Ocean Energy Market Poised to Hit $2.33 Billion by 2029 with Accelerating Growth Trends

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Ocean Energy Market Size Growth Forecast: What to Expect by 2025?
The market size of ocean energy has expanded significantly over the past few years. It is projected to rise from $0.83 billion in 2024 to $1.01 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 22.6%. The factors that have prompted the growth during the preceding years include an increasing urgency to decrease carbon emissions in the wake of changes in climate, supportive government regulations and policies, the emergence of the ocean energy sector, a growing trend towards the creation of renewable energy, and the escalating depletion of fossil fuels.

How Will the Ocean Energy Market Size Evolve and Grow by 2029?
The size of the ocean energy market is predicted to experience significant augmentation in the coming years, potentially reaching a value of $2.33 billion by 2029, with a compound annual growth rate (CAGR) of 23.1%. Factors contributing to this growth in the anticipated period include an increased demand for energy, growing concerns over energy security, escalating energy prices and pollution, heightened awareness of environmental issues, increased worldwide electricity usage, and an escalated consumer appeal towards green energy. The forecast period will likely see major trends such as incorporation of blockchain technology in the energy sector, effective surveillance technologies and intelligent design, advancements in renewable energy source technology, progress in ocean energy technologies, and the development in wave and tidal energy functionalities.

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What Drivers Are Propelling the Growth of Ocean Energy Market Forward?
The surge in demand for renewable energy forms is predicted to stimulate the ocean energy market's growth in the future. Such renewable energy sources include solar, wind, and hydropower, all of which are naturally replenishing resources. The rise in demand for these forms of energy is propelled by factors such as social contagion, decentralized energy generation, commitments from corporations, public health consciousness, and measures to mitigate climate change. Ocean energy represents a hopeful horizon in renewable energy sources, providing an abundant and reliable source of clean power by leveraging tidal, wave, and thermal energy from the ocean. This technology decreases reliance on fossil fuels and augments other renewable energy approaches, significantly contributing to a robust and diversified energy grid. As an example, a 2022 report by the Department of Energy, a government organization in the US, predicted a 75% increase in US domestic solar energy generation and an 11% increase in wind energy by 2025. Hence, the rising adoption of renewable energy forms is fueling the ocean energy market.

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Which Emerging Trends Are Transforming the Ocean Energy Market in 2025?
Leading companies in the ocean energy market are investing in the enhancement of ocean energy devices. These enhancements include increasing energy capture, reducing maintenance costs and improving overall efficiency and durability for extreme marine conditions. Investments in this innovative sector are accelerating due to the immense potential it has for promoting sustainable power generation and contributing to long-term economic expansion in the global renewable energy sector. For instance, in August 2024, the European Union (EU), an economic union based in Belgium, initiated a €8 million ($8.87 million) investment program named Critical Technologies for Future Ocean Energy Farms to further facilitate the growth and implementation of ocean energy devices. The aim of these investments is to further the advancement of condition and structural health monitoring by incorporating learnings from industries like offshore wind into ocean energy devices. Through this program, the EU plans to introduce a grid-connected 1 MW floating wave energy converter at the European Marine Energy Centre (EMEC) in Scotland, an important forward step in the deployment of wave energy technologies.

What Are the Key Segments in the 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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Who Are the Key Players Shaping the Ocean Energy Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.

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