What Has Been the Progress and Growth of the Ocean Energy Market in Recent Years?
The ocean energy market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the size of the ocean energy market. The growth is set to continue, with its value predicted to increase from $0.83 billion in 2024 to $1.02 billion in 2025, indicating a compound annual growth rate (CAGR) of 23.5%.
Factors such as the escalating necessity to reduce carbon emissions and combat climate change, government regulation and policy backing, the burgeoning ocean energy industry, the increasing trend towards renewable energy sources, and the diminishing reserves of fossil fuels have contributed to the growth seen in the historical period.
What Is The Expected Growth In The Ocean Energy Market Size Evolve over the Forecast Period?
The ocean energy market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for ocean energy is predicted to experience a surge in the coming years, increasing to $2.36 billion by 2029 with a CAGR of 23.3%.
This growth can be linked to various factors such as the rising demand for energy, growing concerns over energy security, escalating energy prices and pollution, increasing environmental concerns, surging global electricity consumption, and the burgeoning demand for green energy among consumers. Other influential trends during this forecast period include the incorporation of blockchain technology in the energy sector, the use of effective monitoring technologies and smart architecture, the innovation in renewable energy source technology, the progression of ocean energy technologies, and advancements in wave and tidal energy technologies.
What Main Forces Are Fueling Expansion In The Ocean Energy Market?
The anticipated surge in the ocean energy market is attributed to the rising demand for renewable energy resources. Resources such as solar, wind, and hydropower are naturally replenishable and are desired due to reasons like social contagion, decentralization of energy production, corporate pledges, increasing awareness about public health, and climate change mitigation. Ocean energy has emerged as a highly promising segment of renewable energy, providing consistent and plentiful clean energy by exploiting tidal, wave, and thermal energy from the oceans. This technology reduces fossil fuel reliance and enhances other renewable energy solutions, substantially contributing to a diverse and sturdy energy grid. For example, a Department of Energy report claims that by 2022, domestic solar energy production in the US is likely to increase by 75% and wind energy is predicted to grow by 11% by 2025. As a result, the ocean energy market is being propelled by the growing adoption of renewable energy sources.
What Are The Primary Segments In The Global 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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What New Trends Are Influencing The Ocean Energy Market?
Key firms in the ocean energy market are intensifying their efforts in advancing ocean energy equipment by elevating energy absorption, slashing maintenance expenditure, and upgrading overall performance and resilience in severe marine conditions. Investments within the ocean energy domain are quickly picking up the pace, since this ground-breaking sector unveils immense possibilities for sustainable power creation and protracted economic expansion in the worldwide renewable energy panorama. To illustrate, The European Union (EU), a Belgium-based establishment, initiated a Critical Technologies for Future Ocean Energy Farms investment scheme valued at $8.87 million (€8 million) in August 2024, in quest of nurturing the evolution and deployment of ocean energy apparatuses. These investments are aimed at improving condition and structural health scrutiny by implementing learnings from areas such as offshore wind into ocean energy equipment. This initiative strives to exhibit a grid-connected 1 MW wave energy converter floating at the European Marine Energy Centre (EMEC) in Scotland, signifying considerable progression in the installation of wave energy technologies.
Who Are the Key Players In 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.
What Is The Most Dominant Region In The Ocean Energy Market?
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.
