Marine Energy Market Size - By Type (Wave Energy, Tidal Energy, Ocean Thermal Energy Conversion (OTEC), Salinity Gradient Power (SGP)), By Application (Power Generation, Desalination), 2025 – 2034

Marine Energy Market Size

The global marine energy market size was valued at USD 2.1 billion in 2024 and is estimated to grow at a CAGR of 8.1% from 2025 to 2034. Ongoing innovations and investments in energy conversion systems, materials, and deployment techniques to improve the efficiency and cost-effectiveness of marine technologies will improve their adoption.
 

Growing government investments in ocean projects through grants, subsidies, and pilot programs, including UK’s Contracts for Difference and the U.S. Department of Energy’s marine energy funding initiatives to foster innovation and create commercial viability will improve the technology penetration. In August 2024, the U.S. Department of Energy’s Waterpower Technologies Office allocated over USD 41 million to four university-led National Marine Energy Centers. This includes USD 36 million from the Bipartisan Infrastructure Law, aimed at advancing marine energy research, development, and testing infrastructure.
 

Rising adoption of renewable technologies with smaller environmental footprint compared to fossil fuels and minimum pollution will uplift the business statistics. Furthermore, growing need for energy sources with relatively stable energy outputs together with higher adaptability towards climate change will shape the business environment.
 

Growing research activities to enhance marine energy adoption and expansion will stimulate the business outlook. In January 2025, the U.S. TEAMER program selected 15 marine energy projects and granted approximately USD1.9 million in funding as part of its fourteenth request for technical support (RFTS).
 

Growing integration of marine energy with offshore wind farms, allowing better utilization of infrastructure such as subsea cables and grid connections, will foster the industry growth. Hybrid renewable projects also have the potential to improve overall efficiency and ensure continuous power generation, thereby bolstering marine energy adoption.
 

Marine Energy Market Trends

• Growing concerns about global warming and carbon emissions will force nations to switch to renewable energy, which will open up new markets for the use of marine energy due to its potential as a consistent and reliable power source.
   
• Numerous national governments around the world are offering grants, tax allowances, and funding schemes to promote marine renewable energy. In December 2022, the Ministry for the Ecological Transition and the Demographic Challenge of Spain announced a funding program of USD 260.7 million for marine renewable energy pilot projects, testing platforms, and other supporting infrastructure.
   
• Growing companies' investments in developing next-generation wave and tidal energy converters with enhanced durability and performance, reducing maintenance costs, and improving scalability will promote the business outlook. In February 2025, CorPower Ocean has secured USD 18.2 million in funding from the European Innovation Council Accelerator program, including a USD 2.6 million grant and a USD 15.6 million equity investment. The EIC Accelerator will support high-impact innovations and scaleups across Europe.
   
• Growing country's interest in diversifying their energy mix, reducing reliance on fossil fuels, and improving energy security will make marine energy an attractive choice. Countries with vast coastlines, such as the U.S., UK, and Japan, are leveraging marine energy to ensure stable electricity generation, especially in regions where offshore resources are abundant, thereby fostering business scenarios.
   

Marine Energy Market Analysis

• The marine energy market was valued at USD 2.08 billion, USD 2.09 billion and USD 2.1 billion in 2022, 2023 and 2024 respectively. The industry is segmented in wave energy, tidal energy, ocean thermal energy conversion (OTEC), salinity gradient power (SGP) based on type.
   
• The tidal energy segment is expected to value more than USD 2.8 billion by 2034 on account of higher energy density than many other renewable sources, making them capable of generating substantial amounts of power even from relatively small tidal currents, increasing their attractiveness for large-scale power generation.
   
• Growing government support to companies for boosting tidal energy development through subsidies, grants, and favorable regulatory frameworks will foster the product adoption. In February 2024, two Dutch firms each clinched over USD 2 million to push forward tidal energy endeavors in the Wadden Sea. Equinox raised USD 2.5 million and intends to launch a pre-commercial turbine by 2025 to further expand its global activities in line with the increasing need for clean energy.
   
• In addition, rising demand for renewable energy with reduced environmental impact when properly managed will complement the industry scenario. The ongoing advancements within tidal stream turbines and barrages aimed to lower installation as well as maintenance costs will further drive the business statistics.
   
