Press release
Ocean Energy Market Set to Reach $2.4 Billion by 2029 with 23.3% Yearly Growth
Ocean Energy Market
What combination of drivers is leading to accelerated growth in the ocean energy market?
The surge in demand for renewable energy is predicted to drive the growth of the ocean energy sector in the future. Natural resources such as solar, wind, and hydropower, known as renewable energy sources, have the ability to naturally renew themselves over time. Factors such as social contagion, independent power production, corporate pledges, awareness about public health, and efforts to lessen the impact of climate change contribute to the rising demand for these resources. Ocean energy represents an exciting new area in renewable energy, by providing a consistent and plentiful source of clean energy that harnesses the power of ocean tides, waves, and thermal energy. This methodology decreases reliance on fossil fuels and augments other renewable energy strategies, making a significant contribution to a diverse and robust energy network. For example, a report by a US government entity, the Department of Energy, projected in 2022 that solar energy production in the US is expected to increase by 75% and wind energy to ascend by 11% by 2025. Consequently, the expanded use of renewable energy resources is fueling the ocean energy market.
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What is the projected compound annual growth rate (CAGR) of the ocean energy market from 2025 to 2034, and what factors influence it?
In recent times, there has been a significant expansion in the size of the ocean energy market. The market size, which stood at $0.83 billion in 2024, is projected to increase to $1.02 billion in 2025, indicating a compound annual growth rate (CAGR) of 23.5%. Factors such as growing pressure to reduce carbon emissions and combat climate change, supportive government regulations and policies, the emergence and growth of the ocean energy industry, a prevalent shift towards the generation of renewable energy, and escalating fossil fuel scarcity have significantly triggered this growth during the historical period.
A significant surge is anticipated in the ocean energy market over the coming years, with an expected value of $2.36 billion in 2029, propelling at a compound annual growth rate (CAGR) of 23.3%. Numerous forces will influence this anticipated growth within the predicted timeline, including an upsurge in energy requirements, amplified concerns on energy security, escalating energy prices and pollution levels, enhanced consciousness towards the environment, a rising trend in global electricity usage, and a burgeoning demand for sustainable energy. Among the key trends in the forecast period are the integration of blockchain technology in the energy industry, effective observation technologies and intelligent design, renewable energy source technology, advancements in ocean energy techniques, and progress in wave and tidal energy technologies.
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How are the latest trends influencing the growth of the ocean energy market?
Prominent businesses active in the ocean energy market are dedicated to advancing ocean energy tools by increasing energy capture and reducing maintenance costs, while also improving durability and efficiency in extreme marine conditions. There's a growing interest in the ocean energy sector due to its potential for sustainable electricity production and its promising impact on the global renewable energy market's long-term economic growth. For instance, in August 2024, The European Union (EU), headquartered in Belgium, initiated an $8.87 million (€8 million) investment program called Critical Technologies for Future Ocean Energy Farms, specifically aimed at boosting the ocean energy devices' growth and implementation. The program's purpose is to evolve the conditions and structural health monitoring by applying knowledge from areas like offshore wind to ocean energy tools. The program plans to showcase a grid-connected 1 MW floating wave energy converter at the European Marine Energy Centre (EMEC) in Scotland, indicating considerable improvements in the utilization of wave energy technologies.
What are the major segments of the ocean energy market and their role in driving growth?
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 regions are key players in the growth of 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.
Who are the key firms paving the way for growth 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.
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What Is Covered In The Ocean Energy Global Market Report?
•Market Size Forecast: Examine the ocean energy market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the ocean energy market for a structured understanding.
•Key Players Overview: Analyze major players in the ocean energy market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ocean energy market.
•Segment Contributions: Evaluate how different segments drive overall growth in the ocean energy market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ocean energy market.
•Industry Challenges: Identify potential risks and obstacles affecting the ocean energy market.
•Competitive Landscape: Review strategic developments in the ocean energy market, including expansions, agreements, and new product launches.
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