How much is the ocean energy market worth, and how is it expected to expand?
The ocean energy market size has grown exponentially in recent years. It will grow from $0.83 billion in 2024 to $1.02 billion in 2025 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to rising need to cut carbon emissions and climate change, government regulations and policy support, rise of the ocean energy industry, rising shift in trends toward creating renewable energy, rising depletion of fossil fuels.
The ocean energy market size is expected to see exponential growth in the next few years. It will grow to $2.36 billion in 2029 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to rising energy need, rising worries about energy security, rising energy costs and pollution, growing environmental concerns, rising global electricity consumption, and growing consumer demand for green energy. Major trends in the forecast period include integrating blockchain technology in the energy sector, effective monitoring technologies and smart architecture, renewable energy source technology, development of ocean energy technologies, and developments in wave and tidal energy technologies.
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Which industry factors have accelerated the ocean energy market’s expansion?
The increase in the demand for renewable energy sources is expected to propel the growth of the ocean energy market going forward. Renewable energy sources, such as solar, wind, and hydropower, are natural resources that can be replenished naturally over time. The demand for renewable energy sources is due to social contagion, decentralized energy generation, corporate commitments, public health awareness, and climate change mitigation. Ocean energy stands as a promising frontier in renewable energy, offering a reliable and abundant clean power source by harnessing tidal, wave, and thermal energy from the oceans. This technology reduces dependence on fossil fuels and complements other renewable energy solutions, contributing significantly to a diversified and resilient energy grid. For instance, in 2022, according to a report published by the Department of Energy, a US-based government organization, the US domestic solar energy generation is projected to rise by 75%, while wind energy is anticipated to grow by 11% by 2025. Therefore, the increase in the adoption of renewable energy sources drives the ocean energy market.
What are the primary segments of the ocean energy market?
The ocean energymarket covered in this report is segmented –
1) By Type: Wave Energy, Tidal energy, Other Types
2) By Application: Power Generation, Desalination, Other Applications
3) By End-User: Commercial, Residential
Subsegments:
1) By Wave Energy: Oscillating Water Columns, Point Absorbers, Attenuators
2) By Tidal Energy: Tidal Stream Generators, Tidal Barrages, Tidal Lagoons
3) By Other Types: Ocean Thermal Energy Conversion (OTEC), Salinity Gradient Energy
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Which firms are leading the ocean energy market?
Major companies operating in the ocean energy market are NDRITZ HYDRO GmbH Group, Minesto AB, Seabased AB, Nova Innovation Ltd., Hann-Ocean Co. Ltd., Applied Technologies Company Ltd., Verdant Power Inc., Ocean Renewable Power Company, Ocean Harvesting Technologies AB, AWS Ocean Energy Ltd., HydroQuest SAS, Eco Wave Power Global AB, Carnegie Clean Energy Ltd., Mocean Energy Ltd., Aqua Magnetics International Inc., Atargis Energy Corporation, Biopower Systems Ltd., Kepler Energy Inc., Energy Technology Centre Ltd., AquaGen Technologies Inc., Ocean Power Technologies Ltd.
Which market trends are set to define the future of the ocean energy market?
Major companies operating in the ocean energy market are focused on investing in improving ocean energy devices by increasing energy capture, reducing maintenance costs, and enhancing overall efficiency and durability in harsh marine environments. Investments in ocean energy are rapidly gaining momentum, as this innovative sector offers vast potential for sustainable power generation and long-term economic growth in the global renewable energy landscape. For instance, in August 2024, The European Union (EU), a Belgium-based economic union, launched a $8.87 million (€8 million) Critical Technologies for Future Ocean Energy Farms investment program to enhance the development and deployment of ocean energy devices. These investments aim to advance condition and structural health monitoring by applying insights from sectors such as offshore wind to ocean energy devices. This program seeks to demonstrate a grid-connected 1 MW floating wave energy converter at the European Marine Energy Centre (EMEC) in Scotland, marking significant progress in deploying wave energy technologies.
Which geographic trends are shaping the ocean energy market, and which region has the highest market share?
Europe was the largest region in the ocean energy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ocean energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Ocean Energy Market Report 2025 Offer?
The ocean energy market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Ocean energy refers to the renewable energy harnessed from the ocean’s natural processes, including waves, tides, currents, thermal gradients, and salinity differences. It is a form of marine renewable energy and can be divided into several types based on the source of the energy. Ocean energy is seen as a promising, low-carbon source of electricity that could contribute to a more sustainable energy mix.
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