• The wave energy segment is projected to grow at a faster rate of 7.8% CAGR due to its consistency and abundance, particularly in coastal regions with strong wave activity, such as the North Atlantic and the Pacific. According to the U.S. EIA, the wave energy off the U.S. coast boasts a theoretical annual potential of 2.64 trillion kWh, which is roughly 63% of the nation's total utility-scale electricity generation.
   
• Increasing government funding and support will drive the business outlook for tidal energy. Moreover, the cooperation of offshore wind projects alongside the installation of tidal turbines has the potential to provide infrastructure-sharing benefits. This approach not only reduces costs and conserves space but also increases market demand for tidal energy.
   
• The marine energy market from ocean thermal energy conversion segment is anticipated to grow by more than USD 300 million by 2034. The emerging need for a stable source of energy will increase the adoption of OTEC technology due to the constant temperature differential in ocean waters. Increased investment in the OTEC technology by Japan, the Philippines, and the U.S. will help them reduce their dependence on imported fossil fuels, which will augment the technology adoption.
   
• Although OTEC is at an initial stage of growth, however, rising key players investments in the technology will create lucrative opportunities for the industry growth. In November 2023, UK-based Global OTEC unveiled its advanced Ocean Thermal Energy Conversion platform, capable of producing a net output of 1.5MW by utilizing temperature variations in the ocean.
   
• The salinity gradient power segment is projected to grow by more than USD 430 million by 2034. Rising advancements in membrane technology, such as nanostructured and graphene-based membranes designed to improve energy conversion efficiency reducing costs, will augment the technology adoption. Furthermore, current research indicates reverse electrodialysis and pressure retarded osmosis systems can now achieve efficiencies exceeding 50%, making SGP more viable.
   

• Based on application, the marine energy market is segmented into power generation, desalination, and others. Power generation segment shared 75.5% of the global market in 2024. Accelerating global pledges to achieve net-zero emissions by 2050 will promote the adoption of marine energy as a domestically sourced and emission-free form of energy.
   
• The increasing reliance on fossil fuel imports for power generation from nations such as Japan and South Korea has led to a shift towards marine energy for greater energy self-sufficiency and lowered carbon emissions. Japan’s 80% coastal population combined with a wave energy density of 22.5 kW per meter indicates that Japan has significant potential for wave energy utilization. Its theoretical capacity is projected to be around 5900 TWh a year, which is 6 times its historical energy consumption. Therefore, Japan, as a superpower in wave energy technology, has significant growth prospects for further development of sustainable energy for power generation.
   
• The marine energy market from desalination is set to grow at a CAGR of over 9% by 2034. Presence of abundant natural resources and growing focus on reducing reliance on external power grids or fossil fuels will improve the marine energy adoption in desalination applications.
   
• Growing sustainability awareness and clean energy adoption will push companies to come together and propel technology adoption. January 2025, Exowave and AquaX Energy Americas have launched AquaX JV to deploy wave energy solutions across the Americas and the Caribbean. The venture will integrate Exowave’s WEC technology for affordable clean power at USD 60/MWh and cost-effective desalination at under USD 0.50 per cubic meter.
   
• Furthermore, many regions that need desalinated water, such as islands and coastal areas, have limited access to reliable power grids, which will create demand for decentralized and local solutions in remote or isolated areas that would otherwise depend on expensive diesel generators, driving the industry outlook.
   

• As of 2024, North America is anticipated to grow at a CAGR of 9.3%. The U.S. marine energy market was valued at USD 75.6 million, 76.8 million, and 78.2 million in 2022, 2023 and 2024 respectively.
   
• Rising ambitious renewable energy goals set by various states will generate ample opportunities for marine energy as a key part of their strategies. Additionally, growing U.S. Navy interest in exploring marine energy for powering coastal installations and remote operations coupled with increasing private sector interest and investment in marine energy technologies will uplift the business trend.
• Asia Pacific marine energy market is expected to grow by more than USD 2,090 million by 2034. Increasing energy security challenges faced by many countries including Japan, South Korea, and Australia due to limited natural resources will propel the technology adoption that can reduce dependence on imported fossil fuels and enhance regional energy stability.
   
