Wave energy converters capture energy directly from surface waves or from pressure fluctuations below the surface. These devices operate onshore or offshore and convert the mechanical energy of the waves into electricity. The growing advancements in wave energy technologies have enhanced the efficiency and lowered the costs of wave energy conversion. Wave energy converters offer the benefit of stable and predictable power generation compared to solar and wind energy resources.
The global wave energy converter market is estimated to be valued at US$ 19.52 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Key players operating in the wave energy converter market are Ocean Power Technologies, Marine Power Systems, Eco Wave Power, SINN Power GmbH, NEMOS GmbH, INGINE Inc., Carnegie Clean Energy, CorPower Ocean, AW-Energy Oy, AWS Ocean Energy, Wello Oy, HavKraft AS, Wave Dragon, Wave Swell, and Aquanet Power.
Key Takeaways
Key players in the wave energy converter market: Key players operating in the Wave Energy Converter Market Share such as Ocean Power Technologies, Marine Power Systems, Eco Wave Power are focusing on advancements in wave energy conversion technologies such as oscillating water columns and overtopping devices to improve efficiencies.
Growing demand for renewable power: Rapid industrialization and population growth have increased the global demand for energy. Wave energy converters are emerging as a viable alternative to meet the growing demand through renewable resources and reduce reliance on fossil fuels.
Technological advancements: Continuous technological innovations such as advances in power take-off systems, mooring and anchor systems, and control and protection equipment have enhanced the reliability of wave energy devices. The reducing costs of wave energy conversion technologies are also augmenting the market growth.
Market Trends
Growing Investments - Supportive government policies and increasing investments by public and private organizations are driving the research and development activities. Many countries in Europe and Asia are proactively funding wave energy demonstration projects.
Focus on Low Carbon Future - With the mounting need to counter climate change, wave energy is garnering significant attention as a potential renewable energy source to replace fossil fuel-based power generation. Country commitments to net-zero targets are accelerating the commercialization of wave energy technologies.
Market Opportunities
Floating Offshore Farms - The scope for large-scale floating wave farms lies in offshore regions with high wave energy potential. This reduces visual and environmental impacts and enables installation in deep waters.
Hybrid Systems - Combining wave energy converters with offshore wind or tidal stream energy systems can increase plant load factors and power output through synergistic resource complementarity. Hybrid projects offer higher commercial viability.
Impact of COVID-19 on Wave Energy Converter Market
Wave Energy Converter Companies in COVID-19 pandemic have adversely impacted the wave energy converter market growth in 2020. Restrictions imposed by various governments led to temporary closure of manufacturing facilities and disruption in supply chain network. This affected the new projects and deployment of wave energy devices across key regions. However, with rising focus on clean and renewable sources of energy for post pandemic economic recovery, investments are expected to increase in wave energy technologies in coming years.
Companies in this sector are focusing on development of innovative and cost-effective solutions to tap into future growth opportunities. Extensive research is being conducted to design systems suitable for varied wave conditions. Integration of digital technologies helps optimize operations and maintenance activities. Various initiatives are also taken up for capacity building and skill development to promote local manufacturing and job creation. Financial support through incentives and subsidies by governments plays a crucial role in faster adoption of these technologies. International collaborations facilitate technology transfer and strengthening of regional supply chains.
Geographical Impact of COVID-19:
Europe accounted for the major share of wave energy converter market in pre-COVID times due to supportive policies and presence of several demonstration projects across countries like UK, Portugal, Spain, Ireland and Norway. However, strict lockdowns impacted the progress of these projects. Revival of construction activities is boosting deployment in post pandemic period.
Asia Pacific region is expected to witness fastest growth during forecast years. Countries like India, Japan, South Korea and China are working towards commercialization of wave energy with focus on domestic manufacturing. Recovery of manufacturing and construction sector helps regain lost momentum. Growing need for diversification of energy mix along with rising investments offer significantgrowth opportunities.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)