As per Intent Market Research, the Marine Energy Market was valued at USD 1.5 Billion in 2024-e and will surpass USD 4.3 Billion by 2030; growing at a CAGR of 18.4% during 2025-2030.
The marine energy market is emerging as a vital component of the global renewable energy landscape, driven by increasing investments in clean energy, technological advancements, and supportive government policies. Harnessing the vast potential of oceans, marine energy solutions offer sustainable alternatives to conventional power sources. Key segments of this market include wave energy, tidal energy, ocean thermal energy conversion (OTEC), and salinity gradient power. These technologies are being deployed across various applications such as power generation, desalination, environmental protection, and thermal regulation.
Wave Energy Segment is Largest Owing to High Resource Availability
Wave energy leads the marine energy market due to its vast resource potential and ongoing technological innovations. The constant motion of ocean waves provides a continuous and predictable energy source, making it a highly attractive option for renewable power generation. Various regions worldwide, including Europe and North America, are actively investing in wave energy projects, accelerating commercialization.
Recent technological advancements, including the development of oscillating water columns and point absorbers, have significantly improved energy conversion efficiency. Companies such as Ocean Power Technologies and CorPower Ocean have pioneered new wave energy systems, increasing the sector’s commercial viability. The European Union's substantial funding for wave energy projects further solidifies its dominance in the marine energy landscape.
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Power Generation is Largest Owing to Global Shift Toward Renewable Energy
Power generation remains the dominant application in the marine energy market as governments and businesses strive to reduce dependence on fossil fuels. Marine energy solutions are increasingly being integrated into national energy grids, contributing to the transition toward a low-carbon economy.
Several wave and tidal power projects have reached commercial-scale deployment, with governments offering financial incentives for marine energy adoption. Leading energy firms, including Ocean Renewable Power Company and Minesto, are focusing on scaling up marine power plants to ensure a stable and continuous energy supply.
Desalination is Fastest Growing Due to Water Scarcity Challenges
Desalination applications of marine energy are expanding rapidly due to increasing water scarcity worldwide. Marine energy technologies, particularly OTEC and wave energy, provide sustainable power solutions for desalination plants, reducing reliance on conventional energy sources.
Regions facing severe water shortages, such as the Middle East, Australia, and parts of Africa, are investing heavily in renewable-powered desalination infrastructure. Companies like Carnegie Clean Energy are at the forefront of integrating wave energy systems with desalination technology, enhancing water security through sustainable practices.
Oscillating Water Columns are Largest Owing to Commercial Viability
Among marine energy technologies, oscillating water columns (OWCs) are the most widely adopted due to their high commercial viability and efficiency in wave energy conversion. OWCs harness the motion of ocean waves to compress air within a chamber, driving turbines to generate electricity.
Several large-scale OWC projects have been deployed across Europe and Australia, demonstrating their effectiveness in harnessing wave power. Research and development efforts continue to refine the technology, making it a preferred choice for wave energy commercialization.
Europe is the Largest Market Due to Strong Policy Support
Europe dominates the global marine energy market, supported by ambitious renewable energy targets and government funding for research and development. Countries such as the UK, France, and Norway have established large-scale marine energy projects, positioning the region as a leader in the sector.
The European Union's commitment to reducing carbon emissions has spurred investment in wave and tidal energy, with several commercial installations already operational. The presence of leading marine energy companies further reinforces Europe’s position as the largest regional market.
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Competitive Landscape and Leading Companies
The marine energy market is characterized by a mix of established players and innovative startups, each contributing to technological advancements and market expansion. Leading companies such as Ocean Power Technologies, SIMEC Atlantis Energy, Minesto, and Orbital Marine Power are actively developing next-generation marine energy solutions.
Competition in the market is driven by advancements in efficiency, cost reduction, and scalability of marine energy technologies. Strategic partnerships, mergers, and acquisitions are common as companies seek to strengthen their market presence. With increasing government support and private sector investment, the marine energy industry is poised for significant growth in the coming years.
List of Leading Companies:
- Ocean Power Technologies, Inc.
- Minesto AB
- Atlantis Resources Ltd.
- Carnegie Clean Energy Limited
- Wello Inc.
