Ocean energy is one of the few sources of renewable energy which remains untapped  . Europe’s rich natural resources and conditions mean that 10 % of EU electricity demand could be met by ocean energy by 2050. It is therefore well placed to contribute to key objectives in the Energy Union Strategy  in terms of decarbonisation of the energy system and increased security of supply, and to the goals of the Blue Growth Strategy  in terms of economic impacts and employment creation in coastal regions.
Ocean energy represents an area of leadership for Europe, which hosts the majority of tidal and wave energy developers  ; 78 % of global installed capacity is deployed in European waters. But further development is needed to make ocean energy technologies a key player in the transformation of the energy system, and to exploit their potential for growth and job creation in the EU.
The European Commission has laid out a number of policy initiatives to support the deployment of new ocean energy technologies, building on current industrial leadership and providing a route to market. The SET Plan Implementation Plan  for ocean energy provides 11 Research and Innovation activities to drive the sector towards commercialisation, whilst the recent DG MARE market study  investigates ways to create market support systems for it.
This edition of SETIS Magazine takes a closer look at the development of ocean energy technologies in Europe and worldwide. It examines the current policy drivers at European and International level, and looks at innovation in the sector. Renowned experts from the wider research and policy community assess the state of the art of ocean energy from various angles: technological, financial and environmental. Routes to market are also explored, including the role of ocean energy in powering islands and remote communities in low-resource areas. International examples provide further insight into the long-term benefits of ocean energy, and on alternative policy approaches for driving its development.
 EU companies hold 66% of tidal stream patents and 44% of wave energy patents globally. Source: Ocean Energy Europe, IRENA