Wave Energy Converter Market worth USD 26.15 Mn. by 2029: Competitive Landscape, New Market Opportunities, Growth Hubs, Return on Investments
Pune, 22, Nov 2022: Maximize Market Research has recently released a new research study titled Wave Energy Converter Market Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2029”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. Wave Energy Converter Market is expected to grow from USD 18.73 Million in 2021 to USD 26.15 million in 2029, at a CAGR of 4.26 percent during the forecast period from 2022 to 2029.
Wave Energy Converter Market Overview
Wave Energy Converters are devices that convert the kinetic and potential energy associated with a moving ocean wave into useful mechanical or electrical energy. In order to pump saltwater for desalination or to power undersea vehicles, wave energy converters provide clean energy. Using a wave energy converter, the energy present in ocean waves is absorbed and used to produce electricity. It is an extremely efficient method that taps into the vast, renewable energy that ocean waves provide. The wave energy converter uses a number of techniques to absorb wave energy.
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Wave Energy Converter Market Dynamics
Both the improved accessibility of wave energy supply and the rising demand for electricity from renewable energy sources are positive drivers for the global market for wave energy converters, which has led to an increase in investments in the industry. Ocean waves move up and down, generating wave energy. Wave energy generators harness the energy from the ocean’s waves to power turbines and generators, which in turn generate electricity. Given that the wave energy industry is still developing, significant research and development costs are expected. As research and development activities increase, processes should become more efficient and cost-effective, fueling the growth of the Wave Energy Converter market.
Ocean waves, for example, have untapped potential as a power-dense, dependable, environmentally benign, and widely accessible source of renewable energy. Globally, approximately 2 terawatts (TW) of wave power output are expected to be achievable, which is a major portion of the current installed electric capacity of 3.5 TW. Since 37% of the world’s population lives within 60 miles of a coastline and is enticed to use this large resource, it is not unexpected that interest in wave energy conversion (WEC) technology has surged recently. These factors are fueling the global wave energy converter market’s growth.
Wave Energy Converter Market Regional Insights
Europe held the largest market share in 2021. The region is expected to maintain its dominance during the forecast period, recording a constant CAGR. As a result of various enterprises involved in the research and development of wave energy converters, it is expected that wave energy conversion devices will be fully implemented and implemented in Europe. Europe has set a goal of 40 GW of ocean energy for 2050, according to the EU Offshore Renewable Energy Strategy (including wave, tidal, ocean thermal, and floating solar).
The UK, Spain, Germany, the Nordic countries, and the rest of Europe are among the continent’s nations. Despite having a high standard of living, Europe experiences cold weather all year long. These causes cause a progressive increase in the demand for power. European countries place a strong priority on sustainable power production technology to reduce carbon emissions from power generation activities.
Wave Energy Converter Market Segmentation
Oscillating Body Converter
Oscillating Water Columns
Rotating Mass Converters
Wave Energy Converter Market Key Competitors
Ocean Power Technologies
Marine Power Systems
Eco Wave Power
SINN Power GmbH
Carnegie Clean Energy
AWS Ocean Energy
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Key questions answered in the Wave Energy Converter Market are:
What are Wave Energy Converter?
What is the growth rate of the Wave Energy Converter Market over the forecast period?
What is the nature of competition in the Wave Energy Converter industry in developed and developing economies?
Who are the key players in the Wave Energy Converter Market?
Who are the market leaders in Wave Energy Converter in Asia Pacific?
Who are the market leaders in Wave Energy Converter Market in Japan and China?
Who are the market leaders in Wave Energy Converter Market in India, China, Japan and South Korea?
What are the factors affecting growth in the Wave Energy Converter?
Who held the largest market share in Wave Energy Converter Market?
What are the factors for the growth of Asia-Pacific region in Wave Energy Converter?
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