How much will ocean energy market expand by 2029?

APAC will be a leader in the sector.

The ocean energy market is projected to reach $2.33b by 2029, growing at a compound annual growth rate of 23.1%.

According to The Business Research Company (TBRC), this growth can be associated to the escalating need for energy, increasing anxiety over energy security, growing energy expenses, environmental degradation, surging global electricity consumption, and amplifying consumer demand for eco-friendly energy.

The market reached $830m in 2024 and is expected to hit $1.01b in 2025 due to factors such as increased necessity to reduce carbon emissions and combat climate change, governmental regulatory support, the emergence and growth of the ocean energy industry, a noticeable shift towards renewable energy sources, and the ongoing depletion of fossil fuels.

The Asia-Pacific region is expected to experience the most rapid growth in the coming years.

“Key trends identified during the forecast period consist of incorporating blockchain technology in the energy sector, potent monitoring technologies and intensive architecture, innovative renewable energy source technology, advancement in ocean energy technologies, and headway in wave and tidal energy technologies,” the company said.