Growing consumer interest in beach holidays, ecotourism, and marine experiences is fueling the growth of the ocean economy market.
New York, USA, Jan. 02, 2025 (GLOBE NEWSWIRE) — Market Overview
In 2024, the size of the global ocean economy was estimated to be USD 2.39 trillion. With a CAGR of 7.8%, the market is expected to increase from USD 2.57 trillion in 2025 to USD 5.04 trillion by 2034.
Market Introduction
The ocean economy focuses exclusively on boosting the ocean’s economic system and merely addresses the utilization of ocean resources. The concept of the “blue economy” extends beyond seeing the ocean economy as a purely economic development engine. The sustainability of the ocean for economic expansion is its main concern. It encompasses industries including tourism, renewable energy, marine biotechnology, fishing, and maritime transportation. By using ocean resources and preserving marine habitats, this market seeks to strike a balance between economic expansion and environmental preservation.
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Report Scope and Attributes
| Report Attribute | Details |
| Market Value in 2025 | USD 2.57 trillion |
| Market value by 2034 | USD 5.04 trillion |
| CAGR | 7.8% |
| Base Year | 2024 |
| Historical Data | 2020–2023 |
| Forecast Period | 2025–2034 |
Major Players in Ocean Economy Market
The ocean economy market is characterized by a wide range of regional and international competitors vying for market share in a number of different sectors, such as ocean energy, marine biotechnology, and maritime infrastructure. A few of the major players operating in the market are:
- ABB Group
- A.P. Moller – Maersk
- DNV GL
- General Electric (GE)
- MarineBio Technology
- Ocean Infinity
- Royal Dutch Shell
- Schneider Electric
- Siemens Gamesa Renewable Energy
- The Ocean Cleanup
Ocean Economy Market Growth Drivers
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Growing Consumption of Oil and Gas
The increasing oil and gas consumption is proving to be a significant driver of the ocean economy market, reflecting the impact that it has on the expansion of the market. The upward trends in the consumption of oil and gas across the globe characterize the heightened demand for energy sources. Increased activity in offshore exploration and extraction is a direct result of the greater reliance on gas and oil. The ocean economy’s marine sectors have seen substantial investments due to the increased demand for offshore drilling, production facilities, and related infrastructure.
Increasing Demand for Seafood
The increasing demand for a variety of seafood cuisines across the globe is greatly influencing the expansion of the ocean economy market. Countries like Canada, Japan, China, Indonesia, Australia, and Chile are among the top suppliers of seafood products. The import from these countries discloses a critical role played by seafood in global trade. Also, it goes on to showcase the growing expansion of different segments of the ocean economy, such as aquaculture and fisheries. This strong trade dynamic demonstrates the sector’s growth, which in turn drives market expansion.
Regional Insights
The study provides market insights into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
In 2024, North America dominated the worldwide ocean economy market due to a combination of several factors, such as the region’s long coastline, sophisticated marine infrastructure, and large investments in offshore energy production, especially in the oil and gas industry. Its supremacy has also been reinforced by North America’s sophisticated shipping sector, which is backed by important ports on the Atlantic and Pacific coastlines.
The ocean economy market in Asia Pacific is anticipated to develop at the greatest CAGR during the forecast period as a result of the region’s booming marine trade, fast urbanization, and rising offshore energy exploration investments. Maritime transport and logistics operations are increasing throughout the area due to the growing e-commerce industry. Additionally, increased demand for effective and extensive goods transportation due to the rise in online retail has resulted in higher expenditures in port infrastructure and shipping technology.
Recent Progress in Ocean Economy Market
April 2024: DNV purchased the former majority stake in Ocean Ecology, Åkerblå. As the exclusive owner of Ocean Ecology, DNV has solidified its position as a leader in the aquaculture and biodiversity industries.
January 2024: In order to expand its maritime software capabilities, ABB purchased DTN Shipping from DTN Europe BV and DTN Philippines Inc. This action positions ABB as a key participant in the integration of ship route optimization and advanced analytics and modeling into vessel routing solutions.
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Ocean Economy Market Segmentation
By Industry Type Outlook (Revenue – USD Trillion, 2020-2034)
- Marine Renewable Energy
- Fisheries and Aquaculture
- Marine Biotechnology
- Marine Transport and Shipping
- Marine Tourism and Recreation
- Offshore Oil and Gas
- Others
By Regional Outlook (Revenue – USD Trillion, 2020-2034)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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