What Fueled The Previous Growth In The Tidal Energy Market?
The tidal energy market has seen considerable growth due to a variety of factors.
• The market size of tidal energy has experienced considerable expansion in the past few years. It is projected to escalate from $1.16 billion in 2024 to $1.41 billion in 2025, boasting a compound annual growth rate (CAGR) of 21.7%.
The expansion seen during the historic period is linked to global climate pacts, initiation and upkeep of tidal energy initiatives, an upswing in power production, a surge in electricity requirements, as well as an increase in infrastructure and development endeavors.
What Is The Expected Growth In The Tidal Energy Market Size Evolve over the Forecast Period?
The tidal energy market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of tidal energy is projected to increase substantially in the coming years, reaching $3.06 billion by 2029 with a compound annual growth rate (CAGR) of 21.3%.
Reasons for this significant growth during the prediction period include the escalating prices of conventional energy sources, heightened awareness and worry about ecological issues among the public, a worldwide trend for cleaner energy sources, and an increase in renewable energy resources. Some significant trends for the future include innovations in tidal energy technologies, advancements in energy storage methodologies, the creation of sustainable power purchase contracts (PPAs), breakthroughs in marine engineering, and improvements in assessing environmental impacts.
What Main Forces Are Fueling Expansion In The Tidal Energy Market?
The burgeoning need for renewable energy sources is predicted to accelerate the expansion of the tidal energy market. These renewable energy sources, replenished at a rate comparable to human lifespan, have the advantage of producing power without exhausting the Earth's resources. Technological progress demonstrating greater cost-efficiency of renewable sources and growing public endorsement of environmental sustainability propels the increased demand for renewable energy. Tidal energy augments other renewable forms, like wind and solar energy, providing a more stable and diverse renewable energy mix which bolsters worldwide energy quotas. For instance, in July 2024, the U.S. Energy Information Administration, a U.S. government agency, revealed that renewable energy represented about 9% of the total primary energy output and usage in 2023, with a roughly 6% rise in hydropower generation compared to 2022. Consequently, the appeal for renewable energy sources is stimulating the growth of the tidal energy market.
What Are The Primary Segments In The Global Tidal Energy Market?
The tidal energymarket 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
Subsegments:
1) By Tidal Stream: Horizontal Axis Tidal Turbine, Vertical Axis Tidal Turbine
2) By Tidal Barrage: Large-Scale Barrages, Small-Scale Barrages
3) By Tidal Turbine: Single Turbine Systems, Multi-Turbine Arrays
4) By Other Methods: Oscillating Water Columns, Dynamic Tidal Power Systems, Tidal Kites
Pre-Book The Tidal Energy Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Shaping The Tidal Energy Market?
Leaders in the tidal energy market like the tidal energy demonstration initiatives are focusing on innovation and investment to cement the effectiveness and practicality of new technologies. The goal of such initiatives is to highlight the capabilities of tidal energy solutions and propel their progress towards commercial use. They are often sponsored by governmental bodies, educational institutes, and private firms, to fine-tune and challenge tidal energy systems under actual conditions. Bluenergy Solutions, for instance, a Singaporean renewable energy solutions provider, initiated its Proof of Value (POV) in March 2023. Located off Singapore's coast near Raffles Lighthouse on Pulau Satumu, this initiative plans to employ four minor tidal generators (7 kW each) to replace the diesel power at the lighthouse. This substitution will decrease carbon emissions and further Singapore's decarbonization ambitions. The project signifies a crucial movement towards adopting marine renewable energy solutions in Singapore and is a positive contribution towards the nation's electrification and decarbonization objectives.
Who Are the Key Players In The Tidal Energy Market?
Major companies operating in the tidal energy market are:
• 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
What Is The Most Dominant Region In The Tidal Energy Market?
Europe was the largest region in the tidal energy market in 2024. The regions covered in the tidal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
