The ocean energy market is expected to rise from $0.67 billion in 2023 to $0.83 billion in 2024 at a CAGR of 23.2%. Key drivers include efforts to reduce carbon emissions, policy support, industry growth, renewable energy interest, and fossil fuel depletion.
The ocean energy market is expected to grow exponentially, reaching $1.92 billion by 2028 at a CAGR of 23.4%. The growth is driven by the rising need for energy, concerns about energy security, high energy costs, environmental concerns, increasing global electricity consumption, and growing demand for green energy. Key trends include blockchain integration in the energy sector, monitoring technologies, renewable energy advancements, ocean energy technologies, and developments in wave and tidal energy.
Major Driver In The Ocean Energy Market
The rising adoption of renewable energy sources is anticipated to grow the ocean energy market, which harnesses tidal, wave, and thermal energy from oceans. This shift reduces reliance on fossil fuels and contributes to a resilient energy grid. According to a 2022 Department of Energy report, solar energy generation in the U.S. is projected to rise by 75%, and wind energy by 11% by 2025. Hence, the growing demand for renewable energy fuels the ocean energy market.
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Ocean Energy Market Competitive Landscape
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.
Key Ocean Energy Market Trend
Companies in the ocean energy market are investing in the development of devices that capture more energy, reduce maintenance costs, and improve efficiency and durability in harsh marine environments. For example, in August 2024, the European Union launched a $8.87 million (€8 million) investment program to advance ocean energy technology, focusing on condition and structural health monitoring. This program aims to demonstrate a 1 MW floating wave energy converter at the European Marine Energy Centre in Scotland, a step forward in wave energy technologies.
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Global Ocean Energy Market Segmentation
The ocean energy market 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
By Geography:The regions covered in the ocean energy market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the ocean energy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Ocean Energy Global Market Report 2024 furnishes information about the global ocean energy market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
