Global Tidal Energy Market Report 2024, Forecast To 2033
12 Nov, 2024
The tidal energy market has experienced substantial growth recently. It is expected to grow from $0.96 billion in 2023 to $1.16 billion in 2024, with a CAGR of 21.2%. Key factors driving this growth include international climate agreements, the development and maintenance of tidal energy projects, increased power generation, rising electricity demand, and growing infrastructure and development activities. The tidal energy market is set for substantial growth, expected to reach $2.53 billion by 2028 at a CAGR of 21.4%. This is fueled by increasing traditional energy costs, growing public awareness about environmental issues, the global shift towards cleaner energy sources, and the expansion of renewable energy resources. Key trends include innovations in tidal energy technologies, advancements in energy storage, the development of long-term power purchase agreements (PPAs), innovation in marine engineering, and improved environmental impact assessment techniques.
Major Driver In The Tidal Energy Market
The rising demand for renewable energy resources is expected to boost the tidal energy market. Renewable energy resources, which are naturally replenished on a human timescale, enable power generation without depleting Earth's resources. Technological advancements are making renewable energy more cost-effective, and the growing public support for sustainability fuels this demand. Tidal energy, which complements other renewable sources such as wind and solar, offers a stable and diverse portfolio for meeting global energy demands. In July 2024, the U.S. Energy Information Administration reported 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. This increase in renewable energy demand is contributing to the growth of the tidal energy market.
Request A Free Sample Of The Tidal Energy Market ReportTidal Energy Market Competitive Landscape
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
Key Tidal Energy Market Trend
Companies in the tidal energy market are concentrating on innovative projects and investments like tidal energy demonstration initiatives to boost efficiency and validate emerging technologies. These initiatives, often backed by governments, research bodies, and private companies, showcase the potential of tidal energy technologies in real-world conditions. For instance, in March 2023, Bluenergy Solutions, a Singapore-based renewable energy company, introduced its Proof of Value (POV) project off the coast of Singapore near Raffles Lighthouse. This project aims to harness tidal currents using small tidal generators to replace diesel power and contribute to Singapore's decarbonization efforts.
Purchase The Global Tidal Energy Market Report Directly And Get A Swift DeliveryGlobal Tidal Energy Market Segmentation
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.
The Tidal Energy Global Market Report 2024 furnishes information about the global tidal energy market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.