OCEAN POWER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Ocean Power Market Size and Trends

The Ocean Power Market is estimated to be valued at USD 1.14 Bn in 2024 and is expected to reach USD 3.98 Bn by 2031, exhibitinga compound annual growth rate (CAGR) of 19.5% from 2024 to 2031.

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The Ocean Power Market is expected to see significant growth over the forecast period due to increasing focus on developing renewable and clean sources of energy to meet the growing global energy demand in a sustainable manner. The ocean power market is witnessing high growth on account of supportive government policies and regulations that aim to reduce dependence on conventional sources of energy. Moreover, decline in technology costs and increase in investment in grid-connected and offshore renewable projects will also support the growth of ocean power systems across the world. However, high initial installation costs and intermittent availability of ocean power resources pose challenges to the adoption of these systems. Still, continuous technological advancements to harness maximum ocean energy and make these systems more cost-effective are expected to boost the ocean power market growth significantly throughout the forecast period.

Growing awareness about climate change

As the effects of climate change have started to become more visible across the globe in the form of rising sea levels, intensifying natural disasters, changing weather patterns and more, there is a rising awareness among people, organizations, and governments about the urgent need to transition to more climate-friendly and sustainable sources of energy. Studies suggest that many extreme weather events globally in the recent past can be directly attributed to climate change. This has fueled discussions in communities and on a geopolitical stage about the collective responsibility to minimize carbon emissions.

Countries are under growing pressure to set and achieve ambitious emission reduction targets to keep global warming within safe levels. Transitioning to renewable sources of energy is widely recognized as a crucial strategy to decarbonize economies and move towards a low carbon future. Offshore wind and ocean power technologies offer promising solutions that can scale up to meet rising energy demands while helping nations achieve their climate goals. They are variable renewable sources with negligible emissions and space constraints compared to land based wind or solar farms.

The rising visibility of climate impacts is triggering more action from citizens, civil societies and businesses. Various international organizations and research platforms have raised awareness about the oceans' crucial role in moderating climate and weather. There is a growing recognition that protecting marine ecosystems and utilizing offshore renewable technologies can help sustain a livable planet. Initiatives promoting a blue economy are encouraging governments and investors to explore new economic opportunities in ocean industries including offshore wind and wave/tidal energy conversion.

Advancements in ocean power technologies

Considerable research and private capital has fueled advancements in developing commercially viable ocean power technologies over the past decade. Bidirectional progress has been made across the engineering challenges related to generating energy from sea waves, tides, salinity gradients, and ocean thermal energy conversion. Projects integrating wave or tidal turbines have demonstrated the technical and economic feasibility of harvesting energy from ocean currents and tidal range differences. They have shown promise to operate reliably in the turbulent and corrosive marine environment over years of deployment. Advancements in materials engineering, power take-off and transmission systems as well as mooring and electrical infrastructures have enhanced the robustness, modularity and energy output per device.