Marine Energy Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2025-2032)

Marine Energy Market Size - Analysis

Marine Energy Market Trends

As climate change concerns grow internationally, the focus on cleaner energy has accelerated rapidly in the past decade. Ocean waves and tides are abundant sources of renewable energy with minimal intermittency compared to other renewables. Harnessing these vast ocean resources could play a major role in satisfying rising clean energy needs while mitigating adverse environmental impacts.

Major economies are seeking to meet emissions cuts through expanding adoption of renewables for power generation. Corporations and industrial consumers are also responding to stakeholder pressure for greener operations. This surge in demand signals vibrant opportunities for marine technologies to carve market share catering to buyers’ needs for clean and local renewable options.

Market Driver - Technological Advancements Improving Marine Energy Viability

On the tidal side, new turbine designs allowing for simpler installation and maintenance in challenging offshore environments have led to better project economics and grid parity coming within reach on favorable sites. Software solutions to optimize energy capture and array performance through real-time adjustments based on changing sea conditions are also helping to raise capacity factors. Such tech progress multiplies marine energy’s productive potential from individual devices up to utility-scale.

Market Challenge - Environmental Impact Assessments Causing Delays

However, these assessment processes often take a long time, sometimes over 2-3 years for completion. The lengthy assessment periods cause major delays in the commissioning of marine energy projects. This delays the timelines for first power generation and grid connectivity. It further pushes back the revenue generation potential for project developers. The uncertain assessment timelines also add to the project risks and costs.

The marine energy market presents some attractive opportunities which can be tapped into for growth. One such opportunity lies in exploring synergies with synergistic blue economy industries like aquaculture and fisheries. There are opportunities to leverage existing infrastructure for multiple uses.

It can also enhance the commercial viability of marine energy through additional revenue streams. Tapping into the synergies will be a promising way for the marine energy sector to find new applications and accelerate penetration in marine energy market.

Key winning strategies adopted by key players of Marine Energy Market

Focus on technology innovation - Developing innovative and efficient marine energy conversion technologies has helped companies gain an edge. For example, Wello Oy invested heavily in R&D from 2014-2018 and developed their revolutionary wave energy converter Penguin that can harness power from multiple wave directions at once. This has allowed them to deploy successful pilot projects across Europe.

Leveraging multiple funding avenues - Successful companies have tapped various sources like VC/PE funding, government grants and carbon credits to fund commercialization. For example, Minesto received over $30 million in funding from the Swedish Energy Agency, the EC and private investors between 2009-2018 to develop their deep-water kite system.

Segmental Analysis of Marine Energy Market

Insights, By Energy Type: Natural Advantages Drive Wave Energy

Additionally, waves have higher marine energy density than solar or wind energy at approximately 30 kilowatt-hours per meter. These various natural characteristics of wave energy distribution and harnessing make it an attractive marine energy as renewable alternative.

Insights, By Application: Reliable Base Load Generation Boosts Tidal Energy

Some tidal basins have tidal ranges high enough to power turbines for over 10 hours each cycle. With no fuel costs, tidal energy also provides stable, long term price visibility unlike fossil fuels that are vulnerable to market price fluctuations. The consistent base load generation capabilities are especially valuable for integrating other variable renewable resources into national grids. As a result, power generation has emerged as the primary application driving growth of the tidal energy segment.

Insights, By Technology: Continuous Innovation Stimulates Ocean Thermal Energy Conversion

This movement drives an electrical turbine without the need for evaporators and condensers as in legacy OTEC cycles. The lower mass flow rates, modular assembly, ease of construction and lower capital costs have made oscillating water columns an attractive proposition. Steady refinement of core oscillating water column technologies are hence driving the marine energy market by making OTEC competitive at larger commercial scales.

Additional Insights of Marine Energy Market

• The SeaGen Project by Marine Current Turbines Ltd. in Northern Ireland has been operational since 2008 and has generated over 10 GWh of electricity. This project demonstrates the long-term viability and efficiency of tidal energy installations in contributing to the power grid.
• Carnegie Clean Energy Limited successfully completed the CETO 6 wave marine energy project off the coast of Western Australia. The project has provided valuable data on wave energy conversion and has the potential to supply both electricity and freshwater through integrated desalination.
• The European Marine Energy Centre (EMEC) reports that Europe accounts for over 65% of global marine energy deployment, with the United Kingdom leading in installed capacity.
• Studies suggest that marine energy could supply up to 10% of the European Union's electricity demand by 2050, emphasizing its strategic importance in achieving energy security and sustainability goals.

Competitive overview of Marine Energy Market

The major players operating in the marine energy market include Ocean Power Technologies, Inc., Minesto AB, Atlantis Resources Ltd., Carnegie Clean Energy Limited, Wello Inc., CorPower Ocean, Ocean Renewable Power Company, Aquamarine Power, Seabase Ship Management Private Limited, BioPower Systems Pty Ltd., AW-Energy Ltd., Magallanes Renovables, Orbital Marine Power, SIMEC Atlantis Energy, Oscilla Power, Inc., Nova Innovation Ltd., Marine Current Turbines Ltd., Pelamis Wave Power Ltd., AWS Ocean Energy Ltd., AquaGen Technologies, and Marine Power Systems Ltd..

Recent Developments in Marine Energy Market

Marine Energy Market Segmentation

• By Energy Type
  • Wave Energy
  • Tidal Energy
  • Ocean Thermal Energy Conversion (OTEC)
  • Salinity Gradient
  • Others
• By Application
  • Power Generation
  • Desalination
  • Environmental Protection
  • Cooling and Heating
  • Others
• By Technology
  • Oscillating Water Columns
  • Point Absorbers
  • Attenuators
  • Overtopping Devices
  • Others