How Is The Global Ocean Energy Market Defined?
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.
Ocean Energy Global Market Report 2024 provides data on the global ocean energy market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ocean energy market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Ocean Energy Market Size Expected To Change, And What Are The Growth Rate Projections?
The ocean energy market has experienced rapid growth in recent years, with projections to increase from $0.67 billion in 2023 to $0.83 billion in 2024, reflecting a compound annual growth rate (CAGR) of 23.2%. This growth is driven by the increasing need to reduce carbon emissions, governmental support and regulations, the rise of the ocean energy industry, a shift towards renewable energy, and the depletion of fossil fuels. The market is expected to reach $1.92 billion by 2028, at a CAGR of 23.4%. This future growth is supported by factors such as rising energy demand, concerns over energy security, increasing energy costs, pollution, growing global electricity consumption, and consumer demand for sustainable energy. Key trends include the integration of blockchain in energy systems, advances in monitoring technologies and smart architecture, innovations in renewable energy sources, and the development of wave and tidal energy technologies.
Which Drivers Are Accelerating Growth In The Ocean Energy Market?
The growing adoption of renewable energy sources is expected to stimulate the expansion of the ocean energy market. Ocean energy, harnessing tidal, wave, and thermal energy from the oceans, is a promising renewable energy source that can help reduce reliance on fossil fuels and complement other renewable solutions. Ocean energy contributes to a diversified and resilient energy grid. The Department of Energy reports that U.S. solar energy generation is projected to rise by 75% by 2025, while wind energy is expected to grow by 11%. Therefore, the growing adoption of renewable energy sources is driving the ocean energy market.
Get Your Free Sample of the Global Ocean Energy Market Report
What Are The Core Segments Of The Global Ocean Energy Market?
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
Which Emerging Trends Are Reshaping The Ocean Energy Market Size?
Companies in the ocean energy market are increasing investments to improve device efficiency, durability, and maintenance in harsh marine conditions. For instance, in August 2024, the European Union (EU) launched an €8 million program to enhance ocean energy technologies. This initiative aims to demonstrate a 1 MW floating wave energy converter at the European Marine Energy Centre (EMEC) in Scotland, incorporating advanced condition and structural health monitoring insights from offshore wind to accelerate wave energy deployment.
What Is The Largest Region In The Ocean Energy Market?
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 regions covered in the ocean energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
