As Per TNR, The Niche Research, Global Wave Energy Converter Market is Expected to Grow at a CAGR of 5.1% from 2024 – 2034; Anticipated to Reach Valuation of US$ 37.6 Mn by 2034
Wilmington, Delaware, Sept. 20, 2024 (GLOBE NEWSWIRE) -- A wave energy converter (WEC) is a device that captures the kinetic energy from ocean waves and converts it into electrical power. The wave energy converter market is gaining traction as the world seeks renewable energy solutions to combat climate change. WECs are pivotal in harnessing the immense energy potential of ocean waves, offering a sustainable and clean source of electricity.
Wave energy converter’s applications spans across various sectors. In the power generation sector, WECs are used to supplement the energy grid, particularly in coastal regions. For instance, in 2020, the European Marine Energy Centre (EMEC) in Scotland successfully tested a WEC that generated enough electricity to power hundreds of homes in the Orkney Islands. This highlights the potential for wave energy to become a reliable energy source for remote and coastal communities.
WECs provide an efficient way to power offshore platforms, across the offshore oil & gas sector. The oil giant Total deployed a WEC in 2019 to provide energy to its offshore drilling operations, reducing dependency on fossil fuels for platform operations.
The aquaculture industry also benefits from wave energy converters. In 2021, a WEC installed by Ocean Harvesting Technologies powered fish farms off the coast of Norway. By using wave energy, the fish farms significantly reduced their carbon footprint, showcasing the environmental advantages of WECs. Wave energy converters are proving critical in powering diverse sectors, from residential areas to industrial operations. Their ability to provide clean energy makes them crucial in the global transition toward sustainable energy solutions.
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Offshore Segment by Location Dominated the Global Wave Energy Converter Market in 2023
Offshore wave energy converters benefit from higher wave energy density and reduced interference from coastal activities. For instance, the SENVION 6.2M152 floating wind turbine, deployed off the coast of Portugal in 2020, integrates wave energy conversion to enhance overall efficiency, illustrating the synergy between wind and wave technologies.
In 2021, the Ocean Energy Europe reported that offshore WECs could significantly contribute to energy generation in countries like Scotland and Ireland, where powerful wave systems are prevalent. The Pelamis Wave Energy Converter, although tested in the UK, exemplifies how offshore systems can harness substantial wave energy, generating power for thousands of homes. Moreover, the Wave Hub project in Cornwall, England, established in 2016, provides a dedicated testing site for offshore WECs, enabling innovative technologies to develop in real-world conditions. The global push for clean energy sources, coupled with advancements in offshore engineering, positions the offshore segment as a key driver in the wave energy converter market, making it essential for achieving sustainability targets worldwide. As countries strive for renewable energy goals, offshore WECs will likely play a vital role in meeting future energy demands.
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Top Leading Countries in Global Wave Energy Converter Market
- United Kingdom: The United Kingdom is a frontrunner of the global wave energy converter market, which is been driven by its extensive coastline along with favorable wave conditions. In 2021, the UK's Wave Energy Scotland (WES) initiative funded innovative WEC projects, enhancing technology development. The Pelamis Wave Energy Converter, tested off the Scottish coast, showcased the potential to generate electricity for thousands of homes. By 2023, the UK aimed to increase its renewable energy share, with wave energy being integral to its strategy for achieving net-zero emissions by 2050.
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- Australia: Australia ranks high in the wave energy sector due to its vast ocean resources and supportive government policies. The Australian Renewable Energy Agency (ARENA) has invested in projects like the CETO Wave Energy Technology, which converts wave energy into high-pressure water to drive turbines. In 2022, a pilot project off the coast of Perth demonstrated CETO’s capability, producing energy for local communities. Australia's commitment to wave energy is part of a broader strategy to transition to 50% renewable energy by 2030, highlighting the nation’s commitment to sustainable solutions.
- Portugal: Portugal is a leader in wave energy, characterized by its ambitious renewable energy targets and abundant wave resources. The WaveRoller project, deployed in 2019, harnesses nearshore waves to generate clean electricity, significantly contributing to Portugal’s energy mix. By 2022, Portugal aimed to derive 80% of its energy from renewables, with wave energy playing a crucial role. Additionally, the country’s strategic location along the Atlantic makes it an ideal site for wave energy development, positioning Portugal as a key player in the global wave energy market.
Global Wave Energy Converter Market Players
- Carnegie Clean Energy
- CorPower Ocean
- Eco Wave Power
- NEMOS GmbH
- Ocean Power Technologies
- Oscilla Power, Inc.
- Sea Wave Energy Limited
- The LEANCON Wave Energy Device
- Wave Dragon
- Wave Star
- Wello Oy
- Other Industry Participants
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Global Wave Energy Converter Market Segmentation
The global wave energy converter market has been segmented on the basis of type, location, and application, which are further classified into regions and its respective countries:
Global Wave Energy Converter Market Type Outlook (Revenue, USD Million, 2016 - 2034)
- Attenuator
- Point absorber
- Oscillating Wave Surge Converter
- Oscillating water column
- Overtopping device
- Bulge Wave
- Rotating mass
- Others
Global Wave Energy Converter Market Location Outlook (Revenue, USD Million, 2016 - 2034)
- Onshore
- Offshore
- Nearshore
Global Wave Energy Converter Market Application Outlook (Revenue, USD Million, 2016 - 2034)
- Electricity Generation
- Desalination
- Coastal Protection
- Others
Global Wave Energy Converter Market Regional Outlook (Revenue, USD Million, 2016 - 2034)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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