The global wave turbine market size was valued at USD XX billion in 2022 and is likely to reach USD XX billion by 2031, expanding at a CAGR of XX% during the forecast period, 2023 – 2031. Increasing adoption of clean and green energy is expected to boost the market.
Growing need to reduce dependency on fossil fuels, due to the concerns about greenhouse gas emissions and global warming results in the higher adoption of sustainable energy solutions, including wave turbines to produce renewable power. With the rising environmental concerns and high demand for energy, various governments worldwide are promoting policies that are favorable for implementing green energy solutions, which is likely to be one of the key driving factors of the market.
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According to the World Nuclear Association, more than 40% of power-related carbon dioxide (CO2) is emitted due to the burning of fossil fuels. Furthermore, all kinds of traditional power generation technology emit dangerous greenhouse gases at some point in their life cycle. This is leading to the adoption of sustainable energy production systems, which boosts demand for wind turbines.
A wave turbine, also known as an ocean wave energy converter is a renewable energy device designed to harness the energy from ocean waves to produce electricity. These turbines are typically installed offshore and utilize the kinetic energy of the moving waves to generate power. Wave turbines contribute to energy diversification reducing dependence on finite and polluting energy sources.
Moreover, these systems enhance energy security by tapping into a consistent and predictable energy supply from the ocean. This stability helps to stabilize electricity prices and reduce vulnerability to global energy market fluctuations.
The market report finds that the COVID-19 pandemic hampered the global wave turbine market. The pandemic has caused disruptions to the supply chain and manufacturing processes, leading to delays in project installations and equipment deliveries. The restrictions and lockdowns in various countries have hindered the movement of goods and personnel, impacting the construction and commissioning of wave turbine projects.
Impact of Artificial Intelligence on Wave Turbine Market
Artificial intelligence (AI) is expected to boost the market. AI is optimizing the control and operation of wave turbines. These algorithms adjust the turbine's settings in real-time to maximize energy capture from varying wave conditions. Furthermore, AI is improving the prediction and forecasting of wave patterns, which helps in the planning and siting of wave energy projects.
Wave Turbine Market Dynamics
Major Drivers
Growing need for sustainable and clean advanced energy sources is expected to drive the market during the projection period. Rising concerns regarding climate change and environmental impact are leading factors that necessitate reducing reliance on fossil fuels and transitioning to renewable energy alternatives. Governments and international organizations are focusing on decreasing greenhouse gas emissions by increasing investment in renewable energy technologies, including wave turbines which further boost the market.
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As per the report published by National Energy Agency on May 25, 2023, the global annual clean energy investment is estimated to grow by 24% between 2021 to 2023. This rise in investment is mainly boosted by the growing adoption of renewables and electric vehicles.
Existing Restraints
Complexity of designing and maintaining wave turbine systems is expected to hinder the market in the coming years. The harsh marine environment, including saltwater corrosion and unpredictable weather conditions, leads to increased maintenance and operational costs.
Ensuring the durability and reliability of wave turbines requires substantial engineering expertise and massive investment. This further reduces wave turbine adoption as a renewable energy solution, which is likely to affect the growth of the market.
Emerging Opportunities
Ongoing technological innovation and research are expected to create favorable opportunities for the players competing in the market. The wave energy sector continues to evolve, there is a growing focus on developing efficient and cost-effective wave turbine designs.
Advancements in materials, engineering techniques, and control systems can enhance the overall performance and reliability of wave turbines. This is likely to further boost their demand, therefore, increasing opportunities for the players in the market.
Scope of Wave Turbine Market Report
The report on the market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wave Turbine Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Reaction Turbine, Propeller Turbine, Impulse Turbine, Wells Turbine, and Others), Technology (Rotating Mass Converters, Oscillating Water Columns, Overtopping Devices, and Oscillating Body Converters), Location (Nearshore, Offshore, and Shoreline), and Capacity (0-0.5 MW, 0.5-1 MW, 1-2 MW, and Above 2 MW)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Eco Wave Powe; CorPower Ocean; Mocean Energy; AMP; Wello; OceanEnergy; Ocean Power Technologies, Inc.; ORPC, Inc; Orbital Marine Power; and Navingo
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Wave Turbine Market Segment Insights
Type Segment Analysis
Based on type, the wave turbine market is divided into reaction turbine, propeller turbine, impulse turbine, wells turbine, and others. The wells turbine segment is expected to hold a major market revenue share during the forecast period, due to its high efficiency in capturing wave energy.
