Wave Energy Converter Market Technological Improvements, Applications, Trends and Forecast by 2027

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Wave Energy Converter Market: Introduction

• Tidal and wave energy are considered to be the most promising green technology, as they produce the most concentrated form of energy
• A wave energy converter captures the energy present in ocean waves and uses it to generate electricity. It is a highly efficient technology, which harnesses immense renewable energy contained in ocean waves. The wave energy converter uses different solutions to ingest energy from waves. It is used depending on the water depth and the location.
• A wave energy converter has three parts: oscillating water columns, which utilize air pockets trapped in a water column to drive the turbine; oscillating body converters, which are submerged or floating devices that use the wave motion to produce electricity; and overtopping converters, which use a reservoir to create a head and drive turbines subsequently
• Advantages of wave energy converters include their reliability and simple nature, as these systems have no moving parts

Key Drivers of Global Wave Energy Converter Market

• The wave energy converter market has high potential in several countries across the globe, owing to the lower environmental impact of these converters compared to other renewable energy technologies including its limited impact on the shoreline. New government policies and rise in investments by government bodies to promote the wave energy converter technology for rapid commercialization of energy converter devices are anticipated to boost the global market during the forecast period.

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Key Developments

• On November 12, 2019, NEMOS started testing its 2019 Wave Energy Converter (WEC) prototype in Ostend, Belgium. A series of handling and installation tests are being carried out at present. The wave energy converter was set up at the coast of Ostend in October 2019.

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North America to Hold a Major Share of Global Wave Energy Converter Market

• Based on region, the global wave energy converter market can be segmented into: North America, Europe, Asia Pacific, Latin America, and Middle East Africa
• North America is anticipated to dominate the global wave energy converter market from 2019 to 2027, as the region is rich in coastal waters as well as rivers and it has high potential for marine and hydro power. According to the U.S. Department of Energy (DoE), water and wave power resources across the U.S. are projected to account for 13% and 15% share of the country’s electricity generation, respectively, by 2030. The major areas identified are Hawaii and Alaska.
• Asia Pacific is anticipated to account for a considerable share of the global wave energy converter market during the forecast period. Countries in the region have high potential of tidal currents. In South Korea, southern and western coasts are known for strong tidal currents and high tides, which is likely to boost the wave energy converter market in the country in the next few years.
• China also has high potential with a long coastline and large islands. The country is investing significantly in renewable energy generation. The country is currently working on a project called Blue Energy, a 120-kilometer bridge generating tidal energy.
• The market in Europe is estimated to expand at a significant pace during the forecast period. The U.K. is taking steps toward utilization of tidal and wave energy.
• The wave energy converter market in Latin America and Middle East Africa is likely to expand at a sluggish pace during the forecast period