Ocean Energy Market 2024

The ocean energy market size has grown exponentially in recent years. It will grow from $0.67 billion in 2023 to $0.83 billion in 2024 at a compound annual growth rate (CAGR) of 23.2%. The growth observed during the historic period can be attributed to several factors, including the increasing need to reduce carbon emissions and combat climate change, supportive government regulations and policies, the emergence of the ocean energy industry, a growing trend towards renewable energy development, and the depletion of fossil fuel resources.

The ocean energy market size is expected to see exponential growth in the next few years. It will grow to $1.92 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The anticipated growth during the forecast period can be attributed to several factors, including an increasing demand for energy, growing concerns about energy security, rising energy costs and pollution, heightened environmental awareness, increasing global electricity consumption, and a growing consumer demand for green energy. Key trends expected in this period include the integration of blockchain technology within the energy sector, the adoption of effective monitoring technologies and smart architecture, advancements in renewable energy source technologies, the development of ocean energy technologies, and innovations in wave and tidal energy technologies.

The growing demand for renewable energy sources is anticipated to drive the expansion of the ocean energy market in the future. Renewable energy sources, including solar, wind, and hydropower, are natural resources that can regenerate over time. The surge in demand for these energy sources stems from social influences, decentralized energy generation, corporate pledges, heightened public health awareness, and efforts to mitigate climate change. Ocean energy represents a promising area within renewable energy, providing a consistent and plentiful clean power source by harnessing tidal, wave, and thermal energy from the seas. This technology helps reduce reliance on fossil fuels and complements other renewable energy solutions, significantly contributing to a diversified and resilient energy grid. For example, a report from the U.S. Department of Energy in 2022 projected a 75% increase in domestic solar energy generation and an 11% growth in wind energy by 2025. Consequently, the rising adoption of renewable energy sources is propelling the growth of the ocean energy market.

Leading companies in the ocean energy sector are concentrating on investing in the enhancement of ocean energy devices by boosting energy capture, lowering maintenance costs, and improving overall efficiency and durability in challenging marine environments. Investments in ocean energy are rapidly gaining traction, as this innovative sector presents significant opportunities for sustainable power generation and long-term economic growth in the global renewable energy arena. For instance, in August 2024, the European Union (EU), based in Belgium, initiated an $8.87 million (€8 million) investment program called Critical Technologies for Future Ocean Energy Farms to promote the development and deployment of ocean energy devices. This initiative aims to enhance condition and structural health monitoring by leveraging insights from sectors such as offshore wind for ocean energy devices. The program seeks to demonstrate a grid-connected 1 MW floating wave energy converter at the European Marine Energy Centre (EMEC) in Scotland, representing a major advancement in the deployment of wave energy technologies.

In January 2022, Eco Wave Power Global AB, a wave energy company from Sweden, entered into a partnership with Ocean Power Technologies, Inc. for an undisclosed amount. This collaboration signifies Eco Wave’s strategic effort to broaden its portfolio by integrating Ocean Power’s expertise in providing ocean energy technology solutions. Ocean Power Technologies, Inc. is a U.S.-based company that specializes in wave energy technologies.

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.

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.

The countries covered in the ocean energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Ocean energy refers to renewable energy obtained from the natural processes of the ocean, including waves, tides, currents, thermal gradients, and salinity differences. As a form of marine renewable energy, it can be categorized into several types based on its source. Ocean energy is regarded as a promising, low-carbon source of electricity that has the potential to enhance a more sustainable energy mix.

The primary types of ocean energy include wave energy, tidal energy, and others. Wave energy is generated from the movement of surface waves in the ocean. This energy can be utilized in various applications such as power generation and desalination, serving a range of end users including commercial and residential sectors.

The ocean energy market research report is one of a series of new reports that provides ocean energy market statistics, including ocean energy industry global market size, regional shares, competitors with an ocean energy market share, detailed ocean energy market segments, market trends, and opportunities, and any further data you may need to thrive in the ocean energy industry. This ocean energy research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The ocean energy market includes revenues earned by entities by harnessing ocean current energy, ocean thermal energy conversion (OTEC), and salinity gradient energy (blue energy). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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