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Wave Energy Converter Market Size 2022 COVID-19 Impact Analysis by Business Opportunities, Emerging Trends, Growth Drivers, Future Outlook and Forecast Report 2032: SPER Market Research
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Wave Energy Converter Market Overview (2022-2032)
Forecast CAGR (2022-2032): 4.55%
Forecast Market Size (2032): 0.03 billion
A wave energy converter uses the energy present in ocean waves to generate power. Utilizing the huge renewable energy found in ocean waves, it is a very efficient device. Numerous techniques are used by the wave energy exchanger to capture wave energy. It is utilised based on the region and ocean depth. A wave energy converter is made up of overtopping converters, swaying bodies, and moving water columns. Air pockets caught in oscillating water columns are used to power turbines. Wave motion is used by oscillating bodies, which are submerged or floating machines, to produce energy. Wave energy converters have the benefits of being dependable and straightforward because they contain no moving parts.
Impact of COVID-19 on the Wave Energy Converter Market
The global economy and various industries have been significantly affected by the COVID-19 pandemic, and the wave energy converter (WEC) market is no different. The pandemic has impacted the WEC market in multiple ways, including delayed installations due to travel and construction restrictions, which have caused a slowdown in the market. Furthermore, investors have become more cautious due to the pandemic's uncertainty, resulting in a reduction in WEC project funding. Additionally, the WEC market's global supply chain has experienced disruptions, causing delays in the delivery of necessary components and equipment, further impeding installation progress. Nevertheless, governments worldwide have recognized the potential of renewable energy, such as wave energy, in lowering carbon emissions and guaranteeing energy security, resulting in government support through funding and policy incentives, lessening the pandemic's impact. While the COVID-19 pandemic has negatively affected the WEC market, impeding installation and investment, government support and the WEC's long-term potential may allow the market to recover and grow in the future.
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Wave Energy Converter Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
Absorber
Attenuator Point
Terminator
By Mode of Operation:
Bulge Wave Devices
Oscillating Body Converter
Oscillating Water Column
Oscillating Wave Surge Converter
Overtopping Devices
Rotating Mass Devices
Submerged Pressure Differential
By Deployment Location:
Nearshore Devices
Off-shore Devices
Shoreline Devices
By Take-Off System:
Electrical Linear Generator
Hydraulics
Turbine Transfer
By Application:
Environment Protection
Power Generation
Seawater Desalination
By Region:
Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
North America is expected to lead the global wave energy converter market thanks to the region's abundance of rivers and coastal waters, as well as its high potential for marine and hydropower. Hawaii and Alaska have been noted as the main regions. During the forecast period, Asia Pacific is expected to hold a sizable market position for wave energy converters worldwide.
Wave Energy Converter Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ocean Power Technologies, Marine Power Systems, Eco Wave Power, SINN Power GmbH, NEMOS GmbH, INGINE Inc., Carnegie Clean Energy, AWS Ocean Energy, HavKraft AS, Wave Dragon, Aquanet Power.
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