Wave energy converter market worth $ 28 million by 2030

CHICAGO, September 21, 2022 / PRNewswire / – Wave Energy Converters Market it is expected to grow from 20 million dollars in 2022 a 28 million dollars by 2030, at a CAGR of 4.3%, according to a new report from MarketsandMarkets ™. The wave energy converters market has promising growth potential due to the growing global demand for energy, the growing demand to maximize energy production from renewable and green energy sources.

Browse the in-depth summary at “Wave Energy Converters Market”

174 – Tables
51 – Figures
206 – Pages

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The oscillating water column segment is expected to dominate the Wave Energy Converter market, by technology, during the forecast period.

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 are its high efficiency and ease of installation.

The offshore segment is expected to be the fastest growing wave power converter market, by location, during the forecast period.

The wave energy converter market, by location, is divided into coastal, nearshore and offshore, with the offshore segment accounting for the largest share. The offshore segment is also expected to grow faster during the forecast period, due to the extensive wave energy converter installations occurring in various countries near the coast for research and development purposes. Installations take place mainly in the European region.

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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 Pacificand RIGA. Europe contributes significantly to the wave energy converter market in the current scenario due to the rapid industrialization of various end-use sectors in countries such as the UK, Portugal, Denmark And France.

To allow for an in-depth understanding of the competitive landscape, the report includes profiles of some of the best players in the Wave Energy Converters Market.

Some of the key players include Ocean Power Technologies (USA), Power of the ecological wave (Israel), CorPower Ocean (Sweden), Well Oy (Finland) and CalWave (United States). Major players are adopting various strategies to increase their share in the Wave Energy Converter market.

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