Wave Energy Market/Wave Energy Converter Market to reach $244.6 Million by 2030; The drive to reduce fossil fuel dependency, promote tidal energy as a clean alternative, advancements in wave energy converter technologies, the rise in hydropower infra

The Wave Energy Market/Wave Energy Converter Market size is estimated to reach $244.6 Million by 2030, growing at a CAGR of 18.3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Wave Energy Market/Wave Energy Converter Market – By Technology (Oscillating Body Converters, Overtopping Converters and Oscillating Water Columns), By Deployment (Onshore, Offshore and Near Shore), By Application (Water Desalination, Power Generation, Environmental Protection and Water Pumping) and By Geography - Opportunity Analysis & Industry Forecast, 2024-2030.

The growing need to reduce fossil fuel dependency and adoption of renewable energy couple with awareness about promote tidal energy as a clean alternative drive the market. Additionally, the advancements in wave energy converter technologies, rise in hydropower infrastructure projects and government investments further drive the market.

In 2023, Europe held the largest share of 36% in the Wave Energy Market/Wave Energy Converter Market. driven by a combination of strategic initiatives, government support and an abundance of natural resources. The region is heavily invested in offshore renewable energy, and the growing recognition of wave energy as a key part of Europe's sustainable energy future has propelled its market dominance. A key development came in April 2023, when the EU-SCORES project received approval from the European Climate, Infrastructure, and Environment Executive Agency (CINEA). This initiative is focused on developing energy multi-use parks that integrate various offshore renewable energy sources, including wave energy, at a single site, showcasing Europe's commitment to advancing offshore energy technologies. Furthermore, according to Ocean Energy Europe, the global potential for wave energy is staggering, with the Intergovernmental Panel on Climate Change (IPCC) estimating the potential annual global production of wave energy at 29,500 TWh, nearly ten times Europe’s total annual electricity consumption of 3,000 TWh. This immense resource further positions Europe as a leader in the wave energy sector, as it works to harness the power of the seas to meet its renewable energy goals.

The rising electricity demand from coastal regions is a key driver in the growth of the wave energy market, as these areas are not only densely populated but also face increasing energy consumption due to rapid urbanization, industrialization, and the growing need for sustainable power sources. Coastal regions are ideal for harnessing wave energy, as they have access to abundant ocean resources. As the demand for renewable energy continues to rise, especially in these regions, wave energy offers a viable and consistent source of clean electricity. The Intergovernmental Panel on Climate Change (IPCC) estimates that by 2050, approximately 70-85% of global electricity must come from renewable sources to meet the urgent need for reducing greenhouse gas emissions and combating climate change. This growing push towards renewables, coupled with the rising energy demand from coastal regions, is further fuelling the interest and investment in wave energy technologies. For instance, countries like Scotland and Portugal, with significant coastlines, are investing heavily in wave energy projects to meet both their domestic electricity needs and their climate goals.

The global focus on reducing reliance on fossil fuels and combating climate change has made renewable energy a central pillar of energy strategies worldwide. Governments and industries are increasingly investing in sustainable energy sources to meet rising demand, reduce carbon emissions, and support energy security. According to a February 2024 article by the World Economic Forum, 2023 saw a 50% increase in renewable energy capacity compared to the previous year, highlighting the accelerated global shift towards cleaner energy. Additionally, the COP28 climate talks have set ambitious goals, calling for a tripling of renewable energy capacity and a doubling of energy efficiency improvements by 2030. Wave energy, as a reliable and consistent renewable energy source, plays a crucial role in this transition, particularly in coastal areas where it can be harnessed effectively. For example, the European Union has committed significant investments in ocean energy to achieve its renewable energy targets, recognizing the vast untapped potential of wave and tidal energy to contribute to its clean energy future. Furthermore, governments are introducing favorable policies and incentives, which encourage the scaling up of wave energy technologies, accelerating the pace of development and commercialization in regions with substantial wave energy potential.

Key companies profiled in the Wave Energy Market/Wave Energy Converter Market are Eco Wave Power, Carnegie Clean Energy, Ocean Power Technology, Marine Power Systems, Sinn Power Gmbh, Wave Swell Energy, Nemos Gmbh, Corpower Ocean, Aquanet Power Havkfraft AS and Others.

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