Wave Energy Converters Market Scope
Wave energy also called ocean wave energy is a type of renewable energy that is generated by harnessing the up-and-down motion of sea or ocean waves. In today’s time, renewable energy is a more popular word across the globe the world is rapidly shifting towards renewable sources to generate electricity from renewable sources to reduce the environmental effect due to carbon emissions and meet the increased energy demand. Wave energy is gaining more importance compared to wind or solar energy as it is a consistent source and a large amount of energy can be produced compared to other renewable sources like solar and wind. Further, the large scale of wave energy is produced in the North American regions like Washington, Oregon, California, and other west coasts, which will create significant opportunities. The government in India, China, America, and some European countries are establishing strategies for incorporating wave energy that will accelerate the growth of wave energy converters.
The Wave Energy Converters market study is segmented by Type (Point Absorbers, Terminators, Attenuators, Oscillating Wave Surge, Submerged Pressure Differential and Rotating Mass Devices), by Application (Electricity Generation, Water Desalination, Pumping Of Water and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that European Manufacturers will contribute to the maximum growth of Global Wave Energy Converters market throughout the predicted period.
Eco Wave Power (Sweden), CorPower Ocean AB (Sweden), The Liquid Grid (United States), Seabased (Ireland), Ocean Power Technologies (United States), Marine Power Systems (United Kingdom), Carnegie Clean Energy (Australia), Wave Swell Energy Ltd (Australia), Havkraft AS (Norway), Limerick Wave (Ireland), Sinn Power (Germany), Nemos GmbH (Germany), Arrecife Systems (Spain), Oscilla Power, Inc. (United States), Mocean Energy (Scotland) and NoviOcean (Sweden) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global Wave Energy Converters market by Type, Application and Region.
On the basis of geography, the market of Wave Energy Converters has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In January 2022, Eco Wave Power collaborated with the US-based Ocean Power Technologies to accelerate wave energy to the next level. The companies will work together on several fronts, including knowledge sharing, joint grant submissions, and collaborative assistance, and leverage complementary technologies for entry to the new market. The solutions can be developed by leveraging OPT's offshore engineering and newly acquired robotics capabilities.
Market Trend
- Increasing Research and Development of Advanced Oscillating Wave Columns and Evolution of Multi-Oscillating Water Columns
Market Drivers
- Increased Focus on the Renewable Sources for Power Generation to Reduce the Dependence on Fossil Fuel and CO2 Emission
- Growing Popularity of Wave Energy Over Wind and Solar Due to Its Consistency and Reliability
- Continuously Increasing Energy Demand Across the Globe Will Boost the Market
Opportunities
- Large Scale Energy Production on the West Coast of North America and Coasts of Australia, Scotland, and Africa
Restraints
- Suitable for Coastal Areas or Towns Where Sea or Ocean is Near
- Increasing Concern Towards the Aquaculture or Creatures and Disturbance to the Private or Commercial Vessels
Challenges
- Noise Pollution and Weak Performance in the Rough Weather May Affect the Growth of Wave Energy Converters
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Wave Energy Converters Manufacturers, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-Users and Others
Frequently Asked Questions (FAQ):
1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Wave Energy Converters Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2027.