- CorPower Ocean
- Ocean Renewable Power Company
- Aquamarine Power
- Seabase Ship Management Private Limited
- BioPower Systems Pty Ltd.
- AW-Energy Ltd.
- Magallanes Renovables
- Orbital Marine Power
- SIMEC Atlantis Energy
- Oscilla Power, Inc.
Recent Developments:
- In October 2024, CorPower Ocean secured €32 million in Series B funding to advance the commercialization of their wave energy technology.
- In November 2023, Minesto shipped a 1.2MW Dragon 12 turbine to the Faroe Islands, aiming to enhance tidal energy production in the region.
- In September 2023, Orbital Marine Power was awarded contracts for 4.8MW and 2.4MW in the UK's Contracts for Difference auction, planning to supply electricity from turbines at Eday starting in 2026.
- In July 2024, Singapore's Cyan Renewables acquired Australia's MMA Offshore for A$1.1 billion, marking a significant move in the offshore wind service sector.
- In October 2024, Lloyd's Register announced plans to acquire Ocean Technologies Group, aiming to enhance their digital capabilities in maritime operations.
Report Scope:
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Report Features |
Description |
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Market Size (2024-e) |
USD 1.5 Billion |
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Forecasted Value (2030) |
USD 4.3 Billion |
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CAGR (2025 – 2030) |
18.4% |
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Base Year for Estimation |
2024-e |
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Historic Year |
2023 |
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Forecast Period |
2025 – 2030 |
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Report Coverage |
Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments |
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Segments Covered |
Marine Energy Market By Energy Type (Wave Energy, Tidal Energy, Ocean Thermal Energy Conversion (OTEC), Salinity Gradient Power), By Application (Power Generation, Desalination, Environmental Protection, Cooling and Heating), By Technology (Oscillating Water Columns, Point Absorbers, Attenuators, Overtopping Devices) |
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Regional Analysis |
North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) |
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Major Companies |
Ocean Power Technologies, Inc., Minesto AB, Atlantis Resources Ltd., Carnegie Clean Energy Limited, Wello Inc., CorPower Ocean, Ocean Renewable Power Company, Aquamarine Power, Seabase Ship Management Private Limited, BioPower Systems Pty Ltd., AW-Energy Ltd., Magallanes Renovables, Orbital Marine Power, SIMEC Atlantis Energy, Oscilla Power, Inc. |
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Customization Scope |
Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements |
Frequently Asked Questions
The Marine Energy Market was valued at USD 1.5 Billion in 2024-e and is expected to grow at a CAGR of over 18.4% from 2025 to 2030
The main applications include power generation, desalination, environmental protection, and providing cooling and heating solutions.
Increasing demand for renewable energy sources and technological advancements in wave and tidal energy systems are major growth drivers.
Challenges include high initial costs, environmental impact assessments causing delays, and technological hurdles in energy conversion efficiency.
Wave energy systems led the market in 2022, owing to their vast potential and consistent availability.
