Marine Energy - Worldwide

The Marine Energy market within the Renewable Energy sector has shown a mild growth trajectory worldwide, influenced by advancements in technology, increasing investments, and a growing focus on sustainable energy sources, despite facing challenges in infrastructure development.

Customer preferences: Consumers are increasingly prioritizing sustainable energy solutions, leading to a rising interest in marine energy as a viable alternative. This shift is particularly pronounced among younger demographics who value eco-friendly practices and are more engaged in climate activism. Additionally, coastal communities are advocating for localized energy sources, reflecting a desire for energy independence and resilience against climate change. As lifestyles evolve towards greater environmental consciousness, the demand for innovative marine energy solutions continues to grow, influencing investment and policy decisions.

Trends in the market: The Marine Energy Market within the Renewable Energy sector is experiencing significant growth, driven by advancements in tidal and wave energy technologies. In Europe, countries like the UK and France are investing heavily in offshore renewable projects, while in the United States, coastal states are exploring marine energy as a means to diversify their energy portfolios. Additionally, Asia-Pacific nations are recognizing the potential of marine energy to meet energy demands sustainably. This increasing focus on marine energy not only supports global climate goals but also encourages innovation, attracting investment and fostering collaboration among industry stakeholders.

Local special circumstances: In the UK, the Marine Energy Market is flourishing thanks to its extensive coastline and strong government support for renewable initiatives. The presence of established marine energy projects, such as tidal stream arrays, has fostered a collaborative environment among local universities and industry players. In Australia, the market is influenced by a cultural emphasis on sustainability and conservation, driving interest in wave energy solutions along its vast shores. Meanwhile, regulatory frameworks in Europe promote cross-border collaborations, enhancing technology sharing and investment in marine energy innovations.

Underlying macroeconomic factors: The Marine Energy Market is significantly shaped by macroeconomic factors such as global renewable energy trends, national economic stability, and supportive fiscal policies. Countries investing in marine energy technologies benefit from a burgeoning demand for sustainable energy solutions, driven by climate change concerns and energy security. Strong government initiatives and funding enhance research and development, while favorable regulatory frameworks encourage private sector investments. Moreover, fluctuations in global energy prices can impact the competitiveness of marine energy projects, influencing overall market growth and innovation in this vital sector.

Data coverage:

The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.