The wave energy converter market is expected to grow from an estimated in USD 20 million in 2022 to USD 28 million by 2030, at a CAGR of 4.3% during the forecast period. The rising electricity demand from coastal communities and the presence of abundant untapped wave energy sources are expected to be the primary drivers of the market.
A few major players that have a wide regional presence dominate the wave energy converter market. The leading players in the wave energy converter market include Ocean Power Technologies (US), Eco Wave Power (Israel), CorPower Ocean (Sweden), Wello Oy (Finland) and CalWave (US).
The major strategies adopted by these players include contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and investments were the two most commonly adopted strategy from 2017 to 2022.
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Ocean Power Technologies is a marine power equipment, data solutions, and service provider. It was founded in 1984 in New Jersey, commenced business operation in 1994. It also offers offshore wave energy technologies. The company serves various industries such as offshore oil and gas, offshore wind, and defense and security. The business focuses on autonomous renewable ocean solutions that provide communication, data collection, and power in off-the-grid ocean environments.vOcean Power Technologies operates only through one segment. The companys solutions are concentrated in three key service areas: data as a service, power as a service, and strategic consulting services. Power as a service offers PB3 PowerBuoy and hybrid PowerBuoy wave energy converters. These wave energy converters work on the principle of point absorber technology. The PB3 is made to produce electricity for usage in off-grid distant offshore regions. In June 2020, the company launched the hybrid PowerBuoy, which generates power in isolated offshore independent of ocean waves. Ocean Power Technologies operates mainly in three regions: North America, Asia Pacific, and Europe. Its global applications engineering facility is operational in the US.
Eco Wave Power is a leading onshore wave energy technology provider, which has created a proprietary, clever, and economical method for converting ocean and sea waves into clean electricity. The goal of Eco Wave Power is to make it possible for businesses to generate electricity from ocean and sea waves, which will help in the fight against climate change. Eco Wave Power offers wave energy converters. It manufactures major parts such as floaters, hydraulic components, electrical components, and mounting structures. The wave energy converters are based on the floating body type of the wave principle. The floaters draw energy from incoming waves by converting the rising and falling motion of the waves into a clean energy generation process. In the accumulators, pressure is built. This pressure rotates a hydraulic motor, which rotates the generator, and then the electricity is transferred into the grid, via an inverter. Eco Wave Power operates in Europe and the Middle East. The company runs an off-grid prototype power plant in Jaffa Port, Israel, for system modification, development, and R&D. More than 325.7 MW worth of key projects are now in the process for Eco Wave Power.
Wave Energy Converter Market by Technology (Oscillating Water Column, Oscillating Body Converter (Point Absorber, Attenuator, Oscillating Wave Surge, Submerged Pressure Differential), Overtopping Device), Location, Application, Region - Forecast to 2030
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