Ocean Energy Market Report 2026

The ocean energy market size has grown exponentially in recent years. It will grow from $1.01 billion in 2025 to $1.25 billion in 2026 at a compound annual growth rate (CAGR) of 23.1%. The growth in the historic period can be attributed to early-stage wave and tidal energy demonstrations, government-backed marine energy research programs, coastal renewable energy initiatives, initial commercialization of tidal systems, development of offshore energy expertise.

The ocean energy market size is expected to see exponential growth in the next few years. It will grow to $2.87 billion in 2030 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to expansion of commercial-scale ocean energy projects, increasing demand for renewable baseload alternatives, growing investments in offshore energy integration, rising focus on energy diversification, advancements in marine energy conversion efficiency. Major trends in the forecast period include increasing deployment of pilot ocean energy projects, rising focus on wave and tidal power systems, growing investment in marine energy infrastructure, expansion of modular ocean energy devices, enhanced emphasis on grid-compatible marine power.

The rising demand for renewable energy sources is expected to drive the growth of the ocean energy market in the coming years. Renewable energy sources, including solar, wind, and hydropower, are natural resources that can be replenished over time. The growing demand for renewable energy is driven by social contagion, decentralized energy generation, corporate commitments, increased public health awareness, and efforts to mitigate climate change. Ocean energy enables sustainable power generation by utilizing tidal, wave, and thermal energy from the oceans, reducing reliance on fossil fuels and complementing other renewable energy solutions, thereby supporting a diversified and resilient energy grid. For instance, in December 2024, according to Eurostat, a Luxembourg-based government agency, renewable energy accounted for 24.5% of the energy consumed in the EU in 2023, up from 23% in 2022. Therefore, the growing adoption of renewable energy sources is driving 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 October 2024, Ocean Winds S.L., a Spain-based international company dedicated exclusively to offshore wind energy, partnered with Eletrobras to collaborate on offshore wind energy development in Brazil. Through this collaboration, Ocean Winds and Eletrobras seek to combine Ocean Winds’ global offshore wind expertise with Eletrobras’ regional market knowledge to advance strategic offshore wind projects, support energy transition objectives, and enhance renewable energy capacity in Brazil. Centrais Elétricas Brasileiras S.A. is a Brazil-based electric utility company involved in the generation, transmission, and distribution of electricity, including renewable energy initiatives.

Major companies operating in the ocean energy market are Minesto AB, Nova Innovation Ltd, Orbital Marine Power Ltd, Ocean Power Technologies Inc, Eco Wave Power Global AB, Carnegie Clean Energy Ltd, AWS Ocean Energy Ltd, CorPower Ocean AB, Verdant Power Inc, Ocean Renewable Power Company, Seabased AB, Sinn Power GmbH, Wave Swell Energy Ltd, Aquanet Power, BioPower Systems Pty Ltd, Marine Current Turbines Ltd, Tocardo International BV, SIMEC Atlantis Energy Ltd, HydroQuest SAS, MAKO Turbines Pty Ltd, Sustainable Marine Energy Ltd, Oscilla Power, AW Energy Oy.

Europe was the largest region in the ocean energy market in 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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