Global Wave Energy Converter Market Insights Forecasts to 2033

• The Global Wave Energy Converter Market Size was Valued at USD 22.4 Million in 2023.
• The Market Size is Growing at a CAGR of 4.92% from 2023 to 2033.
• The Worldwide Wave Energy Converter Market Size is Expected to Reach USD 36.2 Million by 2033.
• North America expected to grow the fastest during the forecast period.

The Global Wave Energy Converter Market Size is Anticipated to Exceed USD 36.2 Million by 2033, Growing at a CAGR of 4.92% from 2023 to 2033.

Market Overview

Wave energy converters are devices that convert the kinetic and potential energy of an ocean wave into useful mechanical or electrical energy. Wave energy converters generate clean energy for a range of applications, such as underwater vehicle propulsion or pumping for saltwater desalination. A wave energy converter is used to harness the energy from ocean waves to create electricity. It's an extremely efficient method that harnesses the massive amount of renewable energy that comes from ocean waves. Numerous techniques are used by the wave energy converter to absorb wave energy. Depending on the water's depth and position, it is used. The global wave energy converters market is expected to rise because of the increasing demand for electricity from renewable energy sources and the greater accessibility of wave energy supply. This has also led to an increase in investments in the field. Ocean waves' up-and-down action generates wave energy. Wave energy generators harness the energy from the waves in the ocean to power generators and turbines that create electricity. Wave energy may be collected using a range of instruments, including oscillating body converters, oscillating water column converters, and overtopping converters. The market is growing swiftly as a result of increased power demand and the rapidly developing renewable energy sector.

Report Coverage

This research report categorizes the market for the global wave energy converter market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global wave energy converter market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global wave energy converter market.

Driving Factors

The wave energy converter reduced environmental effects as compared to other renewable energy technologies, particularly their little influence on the shoreline, the global wave energy converter market has a lot of potential in numerous locations across the world. Throughout the projection period, it is expected that new government regulations and an increase in investments made by government organizations to support wave energy converter technology would accelerate the global wave energy converter market.

Restraining Factors

More work and money are needed to set up the wave energy converter. Furthermore, since the anchoring ropes need to be secured to the sea floor bed using drilled-in anchors, anchoring the wave energy converter is a crucial component that complicates installation. As a result, installing a wave energy converter on any scale necessitates these extra infrastructures, which might hamper the global wave energy converter market.

Market Segmentation

The Global Wave Energy Converter Market share is classified into technology, location, and application

• The oscillating water column segment is expected to hold the largest share of the global wave energy converter market during the forecast period.   

Based on the technology, the global wave energy converter market is divided into oscillating body converters, oscillating water column, and overtopping converters. Among these, the oscillating water column segment is expected to hold the largest share of the global wave energy converter market during the forecast period. As a sustainable and non-polluting energy source, oscillating wave column technology is produced by the wind's natural flow through a Wells turbine and emits no greenhouse gases. The shoreline plan's on-land placement of the turbine the primary movable component makes it simple to remove for maintenance or repair. The oscillating wave column category is anticipated to contribute significantly to the growth of the wave energy converter market throughout the projected period.

• The near shore segment is expected to grow at the fastest pace in the global wave energy converter market during the forecast period.    

Based on the location, the global wave energy converter market is divided into onshore, near shore, and offshore. Among these, the near shore segment is expected to grow at the fastest pace in the wave energy converter market during the forecast period. This is because installations closer to the property are easier and less expensive. Furthermore, it is usually discovered that nearshore installations are more efficient than onshore ones, which presents a great chance for future market expansion. Desalination and electricity generation are two concurrent uses for these facilities. Different patents have been created by many firms for the regulation of wave energy from nearshore plants. The nearshore segment components collectively play a role in the growth of the wave energy converter market.

• The power generation segment is expected to grow at the greatest pace in the global wave energy converter market during the forecast period.

Based on the application, the global wave energy converter market is divided into desalination, power generation, and environmental protection. Among these, the power generation segment is expected to grow at the greatest pace in the global wave energy converter market during the forecast period. The significant emphasis on producing electrical energy from renewable sources is credited with the power generation segment's rise. The goal of this action is to lessen greenhouse gas emissions brought on by the operation of power plants. The wave energy converter market is expanding in this area due to the increasing usage of wave energy for power generation in various nations.

Regional Segment Analysis of the Global Wave Energy Converter Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the global wave energy converter market over the predicted timeframe.

Europe is anticipated to hold the largest share of the global wave energy converter market over the predicted timeframe. This is because wave energy converters are becoming more and more popular as coastal areas in Europe develop and demand for sustainable energy sources rises. Europe is a desirable location for the development and use of wave energy converters because it contains a large number of undeveloped wave energy resources. The market has grown as a result of investments made by European nations including France, Denmark, and Portugal in wave energy converter infrastructure and technology. Europe now holds the top spot in the global wave energy converter market due to a combination of these characteristics, and in the years to come, the area is predicted to continue growing and dominating the market.

North America is expected to grow at the fastest pace in the global wave energy converter market during the forecast period. This is because North America is primarily driven by the rising demand for electricity produced from renewable sources. Since a large percentage of Americans live near the shore, wave energy is seen as a trustworthy renewable energy source. Large countries like the US are devoting a large portion of their budget to the development and use of renewable energy sources, including research and development for wave energy. Wave energy is becoming more and more popular as a greener energy-generating choice, and part of the market expansion is easier access to the power found in ocean waves. The combination of these factors is anticipated to make North America the area with the greatest rate of growth in the global wave energy converter market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global wave energy converter along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Wave Swell
• Ocean Power Technologies
• Marine Power Systems
• HavKraft AS
• Eco Wave Power
• AWS Ocean Energy
• SINN Power GmbH
• Carnegie Clean Energy
• NEMOS GmbH
• INGINE Inc.
• CorPower Ocean
• AW-Energy Oy
• Wello Oy
• Wave Dragon
• Aquanet Power

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2023, Eco Wave Power is about to start building its first MW-scale wave energy power plant in Portugal, Europe, and its newest pilot in AltaSea's facilities in the Port of Los Angeles. Additionally, the company has concession agreements for commercial installations throughout Europe, and it is now working on 404.7 MW of projects.

• In October 2022, to power the HiWave-5 Project, Swedish wave energy converter firm CorPower Ocean and Danish offshore vessel owner Maersk Supply Service constructed a 6.2km subsea export cable off the coast of northern Portugal.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Wave Energy Converter Market based on the below-mentioned segments: 

Global Wave Energy Converter Market, By Technology

• Oscillating Body Converters
• Oscillating Water Column
• Overtopping Converters

Global Wave Energy Converter Market, By Location

• Onshore
• Near Shore
• Offshore  

Global Wave Energy Converter Market, By Application

• Desalination
• Power Generation
• Environmental Protection

Global Wave Energy Converter Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa