Press release
Boost In Renewable Energy Adoption To Accelerate Growth In Ocean Energy Market Driver: Leading Transformation in the Ocean Energy Market in 2025
Ocean Energy Global Market Report 2025
The market size for ocean energy has seen significant expansion in the recent past. It's projected to increase from $0.83 billion in 2024 to $1.02 billion in 2025, propelled by a compound annual growth rate (CAGR) of 23.5%. The noteworthy growth in the past can be linked to the escalating pressure to reduce carbon emissions to tackle climate change, government regulations, and supportive policies, growth in the ocean energy sector, as well as a growing shift towards the development of renewable energy and the looming shortage of fossil fuels._x000D_
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In the coming years, the ocean energy market size is predicted to undergo a significant expansion. It is anticipated to ascend to $2.36 billion in 2029 with a compound annual growth rate (CAGR) of 23.3%. The prospective growth can be credited to the escalating demand for energy, increasing anxiety about energy security and pollution, mounting environmental apprehensions, an upsurge in global electricity consumption, and a swelling consumer demand for eco-friendly energy. Key trends for the forecast period encompass incorporating blockchain technology in the energy sector, efficient monitoring technologies and intelligent architecture, the advent of renewable energy source technology, the progression of ocean energy technologies, along with advances in wave and tidal energy technologies._x000D_
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What Is Driving the Growth Trajectory of the Ocean Energy Market?_x000D_
The surge in the need for renewable energy sources is predicted to stimulate the expansion of the ocean energy market in the future. Sources of renewable energy like solar, wind, and hydropower are naturally occurring assets that are capable of self-restoration over time. This increasing demand is driven by factors such as social influence, decentralized energy production, organizational pledges, awareness of public health, and attempts to alleviate climate change. Ocean energy emerges as a hopeful prospect in the world of renewable energy, providing consistent and plentiful eco-friendly energy by exploiting the tidal, wave, and thermal energy of the oceans. This method diminishes reliance on fossil fuels and supplements other green energy solutions, substantially bolstering a diversified and robust energy grid. For example, in 2022, a report by the Department of Energy, a government entity in the US, forecasted a 75% increase in domestic solar energy output, and an 11% growth in wind energy by 2025. Thus, the escalation in the uptake of renewable energy sources propels the ocean energy market upwards._x000D_
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Get Your Free Sample Now - Explore Exclusive Market Insights:_x000D_
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Which Leading Companies Are Shaping the Growth of the Ocean Energy Market?_x000D_
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._x000D_
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What Are the Major Trends Shaping the Ocean Energy Market?_x000D_
Leading entities in the ocean energy market are concentrating their efforts towards enhancing ocean energy apparatuses - they are increasing energy capture, reducing maintenance costs, and strengthening efficiency and durability under extreme marine conditions. The ocean energy sector, noted for its huge potential in sustainable power production and long-term economic growth in the global renewable energy arena, is seeing a swift rise in investments. As an example, in August 2024, the Belgium-based economic group, The European Union (EU), rolled out a Critical Technologies for Future Ocean Energy Farms investment scheme worth $8.87 million (€8 million); designed to accelerate the growth and deployment of ocean energy equipment. With an aim to bolster the overall condition and structural health scrutiny by implementing learnings from industries like offshore wind to ocean energy apparatuses, this scheme plans to present a grid-connected 1 MW floating wave energy converter at the European Marine Energy Centre (EMEC) in Scotland, signifying a major leap forward in deploying wave energy technologies._x000D_
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What Are the Key Segments of the Ocean Energy Market?_x000D_
The ocean energymarket covered in this report is segmented -_x000D_
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1) By Type: Wave Energy, Tidal energy, Other Types_x000D_
2) By Application: Power Generation, Desalination, Other Applications_x000D_
3) By End-User: Commercial, Residential_x000D_
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Subsegments:_x000D_
1) By Wave Energy: Oscillating Water Columns, Point Absorbers, Attenuators_x000D_
2) By Tidal Energy: Tidal Stream Generators, Tidal Barrages, Tidal Lagoons_x000D_
3) By Other Types: Ocean Thermal Energy Conversion (OTEC), Salinity Gradient Energy_x000D_
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Which Region Dominates the Ocean Energy Market?_x000D_
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._x000D_
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What Is Covered In The Ocean Energy Global Market Report?_x000D_
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- Market Size Analysis: Analyze the Ocean Energy Market size by key regions, countries, product types, and applications._x000D_
- Market Segmentation Analysis: Identify various subsegments within the Ocean Energy Market for effective categorization._x000D_
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape._x000D_
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market._x000D_
- Market Contribution: Evaluate contributions of different segments to the overall Ocean Energy Market growth._x000D_
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers._x000D_
- Industry Challenges: Analyze challenges and risks affecting the Ocean Energy Market._x000D_
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market._x000D_
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