Wave Energy Converter Market, By Technology (Oscillating Body Converter, Oscillating Water Columns, Overtopping Devices, Rotating Mass Converters), By Location (Nearshore, Shoreline, Offshore), By Application (Power Generation, Desalination, Environmental
Wave Energy Converter Market, By Technology (Oscillating Body Converter, Oscillating Water Columns, Overtopping Devices, Rotating Mass Converters), By Location (Nearshore, Shoreline, Offshore), By Application (Power Generation, Desalination, Environmental Protection, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
The wave energy converter Market size is valued US$ 19.52 Bn in 2024 and is expected to reach US$ 26.15 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
Figure 1. Wave Energy Converter Market Share (%), by Region, 2024
Wave energy has significant potential as a renewable energy resource. As concerns over carbon emissions and climate change continue to rise, wave energy converters that can harness the predictable and vast power of ocean waves present an attractive opportunity. Wave energy converters use the motion of ocean surface waves to generate electricity or other useful energy forms. As waves travel enormous distances without significant loss of energy, wave power plants could operate predictably in coastal locations worldwide. Just a few decades ago, the concept of viable commercial wave energy conversion was untested. However, continuous research and development have enabled significant technological advancements. Various designs for wave energy converters now demonstrate the potential for cost-effective, grid-connected power generation from ocean waves.
Market Dynamics:
The global wave energy converter market is driven by supportive government policies and regulations promoting renewable energy adoption. Many nations and jurisdictions now offer incentives such as tax credits and investment subsidies for wave power projects. The rising costs of grid electricity from fossil fuel generation and concerns about energy security also make wave energy relatively more competitive. However, high initial capital costs and uncertainty over the long-term reliability and lifetime performance of wave energy converters remain barriers to widespread commercial deployment. Ongoing technological innovation seeks to reduce costs and risks to unlock larger private sector investments. Significant opportunities also exist to apply wave energy solutions for decentralized off-grid power in remote coastal communities currently reliant on diesel generators. Successful project demonstrations and a growing number of grid-connected pre-commercial wave farms in Europe are helping build the market? momentum.
Key Features of the Study:
This report provides an in-depth analysis of the global wave energy converter market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global wave energy converter market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Eco Wave Power , SINN Power GmbH , NEMOS GmbH, INGINE Inc. Marine Power Systems, Carnegie Clean Energy, CorPower Ocean, AW-Energy, AWS Ocean Energy, Wello Oy, HavKraft AS, Wave Dragon ,Wave Swell, Aquanet Power
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global wave energy converter market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Wave Energy Converter Market Segmentation:
Wave Energy Converter Market, By Technology
Oscillating Body Converter
Oscillating Water Columns
Overtopping Devices
Rotating Mass Converters
Wave Energy Converter Market, By Location
Nearshore
Shoreline
Offshore
Wave Energy Converter Market, By Application
Power Generation
Desalination
Environmental Protection
Others
Wave Energy Converter Market, By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Top Companies in the Wave Energy Converter Market
Marine Power Systems
Eco Wave Power
SINN Power GmbH
NEMOS GmbH
INGINE Inc.
Carnegie Clean Energy
CorPower Ocean
AW-Energy Oy
AWS Ocean Energy
Wello Oy
HavKraft AS
Wave Dragon
Wave Swell
Aquanet Power
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Overview
Report Description
Market Definition and Scope
Executive Summary
3. Key Industry Insights
Market Dynamics
Drivers
Restraints
Opportunities
Impact Analysis
Pest Analysis
Porters Analysis
Technological Advancement
Merger, Acquisition, and Collaboration Scenario
Recent Product Approvals/Launches
Company Market Share Analysis
4. Wave Energy Converter Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 Epidemiology
Supply Side and Demand Side Analysis
Impact Wave Energy Converter Market
5. Wave Energy Converter Market, By Technology, 2019 - 2031 (US$ Bn)
Introduction
Market Size and Forecast, 2019 - 2031, ( US$ Bn)
Y-o-Y Growth Analysis, 2019 – 2031
Segment Trends
Oscillating Body Converter, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, ( US$ Bn)
Oscillating Water Columns, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, ( US$ Bn)
Overtopping Devices, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, ( US$ Bn)
Rotating Mass Converters, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, ( US$ Bn)
6. Wave Energy Converter Market, By Location, 2019 - 2031 (US$ Bn)
Introduction
Market Size and Forecast, 2019 - 2031, ( US$ Bn)
Y-o-Y Growth Analysis, 2019 – 2030
Segment Trends
Nearshore, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth 2019 - 2031, ( US$ Bn)
Shoreline, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth 2019 - 2031, ( US$ Bn)
Offshore, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth 2019 - 2031, ( US$ Bn)
7. Wave Energy Converter Market, By Application, 2019 - 2031 (US$ Bn)
Introduction
Market Size and Forecast, 2019 - 2031, ( US$ Bn)
Y-o-Y Growth Analysis, 2019 – 2030
Segment Trends
Power Generation, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth 2019 - 2031, ( US$ Bn)
Desalination, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth 2019 - 2031, ( US$ Bn)
Environmental Protection, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, and Y-o-Y Growth 2019 - 2031, ( US$ Bn)
Others, 2019 - 2031( US$ Bn)
Introduction
Market Size and Forecast, 2019 - 2031, ( US$ Bn)
Y-o-Y Growth Analysis, 2019 – 2030
8. Wave Energy Converter Market, By Region, 2019 - 2031 ( US$ Bn)
Introduction
Market Share Analysis, 2019 - 2031, ( US$ Bn)
Y-o-Y Growth Analysis, 2019 – 2031
Segment Trends
North America
Introduction
Market Size and Forecast, and Y-o-Y Growth By Type, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Location, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Application, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Country, 2019 - 2031, ( US$ Bn)
U.S.
Canada
Europe
Introduction
Market Size and Forecast, and Y-o-Y Growth By Type, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Location, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Application, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Country, 2019 - 2031, ( US$ Bn)
U.K.
Germany
Italy
France
Spain
Russia
Rest Of Europe
Asia Pacific
Introduction
Market Size and Forecast, and Y-o-Y Growth By Type, 2019 - 2031, ( US$ Bn)
Market Size and Forecast and Y-o-Y Growth, By Location, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Application, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Country, 2019 - 2031, ( US$ Bn)
China
India
Japan
Australia
South Korea
Asean
Rest of Asia Pacific
Middle East & Africa
Introduction
Market Size and Forecast, and Y-o-Y Growth By Type, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Location, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Application, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Country, 2019 - 2031, ( US$ Bn)
GCC
Israel
Rest Of Middle East
Latin America
Introduction
Market Size and Forecast, and Y-o-Y Growth By Type, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Location, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Application, 2019 - 2031, ( US$ Bn)
Market Size and Forecast, and Y-o-Y Growth By Country, 2019 - 2031, ( US$ Bn)
Brazil
Mexico
Argentina
9. Company Profiles - Wave Energy Converter Market
Ocean Power Technologies
Company Overview
Product/Service Portfolio
Financial Performance
Recent Developments/Updates
Strategic Overview
Marine Power Systems
Eco Wave Power
SINN Power GmbH
NEMOS GmbH
INGINE Inc.
Carnegie Clean Energy
CorPower Ocean
AW-Energy Oy
AWS Ocean Energy
Wello Oy
HavKraft AS
Wave Dragon
Wave Swell
Aquanet Power
10. References and Research Methodology
References
Research Methodology
About us and Sales Contact
“Wave Energy Converter Market” - Global forecast to 2031