Markets and Opportunities
Image source: Atlantic Canada Bulk Terminal
Canada is exceptionally well positioned to become a global leader in marine renewable energy. With vast natural resources, world-class research and testing facilities, and deep expertise across both the energy and marine sectors, the country has a strong foundation to build a robust domestic market – while also exporting Canadian innovation, technology, and know-how to the world.
Markets for Marine Renewable Energy
Across the country, marine renewable energy can support a wide range of applications, including utility-scale electricity, remote and coastal energy systems, large electricity users, green fuel production, and off-grid “power at sea” solutions.
Utility-Scale and Baseload Power
Marine renewables offer reliable, utility-scale clean electricity. Offshore wind, tidal, and wave energy are highly predictable, deliver strong capacity factors, and align well with Canada’s long-term power needs. Offshore wind, in particular, can provide gigawatt-scale generation, strengthen grid resilience, and support greater interprovincial and interregional electricity integration.
Remote Communities and Coastal Regions
Many remote, island, and coastal communities face high energy costs and ongoing reliance on diesel. Marine renewable energy can harness local ocean and river resources to deliver clean, reliable power close to where it’s needed. When integrated with wind, solar, and energy storage, marine renewables can reduce fuel imports, improve energy security, strengthen microgrids, and support community energy sovereignty.
Data Centres
Rapid growth in data centres is reshaping electricity planning and placing new pressure on access to clean power. Marine renewable energy can help meet the needs of large electricity users, particularly in regions where grid capacity is constrained. Offshore and off-grid supply models offer reliable, low-carbon power while enabling continued digital growth without sacrificing affordability or system reliability.
Green Fuel Production
Marine renewable energy can provide clean, dedicated electricity for the production of green hydrogen and other sustainable fuels. Offshore wind, tidal, and wave energy offer scalable power for electrolysis, supporting both domestic decarbonization and export markets. As land-based renewable options become increasingly constrained, marine energy strengthens Canada’s long-term green fuel strategy.
Power at Sea (Off-Grid Applications)
“Power at sea” is a growing market for marine renewables, delivering zero-emission energy to offshore and ocean industries. Applications include aquaculture, ports, ocean observation, marine robotics, and offshore operations. Marine renewables reduce fuel costs, cut emissions, and support a resilient, sustainable blue economy.
Desalination
Marine renewable energy also offers a low-carbon solution for seawater desalination. Wave and tidal systems can directly power or pressurize desalination processes, reducing fossil fuel use and operating costs. As global demand for freshwater increases, marine renewables can help make water production more affordable and environmentally sustainable.
Domestic Opportunities for Growth
Expanding marine renewable energy in Canada means more than clean power – it means jobs and economic growth. Developing these resources could create more than 115,000 full-time jobs and contribute approximately $12 billion to Canada’s economy from construction alone. Wave and tidal energy projects form an important part of this pathway, adding an estimated $1 billion through construction and installation.
Offshore wind represents the single largest opportunity. By 2040, the sector could support an estimated 6,400 jobs across manufacturing, transportation, construction, installation, and long-term operations and maintenance.
Source: Power Advisory LLC
Supply Chain Readiness and Investment Opportunities
Canada’s marine and energy expertise provides a strong foundation for marine renewable supply chain growth – particularly in Atlantic Canada. A recent supply chain assessment identified approximately 1,070 companies with potential relevance to offshore and onshore wind.
Atlantic Canada has an experienced workforce and established companies in marine operations, logistics, and environmental services. Of the companies assessed for offshore wind, approximately 21–28% were considered highly applicable, with direct experience and relevant services. For onshore wind, roughly 22% of evaluated companies fell into the same category, with many others positioned to expand their capabilities.
Additional studies show strong readiness: 30% of Atlantic Canadian businesses already have highly applicable skills for offshore wind, while 60% possess relevant capabilities that could support the sector as it grows. More than 300 Canadian companies are also active in the tidal energy sector, demonstrating broad readiness to enter new markets and export expertise globally.
Marine renewable energy development further creates opportunities for remote, coastal, and northern communities by reducing diesel reliance, improving energy resilience, and supporting local ownership and long-term economic participation.
International Markets
Marine renewable energy is expanding globally, creating opportunities for Canadian companies across the value chain.
Offshore wind leads this growth, with approximately 83 GW of installed capacity worldwide and about 8 GW added in 2024 alone. China accounts for roughly half of global installations, followed by the United Kingdom, Germany, and the Netherlands. The global offshore wind market was valued at approximately USD 48.5 billion in 2024 and is expected to reach USD 142 billion by 2032. Offshore wind is increasingly recognized not only for decarbonization, but also for industrial development, job creation, and energy security.
Global Offshore Wind Forecast, Source: NREL, 2024
Wave and tidal energy are also gaining momentum. Since 2010, the European Union has installed approximately 13.5 MW of wave energy – part of more than 24 MW deployed globally- and about 32 MW of tidal stream capacity, which generated roughly 13.4 GWh of electricity in 2024. The global wave and tidal energy market was valued at approximately USD 7.1 billion in 2024 and is projected to reach USD 17.7 billion by 2033 as technologies transition from pilots to early commercial deployment.
Together, these trends demonstrate growing international demand for marine renewable solutions and position Canada to participate competitively through technology, services, and supply chain expertise.