The design of the wells wave turbine enables it to effectively concentrate and amplify the wave energy, leading to increased power generation compared to some other wave turbine types. Moreover, this wave turbine is designed for relatively shallow waters, making them suitable for shore installation, which boosts their demand in the market.
The Impulse turbine segment is anticipated to register robust growth in the market, owing to their fewer moving parts compared to other turbine types, which reduces maintenance needs and enhanced reliability. This characteristic makes it a cost-effective and durable option for wave energy projects. Furthermore, these types of turbines operate effectively in shallow waters close to the coastline enabling easier accessibility and reducing infrastructure costs, which contributes to their growing demand in the market.
Technology Segment Analysis
On the basis of technology, the market is classified as rotating mass converters, oscillating water columns, overtopping devices, and oscillating body converters. The oscillating water columns segment is expected to hold a key market share during the projected period, as these technologies are particularly adept at converting the up and down movement of waves into electricity.
This efficiency of capturing wave energy leads to higher electricity generation, which makes oscillating water column technology a preferable choice for wave energy projects. Moreover, the integration of this technology with existing fractures, including breakwaters or offshore reduces the need for additional construction.
Location Segment Analysis
In terms of location, the wave energy turbine market is fragmented into nearshore, offshore, and shoreline. The nearshore is anticipated to hold a major market revenue share during the forecast period, as these areas are closer to the shore, which makes it convenient and cost-effective to install and maintain wave turbines.
The nearshore turbines are able to produce a consistent and reliable source of energy because their location typically has predictable wave patterns. Moreover, the increasing demand for wave turbines for power generation near populated nearshore locations further boosts the market.
The offshore segment is projected to register a considerable CAGR during the forecast period, owing to the rising installations of offshore wave turbines to produce electricity from powerful waves found farther out at sea.
The offshore locations have a vast expanse of available space which enables the deployment of a large number of turbines. This scalability allows to create massive wave energy farms to meet growing green energy demands. Furthermore, the reduced visual and environmental impact contributes to the growth of this segment in the market.
Capacity Segment Analysis
On the basis of capacity, the market is classified as 0-0.5 MW, 0.5-1 MW, 1-2 MW, and above 2 MW. The above 2 MV segment is estimated to hold a key market share during the projected period, as advancements in technology and engineering have made it more feasible and cost-effective to develop wave turbines in the 2 MW range.
This has led to a reduction in the overall cost per megawatt making it a more competitive option compared to higher-capacity turbines. Furthermore, this capacity offers utility-scale projects substantial power generation, which fuels the demand for the 2MW wave turbine in the market.
Regional Analysis
In terms of region, the global wave turbine market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to dominate the market due to its well-established renewable energy sector and supportive regulatory framework. Favorable policies, feed-in tariffs, and financial incentives encourage the development of wave energy projects and facilitate market growth. For instance,
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According to the report published by Ocean Energy Europe in March 2022, around 2.2 MW capacity tidal streams are installed in Europe in 2021. This is a considerable increase from the 2020 installations, which was just 260 KW.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, as major countries in this region have extensive coastlines along both the Indian Ocean and the Pacific Ocean. This vast coastal area presents significant opportunities for the implementation of wave turbines. Additionally, the region's rising focus on exploring sustainable green energy solutions is boosting the growth of the wave turbine market.
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As per the report published by IIT MADRAS on December 5, 2022, the Indian Institute of Technology Madras researchers are developing an 'Ocean Wave Energy Convertor'. This technology uses ocean waves to generate electricity and has a capacity of producing around 1 MW of power.
Segments
The global wave turbine market has been segmented on the basis of
Type
- Reaction Turbine
- Propeller Turbine
- Impulse Turbine
- Wells Turbine
- Others
Technology
- Rotating Mass Converters
- Oscillating Water Columns
- Overtopping Devices
- Oscillating Body Converters
Location
- Nearshore
- Offshore
- Shoreline
Capacity
- 0-0.5 MW
- 0.5-1 MW
- 1-2 MW
- Above 2 MW
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global wave turbine market are Eco Wave Powe; CorPower Ocean; Mocean Energy; AMP; Wello; OceanEnergy; Ocean Power Technologies, Inc.; ORPC, Inc; Orbital Marine Power; and Navingo
These companies are boosting their market share by adopting various strategies such as partnerships, mergers, launching new turbines, and implementing advanced technologies to reduce production costs.
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On July 28, 2021, Orbital Marine Power, a manufacturer of renewable energy solutions, launched the world's most powerful tidal turbine, known as o2. This innovative turbine technology was launched from Dundee Ports in Scotland and will soon be connected to the European Marine Center in Orkney, where it will be put into operation.
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