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

Regional Analysis

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The North America region continues to dominate the global ocean power market owing to the strong presence of major industry players and supporting government policies with an estimated 38.6% share in 2024. The U.S. has emerged as the hub for innovation with new technologies constantly being tested and developed, especially in coastal states like California, Oregon, and Washington. Significant investments are being made in pilot projects and achieving grid parity is a top priority for project developers in the region. With the declining costs of offshore wind, ocean power assets are also becoming economically viable options for utilities and regional governments to meet their renewable energy targets in a cost effective manner.

The Asia Pacific region has been the fastest growing market for ocean power in recent years led primarily by China. With its long coastline and focus on developing indigenous clean technologies, ocean energy solutions present an attractive opportunity. Multiple small scale tidal stream and wave energy projects have been commissioned across various coastal provinces. To encourage further R&D and commercialization, the Chinese government offers attractive fiscal incentives for both local and international companies setting up manufacturing or testing facilities within the country. This has attracted many technology developers from Europe and North America as well. Countries like South Korea, Japan, Taiwan and Philippines have also emerged as important markets supporting demonstration projects through public private partnerships.