The Europe marine energy Industry size was valued at USD 411.39 million in 2022 and is expected to reach USD 2,802.05 million by 2032, growing at a CAGR of 21.20% from 2023 to 2032. the pull of the tides and the strength of the waves, these natural phenomena are synonymous with freedom and power. We can draw an exponential quantity of zero emissions energy from them. The history of the youngest renewable energy source has yet to be written.

The generation of renewable energy from tides, waves, currents, salinity, and temperature gradients in the oceans, seas, and rivers.

Marine renewable energy (MRE), also known as ocean energy or marine and hydrokinetic energy (MHK), refers to the various ways to generate electricity from the world's oceans, seas, and rivers. Movement of water occurs naturally in these bodies of water in the form of waves, tides, and currents. Although many are in early stages of research and development, there is a wide variety of MRE technologies capable of generating electricity from the movement of water, as well as from differences in water temperature and salinity.

The relevant technologies can be classified into the following categories:

• Wave Energy


• Tidal Energy


• Ocean Current Energy


• Ocean Thermal Energy Conversion (OTEC)


• Salinity Gradient Energy


• Riverine Energy

The environmental concerns associated with MRE technologies vary substantially based on the technology type, device design, and location. The primary environmental concerns typically encompass animal collisions with dynamic devices, impacts from underwater noise, and concerns about changes to the physical environment.

WHY USE MARINE ENERGY?

Marine energy presents a wide variety of benefits to the communities and stakeholders who may one day use the power source. Marine energy can leverage waves, tides, currents, and differences in water temperature to provide essential power to even the hardest to reach communities. The power source provides a variety of advantages that show why it will play an integral role in achieving U.S. clean energy goals. Listed below are a few significant benefits of marine energy that can help the United States transition to 100% clean electricity by 2035 and net-zero emissions by 2050.

BENEFITS AND ADVANTAGES OF MARINE ENERGY

• Marine energy is a renewable, clean source of energy, only requiring water's natural movement to generate power.


• Marine energy resources are abundant throughout the United States. The country is home to miles of ocean coastline and river resources, posing incredible potential for capitalizing on this resource.


• Marine energy is highly predictable due to the cyclical nature of waves, tides, and currents.


• The predictability of marine energy and its daily and seasonal cycles allow it to complement other energy sources like solar and wind, whose electricity generation usually dips when waves and tides are most powerful.


• Marine energy is a resilient source of energy. Usually positioned close to where power is needed, marine energy technologies would require short transmission lines, supporting the power grid's reliability and resilience.


• Marine energy can provide power to remote, coastal, and island communities. By using the water that surrounds these communities, marine energy can power microgrids that support these communities' homes and businesses.


• Marine energy technologies open the door for other innovations in the maritime sector, such as turning seawater into clean drinking water and powering sea and ocean exploration.


• Marine energy has the ability to create jobs and provide renewable energy to remote or rural communities. As marine energy technologies are deployed, likely in remote coastal or island communities, the jobs will stay there. Because regardless of where the systems are built, there must be people locally to operate and maintain them.


• The marine energy community needs professionals contributing to a diverse set of jobs spanning research, policy, environmental science, ecology, engineering, communication, and outreach, and more.


• Build real-world, hands-on experience working in the blue economy - a multi-trillion-dollar industry growing at twice the rate of the rest of the global economy.

The global marine energy Industry size was estimated at US$ 1,103.44 million in 2023 and is expected to hit over US$ 6,226.78 million by 2032 with a registered CAGR of 21.20 % from 2023 to 2032. 

Key Takeaway

• The hydroelectric power segment is growing at a CAGR of 6.6% from 2023 to 2032.


• By end use, the residential segment is expected to reach at a CAGR of 8.5% between 2023 to 2032.


• The solar energy segment is registering growth at a CAGR of 13.5% between 2023 to 2032.


• Asia-Pacific is grow at a notable CAGR of 9.7% from 2023 to 2032 and generated 35% Industry share in 2022.


• Europe region exhibited 32.5% Industry share in 2022 and growing at a CAGR of 8.5%

Growth Factors

• The surging awareness of environmental imperatives, encompassing climate change and the imperative to mitigate carbon emissions, is a pivotal driver behind the growth of the marine energy sector. As governments and global communities intensify their pursuit of cleaner energy alternatives, the carbon-neutral and sustainable characteristics of marine energy are increasingly compelling.


• The ever-increasing global desire for renewable energy sources constitutes a momentous driver behind the marine energy Industry's expansion. Leveraging the colossal energy potential held within the world's oceans aligns seamlessly with the pivot toward cleaner and more sustainable energy generation, offering a dependable and unwavering energy source.