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1. Introduction |
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1.1. Market Definition |
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1.2. Scope of the Study |
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1.3. Research Assumptions |
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1.4. Study Limitations |
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2. Research Methodology |
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2.1. Research Approach |
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2.1.1. Top-Down Method |
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2.1.2. Bottom-Up Method |
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2.1.3. Factor Impact Analysis |
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2.2. Insights & Data Collection Process |
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2.2.1. Secondary Research |
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2.2.2. Primary Research |
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2.3. Data Mining Process |
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2.3.1. Data Analysis |
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2.3.2. Data Validation and Revalidation |
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2.3.3. Data Triangulation |
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3. Executive Summary |
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3.1. Major Markets & Segments |
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3.2. Highest Growing Regions and Respective Countries |
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3.3. Impact of Growth Drivers & Inhibitors |
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3.4. Regulatory Overview by Country |
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4. Marine Energy Market, by Energy Type (Market Size & Forecast: USD Million, 2023 – 2030) |
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4.1. Wave Energy |
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4.2. Tidal Energy |
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4.3. Ocean Thermal Energy Conversion (OTEC) |
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4.4. Salinity Gradient Power |
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5. Marine Energy Market, by Application (Market Size & Forecast: USD Million, 2023 – 2030) |
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5.1. Power Generation |
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5.2. Desalination |
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5.3. Environmental Protection |
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5.4. Cooling and Heating |
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6. Marine Energy Market, by Technology (Market Size & Forecast: USD Million, 2023 – 2030) |
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6.1. Oscillating Water Columns |
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6.2. Point Absorbers |
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6.3. Attenuators |
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6.4. Overtopping Devices |
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7. Regional Analysis (Market Size & Forecast: USD Million, 2023 – 2030) |
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7.1. Regional Overview |
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7.2. North America |
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7.2.1. Regional Trends & Growth Drivers |
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7.2.2. Barriers & Challenges |
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7.2.3. Opportunities |
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7.2.4. Factor Impact Analysis |
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7.2.5. Technology Trends |
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7.2.6. North America Marine Energy Market, by Energy Type |
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7.2.7. North America Marine Energy Market, by Application |
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7.2.8. North America Marine Energy Market, by Technology |
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7.2.9. By Country |
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7.2.9.1. US |
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7.2.9.1.1. US Marine Energy Market, by Energy Type |
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7.2.9.1.2. US Marine Energy Market, by Application |
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7.2.9.1.3. US Marine Energy Market, by Technology |
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7.2.9.2. Canada |
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7.2.9.3. Mexico |
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*Similar segmentation will be provided for each region and country |
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7.3. Europe |
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7.4. Asia-Pacific |
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7.5. Latin America |
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7.6. Middle East & Africa |
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8. Competitive Landscape |
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8.1. Overview of the Key Players |
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8.2. Competitive Ecosystem |
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8.2.1. Level of Fragmentation |
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8.2.2. Market Consolidation |
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8.2.3. Product Innovation |
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8.3. Company Share Analysis |
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8.4. Company Benchmarking Matrix |
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8.4.1. Strategic Overview |
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8.4.2. Product Innovations |
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8.5. Start-up Ecosystem |
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8.6. Strategic Competitive Insights/ Customer Imperatives |
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8.7. ESG Matrix/ Sustainability Matrix |
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8.8. Manufacturing Network |
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8.8.1. Locations |
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8.8.2. Supply Chain and Logistics |
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8.8.3. Product Flexibility/Customization |
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8.8.4. Digital Transformation and Connectivity |
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8.8.5. Environmental and Regulatory Compliance |
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8.9. Technology Readiness Level Matrix |
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8.10. Technology Maturity Curve |
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8.11. Buying Criteria |
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9. Company Profiles |
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9.1. Ocean Power Technologies, Inc. |
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9.1.1. Company Overview |
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9.1.2. Company Financials |
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9.1.3. Product/Service Portfolio |
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9.1.4. Recent Developments |
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9.1.5. IMR Analysis |
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*Similar information will be provided for other companies |
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9.2. Minesto AB |
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9.3. Atlantis Resources Ltd. |
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9.4. Carnegie Clean Energy Limited |
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9.5. Wello Inc. |
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9.6. CorPower Ocean |
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9.7. Ocean Renewable Power Company |
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9.8. Aquamarine Power |
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9.9. Seabase Ship Management Private Limited |
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9.10. BioPower Systems Pty Ltd. |
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9.11. AW-Energy Ltd. |
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9.12. Magallanes Renovables |
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9.13. Orbital Marine Power |
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9.14. SIMEC Atlantis Energy |
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9.15. Oscilla Power, Inc. |
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10. Appendix |
A comprehensive market research approach was employed to gather and analyze data on the Marine Energy Market. In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Marine Energy Market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.
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Secondary Research
Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.
Primary Research
Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the Automated Breast Ultrasound Systems ecosystem. The primary research objectives included:
- Validating findings and assumptions derived from secondary research
- Gathering qualitative and quantitative data on market trends, drivers, and challenges
- Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
- Assessing the supply-side landscape, including technological advancements and recent developments
Market Size Assessment
A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Marine Energy Market. These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:
- Identification of key industry players and relevant revenues through extensive secondary research
- Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
- Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources
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Data Triangulation
To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.