Market Potential and Sustainability: A Comprehensive Analysis of Marine Renewable Energy Technologies

The global energy transition towards cleaner and more sustainable alternatives is essential for mitigating climate change and enhancing energy security. Marine energy technologies, including offshore wind (OSW), tidal energy (TE), wave energy (WE), ocean thermal energy conversion (OTEC), and salinity gradient power (SGP), offer promising solutions to diversify the renewable energy portfolio and reduce reliance on traditional fossil fuels. This study comprehensively analyses marine energy's technical, environmental, and socio-economic dimensions. Key findings reveal the vast potential of marine energy technologies in addressing global energy challenges. Despite initial hurdles such as high upfront costs and environmental concerns, ongoing technological advancements and concerted global efforts drive increased interest and investment in marine energy projects worldwide. Market analysis underscores the significant role of marine energy in meeting growing electricity demand and providing sustainable solutions for desalination and wastewater treatment. Consumer perception and adoption patterns play a crucial role in shaping the future trajectory of marine energy technologies. Effective marketing and communication strategies are essential for fostering greater acceptance and adoption in the energy market. Economic viability analysis highlights job creation and infrastructure investment potential supported by government policies and incentives. Stakeholder engagement emerges as a critical determinant of success in the marine energy sector, emphasizing the importance of collaboration among businesses, policymakers, and local communities. Embracing the vast potential of ocean-based energy sources is imperative for navigating towards a cleaner, more resilient energy future. Continued research, investment, and collaboration are essential to unlocking the full potential of marine energy and ensuring a sustainable energy transition.