New York, United States , Feb. 12, 2024 (GLOBE NEWSWIRE) — The Global Wave Energy Converter Market Size is to Grow from USD 22.4 Million in 2023 to USD 36.2 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 4.92% during the projected period.
Based on the technology, the global wave energy converter market is divided into oscillating body converters, oscillating water column, and overtopping converters. Among these, the oscillating water column segment is anticipated to hold the greatest share of the global wave energy converter market during the projected timeframe. Oscillating wave column technology is a renewable energy source that produces no greenhouse emissions through the natural flow of wind through a Wells turbine. The key moveable component of the shoreline concept is the turbine, which is conveniently located on land for easy removal maintenance, or repair.Based on the location, the global wave energy converter market is divided into onshore, near shore, and offshore. Among these, the near shore segment is predicted to grow at the greatest pace in the wave energy converter market during the estimated period. This occurs as a result of installations being simpler and less expensive when they are closer to the residence. Moreover, it is sometimes found that nearshore installations are more productive than onshore ones, which offers a fantastic opportunity for further market expansion. These facilities are used simultaneously for the production of energy and desalination.Based on the application, the global wave energy converter market is divided into desalination, power generation, and environmental protection. Among these, the power generation segment is anticipated to grow at the greatest pace in the global wave energy converter market during the projected timeframe. The growth in the power generation category is attributed to the considerable emphasis on generating electrical energy from renewable sources. Reducing greenhouse gas emissions from power plant operations is the aim of this effort.
Inquire Before Buying This Research Report:Competitive Analysis:This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Wave Energy Converter Market based on the below-mentioned segments:
(GlobeNewsWire)