployments will last for at least 30 years. This makes testing, making, and installing equipment more expensive, especially when it comes to equipment used offshore. It is important to have a very strong structure made of high-quality materials that can withstand rough seas and strong storms, which can cause corrosion, fouling, and fatigue. The mooring is a key part of any design because it keeps the ship in place under both normal operating loads and heavy storm loads. It shouldn't put too much stress on the cables that carry electricity, and it should keep safe distances between devices in different installations. Because waves are hard to predict and can reach unexpected extremes, it is important to be able to test prototype designs over a long period of time before they are used on a large scale. Traditional ways to protect steel buildings from rust and corrosion are regular maintenance and painting. This takes time and money, though, because it's hard to get to offshore installations, especially when damage happens. The cost of repairs is a big part of what a wave farm has to pay for. The dependability of the parts is important for a project's economic viability, especially considering how much it will cost to fix things in the future. Because of this, high installation and maintenance costs make it hard for the Wave Energy Converter Market to grow.

Opportunity

Rapid technological progress and new ideas in the field

Ocean waves are a huge, mostly untapped source of energy that could be used in a huge number of ways. Research in this area is driven by the need to meet renewable energy goals, but it is still in its early stages compared to other types of renewable energy. Now that climate change and rising CO2 levels are getting a lot of attention around the world, making power from renewable sources is once again an important research topic. Since then, there has been a lot more study into wave energy. Australia, China, Denmark, Italy, Korea, Portugal, Spain, the United Kingdom, and the United States are all looking into wave energy right now. Since 2010, there have been regular bulletins about research and development (R&D), government regulations, deployments of devices, and projects in OES member nations. This is because the number of wave energy projects has been growing recently. Based on these evaluations, there have been many different kinds of WECs made so far. Also, over 1000 wave energy conversion systems have been patented in Japan, North America, and Europe, and the number keeps growing. In the United States, the Department of Energy (DOE) announced a $25 million funding boost to encourage more research, development, and testing of devices that use wave power to make energy. So, technological progress and new ideas make it possible for the Wave Energy Converter Market to grow.

Wave Energy Converter Market Segmentation Analysis

By Type

Attenuator, Point Absorber, and Terminator are the Wave Energy Converter Market's product types. The point Absorber market segment is anticipated to experience significant growth over the forecast period. Point absorber wave energy converters are floating structures; most point absorber designs resemble a standard buoy from the surface.

By Mode of Operation

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

By Deployment Location

Shoreline devices, Nearshore devices, and Offshore devices are the deployment location-based market segments for Wave Energy Converters. During the forecast period, the Offshore devices segment is anticipated to lead the market in terms of growth. Due to the fact that ocean waves are more powerful in deeper waters, offshore wave converters can harvest the most energy.

By Power Take-Off Systems

The Wave Energy Converter Market is divided into Turbine Transfer, Hydraulics, and Electrical Linear Generators segments based on the deployment location of power take-off systems. The segment of electric linear generators holds the largest market share and is anticipated to maintain its dominance throughout the forecast period due to the fact that it has fewer components to maintain, eliminates intermediate steps, and offers simpler/cheaper construction and higher reliability.

Based on Application:

In terms of application, the Wave Energy Converter Market is segmented into power generation, environmental protection, and seawater desalination. The market segment for power generation is anticipated to grow at the quickest rate over the forecast period. The adoption of the wave energy converter is primarily driven by the increasing demand for electricity from renewable sources.

Regional Insights:

During the Forecast period, Europe is anticipated to be the largest market by region.

In 2021, Europe had the largest share of the Wave Energy Converter Market around the world. Due to the fact that many companies in Europe are researching and developing wave energy converters, it is expected that these devices will be fully used and adopted there. Between 2010 and 2020, 12 MW of wave power were put in place in Europe. At the end of 2020, only 1.1 MW was still in use, while 10.3 MW had been turned off after testing programmes were done. The EU Offshore Renewable Energy Strategy says that by 2050, Europe wants to have 40 GW of ocean energy (including wave, tidal, ocean thermal, and floating solar). Since 2019, SEM-REV, an offshore test facility run by Ecole Centrale de Nantes and located off the coast of Le Croisic in the Pays de la Loire region, has been the home of WAVEGEM, a hybrid solar and wave energy production platform made by GEPS TECHNO.

The UK, Spain, Germany, the Nordic countries, and the rest of the continent are all countries in Europe. Europe has a high standard of living, but it is cold all year round. Because of these things, the demand for electricity goes up slowly over time. To cut down on carbon emissions from power generation, European countries put a lot of weight on technologies that don't harm the environment.

During the time frame of the forecast, North America is expected to grow at the fastest rate. In order for marine renewable energy to reach its full potential, the government, the industry, and several other groups are working together and doing research. The US coastlines could get 2.64 trillion kWh of energy from waves every year. About 40% of Americans live in coastal areas, and wave energy is the most reliable source of clean energy. So, the rising need for power generation is one of the things that is making the Wave Energy Converter Market in North America grow.

Scope Analysis

Recent Development

• In June 2022, CorPower Ocean launched its first commercial-scale wave energy converter, the C4, with the new CorPack concept. With a power rating of 300 kW, the new unit represents the world's most compact wave energy system in terms of power output.
• In June 2022, Wello Oy announced an MoU with National Taiwan Ocean University's Center for Ocean Energy Systems (NTOU) to expand offshore Taiwan for technology exploration and deployment.
• In January 2022, two wave energy companies, Eco Wave Power and Ocean Power Technologies, Inc., announced a collaboration to accelerate wave energy projects by leveraging complementary technologies and technologies.
• In November 2021, Ocean Power Technologies acquired Marine Advanced Robotics, Inc., a developer and manufacturer of autonomous vehicles based in the San Francisco Bay Area. This will provide Ocean Power Technologies with roaming capabilities and a robust, innovative offshore product line that significantly complements OPT's business strategy.
• In October 2021, Carnegie Clean Energy launched a CETO-derived wave energy product designed for moored vessels. It provides a solution to the challenge of reducing reliance on diesel power generation by securing clean and reliable energy for marine activities.

The Global Wave Energy Converter Market has been segmented into:

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 Companies

• 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)