The Global Ocean Power Market, valued at USD 0.6 billion in 2023, is projected to grow at a robust compound annual growth rate (CAGR) of 21.4% over the forecast period 2024-2032. Ocean power, derived from sea-based sources such as tidal streams, wave energy, and tidal barrages, is a promising renewable energy solution that aligns with global climate change goals. This clean energy source reduces carbon emissions, enhances energy security, and offers cost-saving benefits, making it an attractive option for governments and industries alike.

The market’s growth is primarily driven by the increasing global demand for renewable energy and the implementation of stringent environmental regulations targeting the reduction of carbon emissions from conventional fossil fuels. In addition, rising investments in research and development (R&D) for ocean power technologies are expected to support its rapid commercialization. However, the sector faces challenges, particularly the high costs associated with developing ocean power infrastructure and the ongoing need for significant investments in R&D. Nevertheless, the transition from coal and other conventional power sources to renewable energy presents substantial opportunities for key players in the ocean power market.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Europe currently dominates the market, fueled by strong governmental support, investments in renewable energy projects, and the presence of key market players. The wave energy segment leads the market in terms of type, driven by its growing infrastructure and the rising demand for electricity in coastal communities. The power generation application holds the largest share, benefiting from increased investment in renewable energy and demand from the marine sector.

Major Market Players Included in this Report:

  • Atargis Energy Corporation
  • Aqua-Magnetics, Inc.
  • Biopower Systems Pty Ltd.
  • Minesto AB
  • Ocean Renewable Power Company LLC
  • Carnegie Clean Energy Limited
  • Blue Energy Canada, Inc.
  • Ocean Power Technologies, Inc.
  • Applied Technologies Company, Ltd.
  • Nova Innovation Ltd.
  • Seabased AB
  • Aquamarine Power Ltd.
  • Pelamis Wave Power Ltd.
  • CorPower Ocean AB
  • Mocean Energy Ltd.



The detailed segments and sub-segment of the market are explained below:

By Type:

  • Tidal Barrages
  • Tidal Stream
  • Wave Energy
  • Others


By Application:

  • Power Generation
  • Desalination
  • Water Pumping


By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA


Years considered for the study are as follows:

  • Historical year – 2022
  • Base year – 2023
  • Forecast period – 2023 to 2032


Key Takeaways:

  • Market Estimates & Forecast for 10 years from 2022 to 2032.
  • Annualized revenues and regional-level analysis for each market segment.
  • Detailed analysis of geographical landscape with Country-level analysis of major regions.
  • Competitive landscape with information on major players in the market.
  • Analysis of key business strategies and recommendations on future market approach.
  • Analysis of competitive structure of the market.
  • Demand side and supply side analysis of the market.