The global marine energy market was valued at USD 1.03 Billion in 2022 and grew at a CAGR of 22.84% from 2023 to 2032. The market is expected to reach USD 8.05 Billion by 2032. The growth of the marine energy market can be attributed to the rising demand for power generation in developed and developing countries. Further, the increasing technological advancement in wave and tidal energy development has played a pivotal role in the market growth.
Marine energy is clean energy produced by tides, waves, free-flowing rivers, ocean currents, and artificial channels. Marine energy is a renewable power source derived from the natural movement of water, including tides, waves, and river and ocean currents. It is also called marine and hydrokinetic energy or marine renewable energy. Ocean thermal energy conversion is another method for using temperature variations in water to generate marine energy. Clean energy is produced by surface water conversion using the thermal energy of deep cold water and the kinetic energy of waves, currents, and tides in marine energy technology. These resources are promising additions to a steady, dependable renewable energy grid because they are also quite predictable. Most marine energy solutions produce clean energy while preserving stunning views of the ocean and surrounding water since they are submerged or otherwise situated out at sea.
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Increasing use of marine energy: Wave energy might power offshore jobs, including military activities, fishing, coastal settlements, isolated islands, and underwater robots. Furthermore, isolated locations far offshore or far below the ocean's surface may generate clean electricity using swift and sluggish currents. Marine energy might supply electricity to electric boats and plane charging stations, much like a storage system for powering undersea vehicles. Due to their widespread and destructive character, the world's oceans require developing technology that effectively removes marine debris and toxins from saltwater and supports other marine conservation initiatives.
Suitable in certain locations: The primary drawback of obtaining the energy from the waves is geographic location. Power plants and coastal communities are the only places that directly benefit from it. Thus, only some regions can use wave energy as a viable power source due to its source. Wave energy is not a clean energy solution for everyone, as landlocked countries and cities far from the sea must find other sources of electricity.
Favourable government initiatives: The US Department of Energy has declared that it will finance seven innovative projects with about $10 million to expedite the development and assessment of maritime energy systems. Marine energy sources can be integrated with other renewable energy sources like wind, solar, and geothermal energy and are easily accessible. With seawater desalination using more energy than conventional water treatment techniques, these investments will accelerate the investigation of the potential applications of wave-generated technologies. To alleviate these power constraints and foster economic progress, many government programmes aim to comprehend the power requirements of developing coastal and maritime markets and to advance technology that could integrate marine renewable energy.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most significant marine energy market, with a 37.02% market revenue share in 2022.
Europe region will account for the largest market share with revenue growth. The region has a high demand for power generation to fulfil their industries' requirements. The imposition of conductive policies and rising government initiatives will propel the regional market's growth. The regional authorities prioritize renewable energy sources and thus invest in developing production technology.
Europe region Marine Energy Market Share in 2022 - 37.02%
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The product type segment is divided into tidal energy, wave energy, salinity gradient power, ocean thermal energy and others. The wave energy segment dominated the market, with a share of around 47.91% in 2022. One renewable energy source that can be obtained from the motion of the waves is wave energy. Various wave energy harvesting techniques entail installing electrical generators on the ocean's surface. Additionally, wave energy is more environmentally benign than energy derived from conventional fossil fuels like coal or oil since it emits fewer carbon emissions.
The application segment is divided into power generation, hydrogen production, desalination and others. The power generation segment dominated the market, with a share of around 50.85% in 2022. The commercial industry is moving away from non-renewable building materials like steel and concrete. It is shifting towards low-carbon and renewable because construction materials account for 11% of the world's CO2 emissions today.
|Revenue (USD Billion)
|Market size value in 2022
|USD 1.03 Billion
|Market size value in 2032
|USD 8.05 Billion
|CAGR (2023 to 2032)
|The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
|Type and Application
As per The Brainy Insights, the size of the marine energy market was valued 1.03 Billion in 2022 to USD 8.05 Billion by 2032.
Global marine energy market is growing at a CAGR of 22.84% during the forecast period 2023-2032.
The global marine energy market has been segmented based on type, application, and regions. Wave energy systems led the market in 2022 in the type segment. Power generation led the market in 2022 in the application segment.
Europe region emerged as the largest market for the marine energy.
The market's growth will be influenced by the growing usage of marine energy.
The location constraints can hamper the market growth.
The increasing investments by government authorities are providing huge opportunities to the market.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global marine energy market based on below mentioned segments:
Global Marine Energy Market by Type:
Global Marine Energy Market by Application:
Global Marine Energy Market by Region:
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