Ocean Power Market Is Estimated To Witness High Growth Owing To Rising Concerns for Carbon Emission Reduction
- Ronak Shah
- U.S.A
- January 14, 2025

Iamge Credit,
The Ocean Power Market is estimated to be valued at USD 1114.2 Mn in 2024 and is expected to exhibit a CAGR of 19.5% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.
The Ocean Power Market is driven by rising concerns for carbon emission reduction and growing support through favorable policies and initiatives related to ocean energy. Power generation from ocean energy technologies such as tidal power, wave energy and ocean thermal energy conversion help reduce dependency on fossil fuels and lower carbon footprint. Furthermore, ocean power also provides reliable baseload power independent of weather conditions unlike other renewable sources such as solar and wind.
Key Market Trends: Ocean power technologies are evolving with continuous upgradation including optimizing system configuration, component designing and interconnection. For instance, tidal stream turbines are being redesigned for better hydrodynamics and easy installation and maintenance. Similarly, wave energy converters are upgraded with improved power take-off systems for higher energy extraction. Moreover, new technologies such as ocean current power and salt gradient power are under development which will likely introduce new opportunities in coming years.
Rising investments in research and development of ocean power technologies have accelerated the development process. Private equity and government funding are encouraging innovative technology demonstration and commercialization projects. Numerous programs are initiated worldwide to advance the concept of ocean energy parks. Such initiatives will boost widespread adoption of ocean power in future. More information on the market available in the sample copy.
Market Opportunities: Ocean Energy Farming – Ocean energy farming involves installing large ocean power farms with numerous wave or tidal energy converters to harvest energy from ocean waves and tidal currents on a utility scale. Ocean energy farms offer opportunities to generate renewable energy at a utility scale to power coastal cities and industries. The average power potential from ocean energy is expected to be far greater than other renewable sources like wind and solar. Commercial ocean energy farms offer opportunities to tap into this massive renewable resource and contribute significantly to global power supply. Ocean Desalination – Ocean desalination using wave or tidal energy offers opportunities to provide fresh water in water-stressed coastal regions. While desalination is an energy-intensive process, using renewable ocean energy can power desalination plants without carbon emissions. As per estimates, over 1.5 billion people globally face water scarcity. Tapping the power of oceans can help meet the freshwater needs of coastal populations in an environmentally-friendly way. Integrating desalination with ocean energy farms offers a promising market opportunity.
Key Market Takeaways: The ocean power market is segmented by type into wave energy and tidal energy. Wave energy segment is expected to dominate with a market share of over 55% owing to the massive power potential of wave energy along oceanic coastlines worldwide. On the basis of application, the power generation segment is anticipated to hold the largest market share owing to increasing commercialization of wave and tidal energy farms for power supply.
North America is expected to dominate the ocean power market over the forecast period. This is owing to ongoing projects to develop ocean renewable energy resources along the coasts of the USA and Canada.
Key Companies: AWS Ocean Energy, CalWave, Ocean Harvesting, Wello, CorPower Ocean,Minesto
Recent Developments in Ocean Power Market: In June 2024, the US Department of Energy announced $28 million in funding for 14 wave and tidal energy projects located along the west and east coasts. This included projects from Ocean Renewable Power Company, Columbia Power Technologies, and Emerging Energy Research to deploy their ocean energy devices and generate clean electricity from the oceans. The department aims to double its funding for ocean energy research over the next five years to accelerate the commercialization of these technologies.
In July 2024, Swedish wave energy technology developer Wave Power led a consortium that installed a 1.25MW wave energy park off the coast of Portugal. It uses six of the company’s ‘Penguin’ oscillating wave surge converters to harness the power of ocean waves and provides clean electricity to a nearby coastal community via the national grid. The multi-million dollar project was the largest wave energy array in operation worldwide and demonstrated the technical and commercial viability of their wave power solution. Full version of the report available here.