Wave Energy Converter Market to Grow with a CAGR of 5.19% through 2028

Rising demand for electricity from renewable sources and growing availability of wave energy resources are likely to drive the market in the forecast period.

According to TechSci Research report, “Wave Energy Converter Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Wave Energy Converter Market stood at USD 12.08 billion in 2022 and is anticipated to grow with a CAGR of 5.19% in the forecast period.

One of the primary drivers of the global WEC market is the escalating demand for clean and sustainable energy sources. As the world confronts the challenges of climate change and seeks to reduce carbon emissions, there's a growing emphasis on transitioning away from fossil fuels toward renewable energy alternatives. Wave energy, harnessed from the motion of ocean waves, is a particularly attractive option due to its consistency and minimal environmental impact. With a rising global population and expanding industrialization, the demand for electricity continues to soar. Simultaneously, the need for clean energy solutions is more pressing than ever. Wave energy converters offer a reliable and eco-friendly source of electricity generation, helping countries meet their renewable energy targets and reduce their reliance on fossil fuels. Governments and utilities worldwide are thus incentivizing the development of WEC technologies through supportive policies, grants, and research funding. As the call for sustainable energy grows louder, the global WEC market is poised to expand, with increasing investments in research, innovation, and the deployment of wave energy projects.

Technological advancements and cost reductions in Wave Energy Converter (WEC) systems represent a significant driver for the global WEC market. Over the years, substantial progress has been made in the design, materials, and operational efficiency of WEC devices, making them more competitive and economically viable. One notable advancement is the development of more robust and durable materials, capable of withstanding the harsh marine environment. This has led to decreased maintenance costs and improved overall reliability of WEC systems. Additionally, control systems, energy conversion mechanisms, and grid integration solutions have become more sophisticated, enabling higher energy capture and efficient power delivery. The scaling up of manufacturing processes and the standardization of WEC components have contributed to cost reductions. As economies of scale are realized, the overall cost of generating electricity from wave energy has been decreasing, making it more attractive to investors and project developers. These technological innovations and cost reductions not only enhance the economic feasibility of WEC projects but also position wave energy as a competitive and sustainable contributor to the global renewable energy landscape. As a result, they are key drivers behind the increasing adoption and growth of the global WEC market.      

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The Global Wave Energy Converter Market is segmented into type, application and region. Based on technology, The Oscillating Body Converters (OBCs) segment had the largest market share in 2022 & expected to maintain it in the forecast period. OBCs are known for their relatively high energy conversion efficiency. These devices efficiently capture the kinetic energy of ocean waves, translating it into electricity. Their ability to convert a significant portion of wave energy into usable power makes them an attractive choice for commercial wave energy projects. OBCs exhibit predictable motion in response to wave action, which simplifies their design and operation. The regular back-and-forth motion of the oscillating body can be accurately predicted, allowing for precise alignment with the incoming waves. This predictability enhances energy capture and grid integration. OBCs often feature a modular and scalable design, making them adaptable to various wave conditions and project sizes. This flexibility allows developers to customize the size and capacity of OBC arrays to match specific wave energy resources and energy demand requirements. OBCs typically have a relatively low environmental impact. They produce minimal underwater noise and disturbances, reducing their impact on marine ecosystems compared to some other WEC technologies. This environmental compatibility is essential for obtaining regulatory approvals and public acceptance. OBCs are often designed with simplicity and ease of maintenance in mind. Their mechanical components are relatively accessible, and maintenance tasks can be performed without the need for specialized equipment or extensive downtime. This reduces operational costs and enhances the overall economic feasibility of OBC-based projects.

Based on application, The Power Generation segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Electricity is a fundamental and highly demanded form of energy worldwide. As global populations increase and industrialization continues, the demand for electricity continues to rise. Power generation from wave energy aligns with this demand and presents an opportunity to diversify the energy mix with a renewable source. Governments and organizations around the world are setting ambitious renewable energy goals to combat climate change and reduce greenhouse gas emissions. Wave energy is considered a clean and sustainable renewable energy source, making it a key player in achieving these goals. Electricity is easily integrated into existing energy grids, making it a practical choice for widespread use. Wave energy can be converted into electricity and fed directly into the existing grid infrastructure, providing a reliable and scalable source of power. Advances in WEC technologies have significantly improved their ability to efficiently convert wave energy into electricity. These advancements have made power generation from waves more economically viable and competitive with other renewable energy sources. The electricity market is one of the largest and most established energy markets globally.

Major companies operating in the Global Wave Energy Converter Market are:

• Ocean Power Technologies (OPT)
• Eco Wave Power
• CorPower Ocean
• Wello Oy
• CalWave Power Technologies Inc.
• Carnegie Clean Energy Limited
• Aquamarine Powerc Ltd
• Orbital Marine Power
• AWS Ocean Energy

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“The Global Wave Energy Converter market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The growth of the wave energy converter market is driven by the increasing demand for electricity from renewable sources, the growing availability of wave energy resources, and the increasing investments in research and development of wave energy technologies. The global energy demand is growing rapidly, and there is a growing focus on using renewable energy sources to meet this demand. Wave energy is a clean and renewable source of energy that has the potential to generate a significant amount of electricity. Wave energy is a abundant resource that is available in many parts of the world. The increasing availability of wave energy resources is driving the growth of the wave energy converter market. Additionally, There are a number of companies and research institutions that are investing in the development of new wave energy technologies. These investments are expected to lead to the development of more efficient and cost-effective wave energy converters, which will further drive the growth of the market. Therefore, the market of Wave Energy Converter is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Wave Energy Converter Market By Technology (Oscillating Water Column, Oscillating Body Converters, and Overtopping Converters), By Location (Onshore, Offshore, and Near-shore), By Application (Power Generation, Water Desalination, Pumping of Water, and Environmental Protection), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Wave Energy Converter Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Wave Energy Converter Market.