The overall size of the market for wave energy converters in 2022 was USD 21.08 million, and by 2030 it is estimated to reach USD 30.44 million; progressing at a rate of 4.70% from 2022 to 2030.
The growing need for energy from renewable sources and their low emissions of carbon dioxide can be attributed to this. Moreover, the market is expected to grow due to increasing access to power from ocean waves and an increase in research and development activities.
In the coming few years, the oscillating water column category, based on technology, is projected to experience the highest CAGR, of 5.4%. This can be ascribed to several factors, such as the enhanced lifetime of the material, low maintenance, and easy access near the shores.
It is more convenient to build and design through a Wells turbine with the utilization of the natural flow of wind energy, which, indeed, does not release any greenhouse gases, making it a non-polluting and renewable resource of energy.
In 2022, Europe was the largest revenue generator in the market. This is mainly because several transformation equipment is accepted in Europe, because of the existence of key players contributed to the research and development of wave power converters.
The nearshore location category generated the larger revenue share, credited to its lower cost and compact size. Furthermore, nearshore settings operate with more advanced effectiveness than other locations and are extensively utilized for power generation and desalination.
The growing focus on the ability to use sea waves to produce a sustainable source is growing quickly throughout the world. The advantage of shifting to new renewable sources from older, conventional fuel-reliant power generation methods has been realized recently for a range of geopolitical, environmentally practical, and economic reasons. Industry leaders, researchers, and Policymakers are all aggressively putting efforts to develop effective, sustainable, and affordable technologies to take advantage of this model change.
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