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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- 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.
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
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Key Players Operating in Global Wave Energy Converter Market:
Top companies operating in the global wave energy converter market are:
- Sea Wave Energy Limited
- Wave Star A/S
- The LEANCON Wave Energy Device
- NEMOS GmbH
- Oscilla Power, Inc.
- Wello Oy
- CorPower Ocean AB.
- Ocean Power Technologies, Inc.
- AOE Accumulated Ocean Energy Inc.
- Wave Dragon
- Ocean Wave Energy Company
Global Wave Energy Converter Market: Research Scope
Global Wave Energy Converter Market, by Technology
- Attenuator Technology
- Oscillating Water Column (OWC) Technology
- Oscillating Wave Surge Converters (OWSCs)
- Overtopping Devices
Global Wave Energy Converter Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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