The tidal energy market size has experienced exponential growth in recent years, anticipated to increase from $0.96 billion in 2023 to $1.16 billion in 2024, with a remarkable CAGR of 21.2%. This growth in the historic period has been driven by international climate agreements, ongoing development and maintenance of tidal energy projects, increased power generation, heightened electricity demand, and a rise in infrastructure development activities. Looking ahead, the tidal energy market size is expected to soar to $2.53 billion by 2028 at a CAGR of 21.4%. The forecasted growth is attributed to rising costs of traditional energy sources, growing public awareness and concern about environmental issues, a global shift towards cleaner energy sources, and increasing renewable energy resources. Significant trends during this period include innovations in tidal energy technologies, advancements in energy storage solutions, the development of long-term power purchase agreements (PPAs), innovations in marine engineering, and improvements in environmental impact assessment techniques.
Global Tidal Energy Market Key Driver
The rising demand for renewable energy resources is expected to propel the growth of the tidal energy market. Renewable energy resources are naturally replenished on a human timescale, enabling power generation without depleting the Earth's resources. This demand is fueled by technological advancements that make renewables more cost-effective and increased public support for sustainability. Tidal energy complements other renewables like wind and solar, contributing to a stable and diverse renewable energy portfolio that meets global energy demands. In July 2024, the U.S. Energy Information Administration noted that renewable energy accounted for approximately 9% of total primary energy production and consumption in 2023, with hydropower generation increasing by about 6% compared to 2022. Therefore, the demand for renewable energy resources is driving tidal energy market growth.
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Global Tidal Energy Market Segments
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
By Geography:The regions covered in the tidal energy market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the tidal energy market in 2023.
Major Tidal Energy Industry Players
Alstom, AtkinsRéalis, Voith Hydro, EDF Renewables, AqualisBraemar LOC, Trident Energy, SCHOTTEL HYDRO GmbH, Verdant Power Inc., SIMEC Atlantis Energy, Aberdeen Renewable Energy Group (AREG), Blue Energy Canada, Nova Innovation, Minesto, Tocardo Tidal Power, Makai Ocean Engineering, Ocean Renewable Power Company (ORPC), Orbital Marine Power, Silverstream Technologies, DP Energy, Kepler Energy, Magallanes Renovables S.L., Instream Energy Systems, OpenHydro, Sustainable Marine Energy Ltd
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Tidal Energy Market Overview
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 2023 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.
