Regional Analysis
Regional Analysis:
- Europe: With a 38% market share in 2020, Europe led wave energy converter market . During the projection period, there is also expected to be a considerable rise in market . The expansion of the market is attributed to many factors such as government policies, laws or mandates that encourage the development or commercialization of wave energy, the increase in the installation of wave energy projects, and others. The market may grow as a result of expanding wave energy installations, increasing ocean energy technology capacity targets, and a growing transition to sustainable energy sources. Ocean energy technologies, such as wave and tidal, are expected to significantly impact Europe's energy systems and industry by 2030, according to the European Commission's draft EU plan.
- North America has established itself as the second largest regional market for wave energy converters. The region accounts for over 25% of the global installed capacity due to strong government support initiatives and the presence of key industry players. Countries like the U.S. and Canada have introduced financial incentives and favorable policies to boost investments in ocean energy technologies over the last decade. This enabled local companies to rapidly develop and test their solutions.
- Furthermore, the region is home to global leaders like Oregon State University and Columbia Power Technologies who have significantly contributed to the research and development of novel wave energy designs. Their continuous efforts have facilitated improvements in conversion efficiency and survivability in harsh marine environments. This makes solutions from North America some of the most widely tested and most optimized in the market . Several demonstration projects have also helped build confidence among potential clients about the reliability of these offerings.
- Asia Pacific has emerged as the fastest growing regional market for wave energy converters. Countries with long coastlines and ambitious renewable targets like China, Japan, South Korea, and Australia are actively supporting the establishment of a local manufacturing base. Their focus is on utilizing abundant indigenous wave resources to meet rising energy demands in a sustainable manner.
- Governments in the region provide fiscal incentives for wave energy projects and promotional policies to attract component suppliers and technology developers. Furthermore, power purchase agreements at favorable rates by national utilities encourage private investments. This has prompted global suppliers to set up local manufacturing plants and assembly hubs in the region to capitalize on emerging opportunities. Localization efforts are also reducing the cost of ownership for wave energy projects in Asia Pacific. These factors are likely to accelerate the pace of commercial deployments in the coming years.
Figure 1. Wave Energy Converter Market Share (%), by Region, 2024
U.S.: 
U.K. : 
India :