Marine Energy - United Kingdom

The Marine Energy Market within the Renewable Energy sector in the United Kingdom has seen a negligible decline, influenced by regulatory challenges, technological advancements, and the need for infrastructure investment to harness marine resources effectively.

Customer preferences: Consumers in the United Kingdom are increasingly prioritizing sustainable energy sources, with a growing interest in marine energy as a viable option for reducing carbon footprints. This shift is fueled by heightened environmental awareness and a desire for energy independence. Additionally, younger demographics are advocating for innovative technologies that leverage tidal and wave energy, reflecting a cultural shift towards embracing clean energy solutions. As lifestyle choices evolve, there is a notable demand for transparent energy sourcing, prompting greater interest in marine energy projects that promise ecological benefits and community engagement.

Trends in the market: In the United Kingdom, the Marine Energy Market is experiencing a surge in investment and innovation, driven by the urgent need to transition to sustainable energy sources. As public awareness of climate change grows, consumers are increasingly supporting tidal and wave energy initiatives, viewing them as essential for achieving net-zero targets. Additionally, government policies are fostering research and development in marine technologies, creating opportunities for collaboration among industry stakeholders. This trend signifies a shift towards diversifying energy portfolios and enhancing energy security, with potential implications for job creation and economic growth in coastal regions.

Local special circumstances: In the United Kingdom, the Marine Energy Market is shaped by its extensive coastline and strong tidal currents, making it uniquely positioned for tidal and wave energy exploitation. Cultural appreciation for maritime heritage fosters community support for marine projects, while regulatory frameworks promote innovation through funding and incentives. Additionally, the UK's commitment to achieving net-zero emissions by 2050 galvanizes investment in marine technologies. These factors collectively enhance collaboration among local stakeholders, driving advancements in sustainable energy solutions and bolstering economic resilience in coastal areas.

Underlying macroeconomic factors: The Marine Energy Market in the United Kingdom is significantly influenced by macroeconomic factors, including global energy trends, national economic stability, and fiscal policies aimed at promoting renewable energy. As global demand for clean energy rises amidst climate change concerns, the UK benefits from heightened investment in marine technologies. Nationally, a robust economy bolstered by government incentives and funding for marine projects enhances investor confidence. Additionally, favorable fiscal policies promoting green initiatives and innovation further stimulate growth. The increasing urgency to transition to sustainable energy sources underpins the market's potential, fostering collaboration among stakeholders and ensuring economic resilience in coastal communities.

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.