Momentous Shift towards Wave Energy Drives Converter Demands
Market Research Future (MRFR) expects the global wave energy converter market to garner USD 33 MN by 2030, registering a 5.1% CAGR during the assessment period (2022–2030).
Wave Energy Converter Market Overview
The global wave energy converter market is growing steadily. The extensive uptake of wave energy for power generation is a key driving force supporting market growth. Besides, the emergence of some promising concepts to boost simple wave theory and characteristics of the wave power substantiates the market revenues. Global wave energy technology is witnessing an impressive rise.
The dramatically rising wave energy technology and installations of subsea equipment impact the market growth positively. Citing the increasing new product development activities.
The wave energy converter market is bimodal and competitive at the lower end of low-tech materials. Manufacturers rely on product development to innovate unique and capable wave energy converters that can improve performance by up to 300% and increase survivability by diving through large waves. The industry is witnessing significant R&D investments in developing advanced converters to replace older ones. Industry players strive to produce lightweight converters while maintaining top-level wave forcing that is converted to electricity via a PTO system.
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Notable Industry Updates
On Nov. 14, 2022, Mocean Energy (Scotland), a leading wave energy converter provider, announced that it has secured a patent for its floating hinged raft wave energy technology in China. Mocean Energy designs and delivers wave energy converters required in ocean equipment and the grid with clean, carbon-free, renewable energy. Mocean Energy’s hinged raft wave energy converters cause a rotation about the hinge to convert wave energy to electricity via a power take-off (PTO) system.
Europe, the Largest Market for Wave Energy Converters
Europe holds the key share in the global wave energy converter market. The growing share of renewable energy sources in power generation capacities is a key driving force behind the market growth. Also, the rapid growth in wave technology initiatives and a substantial number of wave energy companies in this region boost the market size. The Europe Marine Energy Center is at the heart of major wave technology initiatives.
Moreover, governments of most European countries are taking up many initiatives to leverage the biggest untapped ocean energy sources that they believe could meet up to 10% of the region’s overall electricity needs by 2050. The continuous energy production at onshore and offshore remote locations drives the market demand. Growing government initiatives to boost renewable energy production support market growth.
The UK dominates the wave energy converter market in the region, with the largest number of wave energy deployments. The UK Government is also actively considering introducing a ring-fenced market support mechanism for marine energy to position the country top among the wave and tidal sectors worldwide. Also, growing innovations in offshore wave technology propel market growth.
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North America is another lucrative market for wave energy converters in terms of larger market shares. Numerous wave energy projects and a shift from oil & gas could lead the region to witness higher market growth. Governments are collaborating with numerous research groups and industry experts in wave energy to realize the potential of marine renewable energy.
Besides, the increasing pressure to boost power generation through renewable energy sources, such as ocean and wind technologies, is a key factor driving the demand for converters in North America. With its major investments in renewable energy research & developments, the US is the leader in the wave energy converter market. At the same time, Latin America demonstrates a strong upward trajectory due to the growing awareness of the benefits of renewable sources.
According to the US Energy Information Administration, the US coastline is projected to reach 2.64 trillion kWh of wave energy production, which is the most dependable renewable energy source. The yearly wave energy potential of Coastal towns is about 40% of the overall wave energy generation in the US.
The APAC wave energy converter market is also expected to grow at a moderate rate, witnessing significant investments in renewable energy. The rise in robust capacity additions, especially in China and India, defines the growing market landscape. China has the largest number of wave energy generation plants due to exploding growth in new installed capacity.
With the total energy consumption passing the capacity for onshore wind energy farms, the region may shift to offshore/ ocean wave energy farms, suggesting the need for larger investments. Additionally, growing innovation and technological advancement in wave energy plant construction would propel the market growth.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS
1.1.1 WAVE ENERGY CONVERTER MARKET, BY TYPE
1.1.2 WAVE ENERGY CONVERTER MARKET, BY MODE OF OPERATION
1.1.3 WAVE ENERGY CONVERTER MARKET, BY DEPLOYMENT LOCATION
1.1.4 WAVE ENERGY CONVERTER MARKET, BY POWER TAKE-OFF SYSTEM
1.1.5 WAVE ENERGY CONVERTER MARKET, BY APPLICATION
1.1.6 WAVE ENERGY CONVERTER MARKET, BY REGION
2 MARKET INTRODUCTION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 PRIMARY RESEARCH
3.3 SECONDARY RESEARCH
3.4 MARKET SIZE ESTIMATION
3.5 TOP-DOWN AND BOTTOM-UP APPROACH
3.6 FORECAST MODEL
3.7 LIST OF ASSUMPTIONS
4 MARKET DYNAMICS
4.2.1 DEMAND FOR GREENER RENEWABLE SOURCES OF ENERGY
4.2.2 INCREASING GOVERNMENT INITIATIVES AND INVESTMENTS IN RENEWABLE ENERGY PROJECTS
4.2.3 RISING POWER CONSUMPTION CAPACITY GLOBALLY
4.2.3 DRIVER IMPACT ANALYSIS
4.3.1 UNPREDICTABILITY OF OCEAN WAVES AND TIDAL CURRENTS
4.3.2 HIGH INSTALLATION AND MAINTENANCE COSTS
4.3.3 RESTRAINT IMPACT ANALYSIS
4.4.1 ABUNDANT AVAILABILIT OF WAVE ENERGY GENERATION NATURAL SOURCES
Other Related Reports:
Wave and Tidal Energy Market Research Report: Information by Type (Wave Energy and Tidal Energy), by Technology (Tidal Stream Generator, Oscillating Water Columns, Barrage and others) and by Region (Asia-Pacific, Europe, Asia-Pacific and Rest of the World) – Forecast till 2030
Tidal Energy Market Information by Foundation Type (Barrage, Gravity Base, Monopile, Semi-submersible and Others), Capacity (Up to 100 kW, 100 kW to 500 kW and Above), Depth of installation (Shallow Water, Transitional Water and Deep Water )- and region- Forecast To 2030
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