How Is The Global Tidal Energy Market Defined?
Tidal energy, also known as tidal power, is a form of renewable energy that harnesses the movement of water caused by the gravitational pull of the moon and the sun on Earth's oceans. This energy is generated by capturing the kinetic and potential energy from the rise and fall of ocean tides. It can be converted into electricity using various technologies, such as tidal stream turbines and barrages. Tidal energy is predictable and sustainable, as tides are regular and cyclic, making it a reliable source of clean energy.
Tidal Energy Global Market Report 2024 provides data on the global tidal energy market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The tidal energy market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Tidal Energy Market Size And Annual Growth Rates?
The market for tidal energy has experienced significant growth in recent years. It is projected to rise from $0.96 billion in 2023 to $1.16 billion in 2024, marking a compound annual growth rate (CAGR) of 21.2%. This growth is driven by global climate agreements, the development and maintenance of tidal energy projects, increasing power generation, higher electricity demand, and growing infrastructure investments. Looking ahead, the market is expected to reach $2.53 billion by 2028, with a CAGR of 21.4%. Key drivers of this growth include rising costs of traditional energy, heightened environmental concerns, a global shift toward clean energy, and increasing renewable energy resources. Innovations in tidal energy technologies, energy storage, power purchase agreements (PPAs), marine engineering, and environmental impact assessments are key trends in the coming years.
Which Key Drivers Are Propelling The Tidal Energy Market's Growth?
The rising demand for renewable energy is expected to boost the tidal energy market. Renewable energy resources, replenished on a human timescale, offer sustainable power generation without depleting Earth's resources. Technological advancements, cost reductions, and public support for environmental sustainability drive the demand for renewable energy. Tidal energy complements wind and solar power, contributing to a more stable and diverse renewable energy mix. According to the U.S. Energy Information Administration, renewable energy constituted about 9% of total energy production and consumption in 2023, with hydropower generation increasing by approximately 6% compared to 2022. This growing demand for renewables is driving the tidal energy market.
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What Are The Key Segments Within The Global Tidal Energy Market?
The tidal energy market covered in this report is segmented –
1) By Method: Tidal Stream, Tidal Barrage, Tidal Turbine, Other Methods
2) By Capacity: Up To 100 kW, 100 kW To 500 kW, Above
3) By Depth Of Installation: Shallow Water, Transitional Water, Deep Water
4) By Application: Power Generation, Desalination
How Are New Trends Impacting The Size Of The Template Tidal Energy Market?
The tidal energy market is advancing with demonstration projects aimed at showcasing technology viability and enhancing efficiency. These initiatives involve testing tidal energy systems in real-world conditions to support commercial adoption. For instance, in March 2023, Singapore-based Bluenergy Solutions launched a Proof of Value project near Raffles Lighthouse. The project employs four tidal generators to replace diesel power, supporting decarbonization goals and integrating marine renewable energy solutions in Singapore.
Which Region Drives The Highest Growth In The Tidal Energy Market?
Europe was the largest region in the tidal energy market in 2023. The regions covered in the tidal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
