Wave energy converters are machinery that change the kinetic and potential energy associated with a moving ocean wave into usable mechanical or electrical energy. Wave energy generators produce clean energy to transport saltwater for desalination or to power underwater vehicles. It is a very effective technique that makes use of the enormous, limitless energy that ocean waves offer. A variety of methods are used by the wave energy converter to collect wave energy. It is used based on the environment and water depth.
A wave energy converter uses the energy present in ocean waves to generate power. Utilizing the huge renewable energy found in ocean waves, it is a very efficient device. Numerous techniques are used by the wave energy exchanger to capture wave energy. It is utilised based on the region and ocean depth. A wave energy converter is made up of overtopping converters, swaying bodies, and moving water columns. Air pockets caught in oscillating water columns are used to power turbines. Wave motion is used by oscillating bodies, which are submerged or floating machines, to produce energy. Wave energy converters have the benefits of being dependable and straightforward because they contain no moving parts.
The COVID-19 pandemic has significantly impacted the global economy and various industries, and the wave energy converter (WEC) market is not an exception. The pandemic has affected the WEC market in several ways, such as delayed installations caused by restrictions on travel and construction work, resulting in a slowdown in the market. Moreover, investors have become more cautious due to the pandemic's uncertainty, leading to reduced funding for WEC projects.
Additionally, the global supply chain of the WEC market has faced disruptions, causing delays in the delivery of essential components and equipment, further affecting the installation process. Despite these challenges, governments worldwide have recognized the importance of renewable energy, including wave energy, to reduce carbon emissions and ensure energy security. Governments have provided support to the WEC industry by offering funding and policy incentives, mitigating the pandemic's impact. Although the COVID-19 pandemic has negatively affected the WEC market by hindering installation and investment, the government support and the WEC's potential for long-term growth may help the market recover in the future.
Wave Energy Converter Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ocean Power Technologies, Marine Power Systems, Eco Wave Power, SINN Power GmbH, NEMOS GmbH, INGINE Inc., Carnegie Clean Energy, AWS Ocean Energy, HavKraft AS, Wave Dragon, Aquanet Power
Global Wave Energy Converter Market Segmentation:
By Type: Based on the Type, Global Wave Energy Converter Market is segmented as; Absorber, Attenuator Point, Terminator
By Mode of Operation: Based on the Mode of Operation, Global Wave Energy Converter Market is segmented as; Bulge Wave Devices, Oscillating Body Converter, Oscillating Water Column, Oscillating Wave Surge Converter, Overtopping Devices, Rotating Mass Devices, Submerged Pressure Differential
By Deployment Location: Based on the Deployment Location, Global Wave Energy Converter Market is segmented as; Nearshore Devices, Off-shore Devices, Shoreline Devices
By Take Off System: Based on the Take Off System, Global Wave Energy Converter Market is segmented as; Electrical Linear Generator, Hydraulics, Turbine Transfer
By Application: Based on the Application, Global Wave Energy Converter Market is segmented as; Environment Protection, Power Generation, Seawater Desalination
By Region: The worldwide wave energy converter market can be divided into the following regions based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the global wave energy converter market thanks to the region's abundance of rivers and coastal waters, as well as its high potential for marine and hydropower. Hawaii and Alaska have been noted as the main regions. During the forecast period, Asia Pacific is expected to hold a sizable market position for wave energy converters worldwide.
Tidal current potential is strong in the region's nations. The strong tidal currents and high tides on South Korea's southern and western coastlines are expected to increase demand for wave energy converters there over the next few years. With its extensive coastline and numerous islands, China also has a lot of promise. The nation is making sizable investments in the production of green energy. The nation is presently engaged in construction of the 120-kilometer Blue Energy Bridge, which will produce wave energy. Europe's market is anticipated to grow significantly during the forecast timeframe. The United Kingdom is moving in the direction of using wave and tide energy.
During the anticipated time, the wave energy converter market in Latin America, the Middle East, and Africa is anticipated to grow slowly.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.