According to SPER Market Research, the Wave Energy Converter Market is estimated to reach USD 0.03 billion by 2032 with a CAGR of 4.55%. Wave energy converters are machinery that change the kinetic and potential energy associated with a moving ocean wave into usable mechanical or electrical energy. Wave energy generators produce clean energy to transport saltwater for desalination or to power underwater vehicles. It is a very effective technique that makes use of the enormous, limitless energy that ocean waves offer. A variety of methods are used by the wave energy converter to collect wave energy. It is used based on the environment and water depth.
Wave Energy Converter Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 4.55%
- Forecast Market Size (2032): 0.03billion
A wave energy converter uses the energy present in ocean waves to generate power. Utilizing the huge renewable energy found in ocean waves, it is a very efficient device. Numerous techniques are used by the wave energy exchanger to capture wave energy. It is utilised based on the region and ocean depth. A wave energy converter is made up of overtopping converters, swaying bodies, and moving water columns. Air pockets caught in oscillating water columns are used to power turbines. Wave motion is used by oscillating bodies, which are submerged or floating machines, to produce energy. Wave energy converters have the benefits of being dependable and straightforward because they contain no moving parts.
Impact of COVID-19 on the Wave Energy Converter Market
The global economy and various industries have been significantly affected by the COVID-19 pandemic, and the wave energy converter (WEC) market is no different. The pandemic has impacted the WEC market in multiple ways, including delayed installations due to travel and construction restrictions, which have caused a slowdown in the market. Furthermore, investors have become more cautious due to the pandemic’s uncertainty, resulting in a reduction in WEC project funding. Additionally, the WEC market’s global supply chain has experienced disruptions, causing delays in the delivery of necessary components and equipment, further impeding installation progress. Nevertheless, governments worldwide have recognized the potential of renewable energy, such as wave energy, in lowering carbon emissions and guaranteeing energy security, resulting in government support through funding and policy incentives, lessening the pandemic’s impact. While the COVID-19 pandemic has negatively affected the WEC market, impeding installation and investment, government support and the WEC’s long-term potential may allow the market to recover and grow in the future.
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Wave Energy Converter Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
- Attenuator Point
By Mode of Operation:
- Bulge Wave Devices
- Oscillating Body Converter
- Oscillating Water Column
- Oscillating Wave Surge Converter
- Overtopping Devices
- Rotating Mass Devices
- Submerged Pressure Differential
By Deployment Location:
- Nearshore Devices
- Off-shore Devices
- Shoreline Devices
By Take-Off System:
- Electrical Linear Generator
- Turbine Transfer
- Environment Protection
- Power Generation
- Seawater Desalination
- Middle East & Africa
- North America
- Latin America
North America is expected to lead the global wave energy converter market thanks to the region’s abundance of rivers and coastal waters, as well as its high potential for marine and hydropower. Hawaii and Alaska have been noted as the main regions. During the forecast period, Asia Pacific is expected to hold a sizable market position for wave energy converters worldwide.
Wave Energy Converter Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ocean Power Technologies, Marine Power Systems, Eco Wave Power, SINN Power GmbH, NEMOS GmbH, INGINE Inc., Carnegie Clean Energy, AWS Ocean Energy, HavKraft AS, Wave Dragon, Aquanet Power.
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