• Furthermore, supportive initiatives to boost key players growth will augment the marine energy adoption. In February 2025, BPCL teamed up with Eco Wave Power to promote wave energy initiatives in India. Their partnership kicks off with a feasibility study, leading to a 100-kW pilot project at BPCL’s Mumbai Oil Terminals, and eyeing the possibility of scaling up for broader commercial ventures across the country.
   
• Europe marine energy market is expected to grow by more than USD 1,920 million by 2034. Presence of vast coastlines with high tidal, wave, and ocean thermal energy potential in the region will foster the marine energy penetration. Countries including UK, France, and Portugal are leveraging these resources to develop commercial-scale marine energy projects.
   

Marine Energy Market Share

• Top three players, including Ocean Renewable Power Company, Orbital Marine and Minesto Power account for nearly 30% of the marine energy industry. These businesses are heavily investing in research to improve marine energy technologies, particularly focusing on increasing efficiency and reducing costs. Key players are exploring hybrid solutions, integrating marine energy with wind, solar and battery storage to enhance energy output. 
   
• Moreover, various businesses collaborate with established players to develop new technologies and incorporate innovative developments into their product design processes. For instance, in March 2021, Minesto has partnered with Schneider Electric, a global leader in energy management and automation, through a Memorandum of Understanding to collaborate on developing and constructing ocean energy farms utilizing Minesto’s Deep Green technology.
   
• Companies are targeting regions with strong tidal and wave resources, such as the UK, France, and Portugal while exploring opportunities in emerging markets including Canada and Southeast Asia. Furthermore, key players are focusing on streamlining production, improving materials, and deploying larger-scale projects to lower the levelized cost of energy (LCOE).
   

Marine Energy Market Companies

• Carnegie Clean Energy growing marine energy company, recorded annual revenue of USD 220.4K in June 2024. Furthermore, the company had revenue of USD 138.8K in the half-year ending June 30, 2024. The company is focusing on extending advancements in marine energy technology. In November 2024, Carnegie Clean Energy extended its partnership with Hewlett Packard Enterprise for two more years. The collaboration aims to enhance Carnegie’s CETO wave energy technology by integrating advanced artificial intelligence and high-performance computing.
   
• CorPower Ocean had an estimated annual revenue of USD 20.6 million per year. The company is getting tremendous support from established players to improve marine energy advancement. In October 2024, CorPower Ocean has raised USD 35 million to advance the commercialization of its wave energy technology. This investment follows the successful demonstration of its wave technology in Portugal, where it proved its resilience in Atlantic storms while delivering high power generation capacity.
   
• Nova Innovations, a rapidly expanding marine energy company, reported an estimated revenue of approximately USD 10 million in 2022. The company is known for deploying the world’s first offshore tidal array in Shetland, Scotland, which has been supplying continuous power to the grid since 2016.
   

Eminent players operating in the marine energy market are:

• BioPower Systems
• Carnegie Clean Energy
• CorPower Ocean
• Minesto
• Marine Energy Group
• Nova Innovations
• Ocean Renewable Power Company
• Orbital Marine Power
• SSE Renewables
• SINN Power
   

Marine Energy Industry News

• In December 2024, HydroWing, a subsidiary of the UK-based Inyanga Marine Energy Group, has inked a deal with Indonesia’s state utility, Perusahaan Listrik Negara (PLN), to set up the nation's inaugural tidal current power plant. Located in East Nusa Tenggara, the 10-MW project comes after thorough evaluations of Indonesia's tidal energy prospects.
   
• In March 2024, Orbital Marine Power based in UK, was chosen as the technology partner for Orcas Power and Light Cooperative's tidal energy project. This project is situated in Washington's Rosario Strait, close to Blakely Island. This partnership comes on the heels of a USD 6 million allocation by the U.S. Department of Energy in 2021, aimed at fueling two pilot tidal energy research and demonstration endeavors.
   
• In October 2023, Researchers at IIT Madras patented a hybrid power system harnessing both wind and tidal energy. Designed for coastal regions, this system is adaptable to local energy needs.
   

The marine energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Million & MW” from 2021 to 2034, for the following segments:

Market, By Type

• Wave Energy
• Tidal Energy
• Ocean Thermal Energy Conversion (OTEC)
• Salinity Gradient Power (SGP)  

Market, By Application

• Power generation
• Desalination
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Spain
  • UK
  • Norway
• Asia Pacific
  • China
  • India
  • South Korea
• Rest of World