Wave Energy Converter Market Will Reach USD 30.44 Million By 2030, Says P&S Intelligence

NEW YORK, Feb. 15, 2023 /PRNewswire/ -- In 2022, the wave energy converter market had a total size of USD 21.08 million, and it is expected to hit USD 30.44 million by 2030, progressing at a rate of 4.70% from 2022 to 2030, as per a report by market research and consulting firm P&S Intelligence.

This can be credited to the growing demand for power from renewable sources because of their low or near-zero CO₂ emissions. Furthermore, the need for access to the power contained in ocean waves and the increase in R&D activities are projected to drive the market.

Oscillating Water Column Demand Is Rising Swiftly 

In the coming few years, the oscillating water column category, on the basis of technology, is set to experience the highest CAGR, of 5.4%. This can be ascribed to several factors, such as the longer lifetime and low maintenance of this component and easy access near the shores.

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It is more convenient to build and design through a Wells turbine, with the utilization of the natural flow of wind energy, which does not release any greenhouse gases, thus making it a non-polluting and renewable resource of energy.

Europe Is Highest Revenue Generator

In 2022, Europe was the highest revenue generator in the market. This is mainly because several types of renewable energy generation equipment is accepted in Europe. This is itself ascribed to the existence of key players, which have engaged in extensive research and development on wave power converters.

Nearshore Locations Are Popular because of Their Low Cost 

The nearshore location category held the largest revenue share, credited to the less cost and compact size of converts used in such locations. Furthermore, wave energy converters installed at nearshore settings operate with higher efficiency than other those at locations, helping in both energy generation and desalination.

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The offshore category is projected to witness considerable development during the forecast period. This is because offshore locations offer numerous benefits, including more-dependable renewable sources and low or no environmental pollution. Further, a small surge in the velocity of the wind can produce a huge amount of energy in these locations.

The growing focus on the ability to use sea waves to produce electricity is growing quickly throughout the world. The advantage of shifting to renewable resources from older, fossil-fuel-reliant methods have been realized recently for a range of geopolitical, environmentally practical, and economic reasons.

Coastal Regions Could Benefit Massively from Wave Energy Converters

Around 37% of the global population resides within 100 km of the coast. With coastal towns and cities growing incessantly, the demand for electricity is rising here. Thus, these communities could benefit massively by harnessing the power of the waves to produce electricity, which would be cheaper to transport to the coast than further inland.

Wave Energy Converter Market Report Coverage

• North America
• U.S.
• Canada
• Europe  
• Germany
• U.K.
•  France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence