Global Wave Energy Converters
Market Report
2025
The global Wave Energy Converters market size will be USD 21542.5 million in 2024. The rising renewable energy sector is expected to boost sales to USD 28925.85871 million by 2031, with a Compound Annual Growth Rate (CAGR) of 4.30% from 2024 to 2031.
The base year for the calculation is 2024. The historical will be 2021 to 2024. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Wave Energy Converters market size will be USD 21542.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.30% from 2024 to 2031.
2024 | 2025 | 2032 | 2033 | CAGR | |
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Global Wave Energy Converters Market Sales Revenue | $ 21542.5 Million | 121212 | 121212 | 121212 | 4.3% |
North America Wave Energy Converters Market Sales Revenue | $ 8617 Million | 121212 | 121212 | 121212 | 2.5% |
United States Wave Energy Converters Market Sales Revenue | $ 6798.81 Million | 121212 | 121212 | 121212 | 2.3% |
Mexico Wave Energy Converters Market Sales Revenue | $ 784.15 Million | 121212 | 121212 | 121212 | 3% |
Canada Wave Energy Converters Market Sales Revenue | $ 1034.04 Million | 121212 | 121212 | 121212 | 3.3% |
Europe Wave Energy Converters Market Sales Revenue | $ 6462.75 Million | 121212 | 121212 | 121212 | 2.8% |
Germany Wave Energy Converters Market Sales Revenue | $ 1279.62 Million | 121212 | 121212 | 121212 | 3% |
France Wave Energy Converters Market Sales Revenue | $ 594.57 Million | 121212 | 121212 | 121212 | 2% |
Spain Wave Energy Converters Market Sales Revenue | $ 529.95 Million | 121212 | 121212 | 121212 | 1.9% |
United Kingdom Wave Energy Converters Market Sales Revenue | $ 1085.74 Million | 121212 | 121212 | 121212 | 3.6% |
Russia Wave Energy Converters Market Sales Revenue | $ 1001.73 Million | 121212 | 121212 | 121212 | 1.8% |
Italy Wave Energy Converters Market Sales Revenue | $ 555.8 Million | 121212 | 121212 | 121212 | 2.2% |
Rest of Europe Wave Energy Converters Market Sales Revenue | $ 1001.73 Million | 121212 | 121212 | 121212 | 1.5% |
Asia Pacific Wave Energy Converters Market Sales Revenue | $ 4954.78 Million | 121212 | 121212 | 121212 | 6.3% |
India Wave Energy Converters Market Sales Revenue | $ 594.57 Million | 121212 | 121212 | 121212 | 8.1% |
Korea Wave Energy Converters Market Sales Revenue | $ 495.48 Million | 121212 | 121212 | 121212 | 5.4% |
Japan Wave Energy Converters Market Sales Revenue | $ 683.76 Million | 121212 | 121212 | 121212 | 4.8% |
China Wave Energy Converters Market Sales Revenue | $ 2229.65 Million | 121212 | 121212 | 121212 | 5.8% |
Australia Wave Energy Converters Market Sales Revenue | $ 257.65 Million | 121212 | 121212 | 121212 | 6% |
Rest of APAC Wave Energy Converters Market Sales Revenue | $ 351.79 Million | 121212 | 121212 | 121212 | 6.1% |
South America Wave Energy Converters Market Sales Revenue | $ 1077.13 Million | 121212 | 121212 | 121212 | 3.7% |
Colombia Wave Energy Converters Market Sales Revenue | $ 95.86 Million | 121212 | 121212 | 121212 | 3.5% |
Argentina Wave Energy Converters Market Sales Revenue | $ 180.96 Million | 121212 | 121212 | 121212 | 4.6% |
Brazil Wave Energy Converters Market Sales Revenue | $ 461.01 Million | 121212 | 121212 | 121212 | 4.3% |
Chile Wave Energy Converters Market Sales Revenue | $ 77.55 Million | 121212 | 121212 | 121212 | 4% |
Peru Wave Energy Converters Market Sales Revenue | $ 88.32 Million | 121212 | 121212 | 121212 | 3.9% |
Rest of South America Wave Energy Converters Market Sales Revenue | $ 173.42 Million | 121212 | 121212 | 121212 | 2.8% |
Middle East Wave Energy Converters Market Sales Revenue | $ 430.85 Million | 121212 | 121212 | 121212 | 4% |
Egypt Wave Energy Converters Market Sales Revenue | $ 45.24 Million | 121212 | 121212 | 121212 | 4.3% |
Turkey Wave Energy Converters Market Sales Revenue | $ 37.05 Million | 121212 | 121212 | 121212 | 3.5% |
Rest of MEA Wave Energy Converters Market Sales Revenue | $ 50.84 Million | 121212 | 121212 | 121212 | 3% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
Market Split by Technology |
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Market Split by Application |
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Market Split by Location |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Market Drivers:
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Market Restrains:
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Market Trends:
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Wave Energy Converters Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Wave Energy Converters (WECs) are machines made to harvest and transform wave energy into electrical power that may be used. They capture the potential and kinetic energy produced by the waves' motion and convert it to mechanical energy, which is subsequently transformed into electricity using a generator. WECs are important to the renewable energy industry because they provide a sustainable way to produce power, especially in coastal areas. One important factor is the global transition to clean, sustainable energy sources to lower carbon emissions. To meet their targets for combating climate change and lowering their dependency on fossil fuels, governments are supporting renewable energy sources, such as wave energy.
In September 2024, Oscilla Power announced that the Washington State Department of Commerce has chosen it for a $750k grant. With this additional funding, Oscilla Power will be able to continue developing its innovative drivetrain technology, which will increase the amount of energy that is gathered from ocean waves and improve the efficiency with which that energy is converted to electricity. (Source: https://www.oscillapower.com/post/oscilla-power-receives-750k-in-new-funding-from-washington-state)
In the long run, the market expansion for wave energy can be predicted based on the growing number of hydropower producing projects. Wave energy is required since hydroelectricity is one of the increasingly popularized energy resources that is assisting nations in their transition to renewable energy sources. The market will rise as a result of more funding, government approvals, and investments in hydropower generation projects. The International Energy Agency (IEA) forecasts that India would add roughly 26000 MW of hydropower projects by 2030 as a result of growing government policy support. The Indian government announced in January 2021 that it had approved the 850 MW Ratle Hydro Electric Project, requiring an INR 5281.94 crore (US$724.2 million) investment. The goal of this project was to increase hydropower generation to improve power supply positions and balance out grids. In the near future, these factors are expected to propel the market forward even further.
With increased global investment in offshore activities, wave energy converters are predicted to see strong demand. Large-scale, ocean- or sea-appropriate infrastructure is needed for offshore projects to facilitate all types of offshore R&D. The high energy requirements of these infrastructural locations can be satisfied by using plentiful wind energy. The number of deep-sea exploration projects is also increasing, which can affect the wave energy converter market globally.
One of the main things holding the wave energy sector back is the need for large capital expenditures. Offshore systems are more expensive to deploy than other renewable energy sources because of their high CAPEX, which is caused by high installation, maintenance, and grid connection costs. The cost of operating wave energy, or power generated from sea waves, is further increased by the need for ships, underwater electrical transmission lines, underwater anchoring, and associated infrastructure. Moreover, the early high costs and unreliability of offshore wave energy systems have hindered the expansion of the wave energy sector. Wave energy is also far less adaptable under the change to renewable energy.
The COVID-19 pandemic has had a variety of effects on the Wave Energy Converters (WEC) market, which has impacted the market's growth trajectory and development. The manufacturing and distribution of WEC components were significantly hampered by the worldwide supply chain disruptions brought on by COVID-19. Wave energy project deployment and maintenance were delayed as a result of numerous manufacturing facilities that were either closed down completely or operating at reduced capacity. Project delays and cost increases resulted from this. Furthermore, the pandemic-induced economic slump resulted in a decline in government and private support for renewable energy initiatives, such as WECs. Investors prioritized well-established renewable energy technologies like wind and solar over less developed ones like wave energy as a result of their increased risk aversion. This had an impact on how quickly wave research, development, and commercialization proceeded.
Development of Cost-Effective and Scalable Wave Energy Solutions
As global demand for renewable energy grows, wave energy presents a promising opportunity. The Wave Energy Converters (WECs) market can benefit from advancements that make wave energy more cost-effective and scalable. With technological innovation, such as improvements in energy conversion efficiency, durable materials, and energy storage integration, WECs have the potential to compete with other renewable sources like wind and solar. As governments and industries seek to diversify their renewable energy portfolios, there’s a significant opportunity to develop large-scale wave energy projects, particularly in coastal regions with high wave energy potential.
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The Wave Energy Converters market is still emerging and competitive, with several key players, startups, and research organizations striving to develop commercially viable solutions. The competitive landscape is shaped by ongoing technological innovation, partnerships, and government-backed projects aimed at scaling up wave energy generation.
In March 2023, Eni declared that it had finished installing the first ISWEC (Inertial Sea Wave Energy Converter) device in history to be linked to an island's electrical system. It can generate up to 260 kilowatts of peak electricity from wave energy and is situated around 800 meters off the shore of Pantelleria. Under actual operational conditions, this experimental campaign will produce valuable results for the development of the second-generation devices that are now being studied. (Source: https://www.eni.com/en-IT/media/press-release/2023/03/installation-iswec-off-coast-pantelleria-has-been-completed.html)
Top Companies Market Share in Wave Energy Converters Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America currently dominates the Wave Energy Converters market, and the region is expected to have significant growth during the projected period. This is due to the rising investment and the presence of key market players.
Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The segment expansion is attributable to the increasing demand for renewable energy.
