Global momentum is building around a transformative energy source—ocean energy. As nations double down on sustainability and energy giants reshape their strategies, this once-niche market is charging towards a bold new future. Strategic investments, high-impact joint ventures, and accelerating project pipelines are signalling a seismic shift that investors won’t want to miss.
The global ocean energy market is rapidly gaining traction, with demand surging as countries seek sustainable, scalable alternatives to fossil fuels. Valued at 145.70 thousand kilowatts in 2023, the market is forecast to grow to 1 million kilowatts by 2030, translating into a powerful 35.4% CAGR. This growth is anchored in the immense untapped potential of wave and tidal power, alongside increasing global support for clean energy innovation.
Leading energy firms are pivoting aggressively to tap into this growth. Companies like Iberdrola and SAE Renewables are scaling up investments and project development, placing ocean energy squarely at the centre of their renewable strategies. Iberdrola’s active acquisitions and grid investments reflect a deepening commitment to the long-term integration of marine energy sources. Similarly, SAE Renewables continues to build momentum through pioneering tidal turbine projects and international expansion.
Regionally, the United States is establishing a strong foundation for marine energy through robust federal support and innovation partnerships. Government funding and research-backed pilot projects along both coasts are advancing the commercial readiness of these technologies, setting the stage for long-term deployment.
Asia Pacific is proving itself a powerhouse in ocean energy, with Japan and Australia leading a dynamic push. The formation of JERA Nex bp—a joint offshore wind initiative between BP and JERA—highlights the region’s strategic shift toward high-capacity renewable generation. Meanwhile, SAE Renewables’ strategic presence in Japan and local collaborations are strengthening the region’s infrastructure and readiness.
Europe continues to lead from the front, fusing legacy expertise with forward-thinking investment. Iberdrola’s €2.5 billion acquisition of a major UK electricity distribution network solidifies its long-term play in grid-connected renewable infrastructure. The MeyGen tidal project in Scotland, spearheaded by SAE Renewables, remains a flagship development for Europe’s marine energy ambitions, showcasing the continent’s capability and commitment.
This fast-evolving landscape positions ocean energy as a vital pillar in the global clean energy transition, driven by a fusion of innovation, investment, and international cooperation.
SAE Renewables Limited (LON:SAE) was founded in 2005 as a supplier of tidal stream turbines, SAE quickly grew to include development of tidal stream projects and is the majority owner of MeyGen, the world’s largest tidal stream energy project.
