The global Wave Energy Converter Market is projected to grow from USD 20 million in 2022 to USD 28 million by 2030, at a CAGR of 4.3% according to a new report by MarketsandMarkets™. The Wave Energy Converter Market has promising growth potential due to the rising global energy demand, increasing demand to maximize the energy production from renewable and green energy sources.
The oscillating water column segment is expected to dominate the wave energy converter market
The oscillating water column segment holds the largest share of the Wave Energy Converter Market. The high market share can be attributed to the characteristics of the technology which is its high efficiency and ease of installation.
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The offshore segment is expected to be the fastest growing Wave Energy Converter Market, by location, during the forecast period.
The Wave Energy Converter Market, by location, is divided into shoreline, nearshore and offshore, wherein the offshore segment accounts for the largest share. The offshore segment is also expected to grow the fastest during the forecast period, owing to the vast installations of wave energy converters happening in various countries near shore for research and development purposes. The installations are mostly happening in the European region.
The European region is the fastest growing Wave Energy Converter Market
In this report, the Wave Energy Converter Market has been analyzed for four regions, namely, North America, Europe, Asia Pacific, and ROW. Europe is a significant contributor to the Wave Energy Converter Market in the current scenario owing to the rapid industrialization of various end-use industries in countries such as UK, Portugal, Denmark and France.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Wave Energy Converter Market.
Some of the key players include Ocean Power Technologies (US), Eco Wave Power (Israel), CorPower Ocean (Sweden), Wello Oy (Finland) and CalWave (US). The leading players are adopting various strategies to increase their share in the Wave Energy Converter Market.