Abstract
Marine renewable energy is regarded as a nascent renewable energy resource that is less utilized due to a number of challenges in the sector. This paper focused on using both traditional and bibliometric analysis approaches to review the marine energy industry. It also assessed the various opportunities and challenges in the sector beyond technological challenges using PESTEL analysis. The results from the study identified the availability of renewable energy targets, international and national greenhouse gas (GHG) emissions reduction targets, job creation, skill transfer from offshore industries, renewable support, and low GHG emissions as the major opportunities for the sector. The challenges in the sector include the lack of commonality in device designs, high initial capital costs, lack of appropriate legal and regulatory frameworks, lack of funding, fragmentations in regulatory institutions, bad macro-economic indicators in some countries, environmental challenges, the survivability of the various technologies in the harsh oceanic environment, and strong competition from other renewable energy sources. The outcome of the bibliometric analysis spanning from 2013 to 2023 shows that tidal power is the focus of research in the field, and most studies are either focused on ways to improve its efficiency in terms of technology or on the identification of resource potentials for the siting of the various marine renewable power systems. Recommendations such as strong cooperation between the government and private sector, increased public education, collaboration with existing players in the marine sector, and increased research and development, among others, were proposed for the development of the sector.