Nov 21,2022 | Energy Storage
Wave energy is the power utilized from sea or ocean waves. It is also known as sea wave energy or ocean energy which is used for electricity generation, water desalination, pumping of water, and numerous additional tasks. Foremost trend being observed in the global wave energy market is the increased funding in the development of power projects linked with wave energy. Due to the inadequate availability of traditional fuels such as gas, oil and coal in conjunction with correlated pollution issued by the utilization of these fuel sources and escalating investing in cleaner energy sources are key driving forces of the market growth. These wave energy resources are plentiful in nature and are ecologically friendly.
With the benefits of wave energy source, there has been a soaring trend of investment in wave energy projects. Furthermore, robust government policy framework and incentive schemes is expected to create significant growth opportunity in the market over the forecast period.
The wave energy converter market is expected to grow from an estimated in US$ 20 million in 2022 to US$ 28 million by 2030, at a CAGR of 4.3% during the forecast period. The primary drivers of the market include rising demand for energy production through renewable sources accompanies by the increasing investments in the renewables sector.
The wave energy converter market, by application, is bifurcated into power generation, desalination and environmental protection. The power generation segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the rising demand from various end use industries due to rapid industrialization.
The wave energy converter market by location is segmented into shoreline, nearshore and offshore. The offshore segment is expected to be the fastest growing segment, followed by the nearshore segment. The high growth rate can be attributed to the increasing number of installations for the purpose of R&D across various countries.
Categorized under the Energy and the Energy Storage, the comprehensive market report offered on Bharatbook report defines, describes, and forecasts the wave energy converter market, by reactor type, connectivity, deployment, location, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The study provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the wave energy converter market. Moreover, the analysis will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
The wave energy converter market is dominated by a few major players that have a wide regional presence. The leading players in the wave energy converter market Ocean Power Technologies (US), Eco Wave Power (Israel), CorPower Ocean (Sweden), Wello Oy (Finland), CalWave (US) and others.
For more information, please visit Wave Energy Converter Market.