Wave Energy Converter Market Share, Growing Demand, and Top Key Players
The total revenue generated by the wave energy converter market was USD 21.08 million in 2022, and it will grow at a compound annual growth rate of 4.70% in the years to come, to touch USD 30.44 million by 2030.
The oscillating water column category will grow the fastest at the rate of 5.4%, in the years to come. This has a lot to do with the factors such as low maintenance, an improved lifetime of the material, and easy access close to the shores.
It is easy to construct and intended through a Wells turbine with the usage of the natural flow of wind energy, which, in order, does not make GHG emissions, making it a non-contaminating and renewable electricity source.
Likewise, its main moving constituent, the turbine, is easy to eliminate for repairing to the shoreline.
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Power generation had a major share of revenue in the recent past. This is because of the expanding requirement for electricity from coastal communities, plummeting dependance on fossil fuels for generating electricity, and the incidence of a plentiful and clean energy source.
The increasing interest in the competence of using sea waves for generating a maintainable source is increasing quickly globally.
The benefits of switching to new renewable sources from fossil fuel-dependent electricity generation techniques have been understood lately for a diversity of practical, economic, environmental, and geopolitical reasons.
It is because of the increasing investments in cleaner energy generation, that the demand for wave energy converters will continue to rise in the years to come.