The current report Scope analyzes Wave Energy Converters Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Wave Energy Converters market size was estimated at USD 21542.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 8617.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.
According to Cognitive Market Research, the global Wave Energy Converters market size was estimated at USD 21542.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 6462.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.8% from 2024 to 2031.
According to Cognitive Market Research, the global Wave Energy Converters market size was estimated at USD 21542.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 4954.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
According to Cognitive Market Research, the global Wave Energy Converters market size was estimated at USD 21542.5 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 1077.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
According to Cognitive Market Research, the global Wave Energy Converters market size was estimated at USD 21542.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 430.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031..
Global Wave Energy Converters Market Report 2025 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Wave Energy Converters Industry growth. Wave Energy Converters market has been segmented with the help of its Technology, Application Location, and others. Wave Energy Converters market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the Oscillating Body Converters segment is likely to dominate the Wave Energy Converters Market over the forecast period. Global efforts to reduce carbon emissions are driving up the use of renewable energy, such as wave energy. Funding for cutting-edge technologies like oscillating body converters is coming from more and more governments and individual investors.
The Oscillating Water Columns segment is the fastest-growing segment in the Wave Energy Converters Market. Support for ocean energy projects, particularly offshore wind farms (OWCs), is growing from governments and international organizations. In support of ocean energy, including OWCs, the European Union and some national governments, for example, have set up grants, subsidies, and feed-in tariffs.
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According to Cognitive Market Research, the Power Generation segment holds the largest share of the market. Governments everywhere are assisting in the development of wave energy technologies by providing grants, subsidies, and other forms of encouragement. Power generation from ocean energy is increasing as a result of significant investments made in WEC projects by nations including Australia, Portugal, and the United Kingdom.
In the Wave Energy Converters Market, the Desalination segment has been expanding at a rapid pace. The segment growth is attributed to the rising product launch.
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According to Cognitive Market Research, the Nearshore segment holds the largest market share. Nearshore WECs are more affordable to install and maintain compared to offshore systems, as they do not require as much expensive infrastructure (e.g., long subsea cables or deepwater moorings). The reduced cost of transmitting electricity to the grid also makes nearshore systems more attractive.
In the Wave Energy Converters market, the rapidly growing sector is the Offshore category. Offshore areas typically have higher wave energy potential than nearshore locations, providing significant opportunities for energy generation. As global energy demand increases, harnessing offshore wave energy presents a viable solution.
Senior Research Analyst at Cognitive Market Research
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Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Conclusion
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Technology | Oscillating Body Converters, Oscillating Water Columns, Overtopping Devices, Rotating Mass Converters |
Application | Power Generation, Desalination, Environmental Protection |
Location | Nearshore, Shoreline, Offshore |
List of Competitors | Bombora Wave Power, CorPower Ocean, RMEnergy, Ocean Power Technologies, SINN Power, Mocean Energy, Carnegie Clean Energy, AWS Ocean Energy, Waves4Power, Seatricity, Aquamarine Power (now part of Aegir Wave Power), Wavestar, Eco Wave Power, Oscilla Power, Wello Oy |
This chapter will help you gain GLOBAL Market Analysis of Wave Energy Converters. Further deep in this chapter, you will be able to review Global Wave Energy Converters Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Wave Energy Converters. Further deep in this chapter, you will be able to review North America Wave Energy Converters Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Wave Energy Converters. Further deep in this chapter, you will be able to review Europe Wave Energy Converters Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Wave Energy Converters. Further deep in this chapter, you will be able to review Asia Pacific Wave Energy Converters Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Wave Energy Converters. Further deep in this chapter, you will be able to review South America Wave Energy Converters Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East Market Analysis of Wave Energy Converters. Further deep in this chapter, you will be able to review Middle East Wave Energy Converters Market Split by various segments and Country Split.
Chapter 6 Middle East Market Analysis
This chapter will help you gain Middle East Market Analysis of Wave Energy Converters. Further deep in this chapter, you will be able to review Middle East Wave Energy Converters Market Split by various segments and Country Split.
Chapter 7 Africa Market Analysis
This chapter provides an in-depth analysis of the market share among key competitors of Wave Energy Converters. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Technology Analysis 2019 -2031, will provide market size split by Technology. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Technology Analysis 2021 - 2033
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Chapter 11 Market Split by Application Analysis 2021 - 2033
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Chapter 12 Market Split by Location Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Wave Energy Converters market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Chapter 14 Research Methodology and Sources
Why Oscillating Body Converters have a significant impact on Wave Energy Converters market? |
What are the key factors affecting the Oscillating Body Converters and Oscillating Water Columns of Wave Energy Converters Market? |
What is the CAGR/Growth Rate of Power Generation during the forecast period? |
By type, which segment accounted for largest share of the global Wave Energy Converters Market? |
Which region is expected to dominate the global Wave Energy Converters Market within the forecast period? |
Segmentation Level Customization |
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Country level Data Customization |
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Company Level |
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Additional Qualitative Data |
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Report Format Alteration |
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