• Sustained breakthroughs in marine energy technology, encompassing enhanced materials, more efficient designs, and refined deployment methodologies, are underpinning the sector's growth. These innovations are progressively reducing the production costs of marine energy while ameliorating the overall efficiency of energy capture, thereby heightening competitiveness with traditional energy sources.


• Government incentives, subsidies, and regulatory frameworks that incentivize marine energy project development provide substantial impetus to the industry. These policies work to diminish financial uncertainties, entice private investments, and cultivate an environment conducive to research and development.


• Apprehensions regarding energy security and the diversification of energy sources have galvanized governments and entities to explore marine energy as a dependable and domestically accessible resource. It concurrently diminishes dependency on fossil fuels, bolsters energy self-sufficiency, and augments grid stability.


• Marine energy projects frequently bestow economic prospects in coastal and hinterland regions. This potentially stimulates job creation and invigorates local economies, rendering marine energy development an alluring prospect for governments aiming to rejuvenate and broaden their communities.


• Marine energy initiatives can engender technological synergies with other ocean-based industries, such as aquaculture, fisheries, and maritime transport. This harmonious interaction yields collaborative development prospects and enhances the optimization of oceanic resources.


• International cooperation and research undertakings constitute a pivotal force in propelling marine energy technologies and disseminating knowledge. As nations join forces to address shared challenges, industry gains from a broader pool of expertise and experience.


• The evolution of potent energy storage solutions is pivotal to the growth of marine energy. As energy storage technologies continue to mature, marine energy can evolve into a more dependable and dispatchable energy source, further amplifying its appeal.


• Efforts to seamlessly integrate marine energy into prevailing power grids are imperative for its growth. Infrastructure enhancements and coordination with other energy sources guarantee that marine energy can deliver a stable and efficient power supply to meet the mounting demand for clean electricity.

Type Insights

According to the type, the wave energy segment has held 38% revenue share in 2022. The prominence of the wave energy sector within the marine energy Industry can be attributed to its reliability and the widespread accessibility of this energy source across the globe. Wave energy stands out for its consistency and predictability, ensuring a stable energy supply.

Furthermore, the adaptability of wave energy systems allows for deployment in diverse oceanic regions, thereby capitalizing on the extensive energy potential present in the world's oceans. Ongoing technological innovations have enhanced the efficiency and economic viability of wave energy devices, rendering them an enticing choice for sustainable energy generation. This confluence of factors firmly establishes wave energy as a major contender within the marine energy Industry, significantly contributing to its substantial Industry share.

The salinity gradient power segment is anticipated to expand at a significantly CAGR of 21.2% during the projected period. Salinity Gradient Power (SGP) holds significant growth in the energy Industry due to its unique capacity to harness clean energy from the natural difference in salinity between saltwater and freshwater sources. This technology provides a reliable and consistent source of renewable energy, making it attractive for energy production.

Additionally, SGP offers a less intermittent and more predictable energy output compared to some other marine energy sources, contributing to its prominence. As the world seeks sustainable and innovative energy solutions, the ability of SGP to tap into this abundant resource positions it as a key player in the global renewable energy landscape.

Application Insights

Based on the application, the power generation segment is anticipated to hold the largest Industry share of 44% in 2022. Within the marine energy sector, power generation involves the utilization of oceanic resources, such as tidal movements, wave energy, and ocean currents, to generate electricity. This eco-friendly approach contributes to the reduction of fossil fuel dependence and offers a sustainable source of power. Recent developments in the marine energy Industry encompass technological progress and elevated investments in research and development.

Breakthroughs in tidal and wave energy technologies are enhancing their efficiency and dependability. Moreover, there is an increasing emphasis on seamlessly integrating marine energy into the broader renewable energy landscape, enhancing the overall sustainability of coastal power generation.

On the other hand, the others segment is projected to grow at the fastest rate over the projected period. The segment, encompassing industries like aquaculture and transportation, holds a substantial growth in the marine energy Industry due to symbiotic relationships and resource optimization. Co-location of marine energy devices with aquaculture operations improves resource utilization, increases food production, and reduces environmental impacts. Integration with maritime transport hubs supports sustainable shipping operations and enhances energy infrastructure. These collaborations offer mutual benefits, including economic gains, environmental stewardship, and technological innovation. The combined potential of these synergies has established the segment as a significant contributor to the marine energy Industry's growth and sustainability.

The major players operating in the marine energy Industry are : Ocean Power Technologies, Minesto AB, Atlantis Resources, Carnegie Clean Energy, Wello, CorPower Ocean, Ocean Renewable Power Company, Aquamarine Power, Seabased, BioPower Systems, AW-Energy, Magallanes Renovables, Orbital Marine Power, SIMEC Atlantis Energy, Oscilla Power, Inc., and Others.

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