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Tidal Energy Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | Alstom, AtkinsRéalis, Voith Hydro, EDF Renewables, AqualisBraemar LOC
Tidal Energy Global Market
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According to The Business Research Company's, The tidal energy market size has grown exponentially in recent years. It will grow from $0.96 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to international climate agreements, the development and maintenance of tidal energy projects, an increase in power generation, an increase in electricity demand, and a rise in infrastructure and development activities.
The tidal energy market size is expected to see exponential growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to increasing costs of traditional energy sources, increasing public awareness and concern about environmental issues, the global shift towards cleaner energy sources, and rising renewable energy resources. Major trends in the forecast period include innovations in tidal energy technologies, advances in energy storage technologies, the development of long-term power purchase agreements (PPAs), innovation in marine engineering, and advances in environmental impact assessment techniques.
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Market Drivers and Trends:
The rising demand for renewable energy resources is expected to propel the growth of the tidal energy market going forward. Renewable energy resources are natural sources of energy that are replenished on a human timescale and can be used to generate power without depleting the Earth's resources. The rising demand for renewable energy is driven by technological advancements making renewables more cost-effective and increasing public support for environmental sustainability. Tidal energy complements other renewable sources, such as wind and solar, contributing to a more stable and diverse renewable energy portfolio that helps sustain global energy demands. For instance, in July 2024, according to the U.S. Energy Information Administration, a U.S.-based government agency, 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 the growth of the tidal energy market.
Major companies operating in the tidal energy market are focused on innovative projects and investments, such as tidal energy demonstration initiatives, to enhance efficiency and prove the viability of emerging technologies. Tidal energy demonstration initiatives are projects aimed at showcasing the potential of tidal energy technologies and advancing their development for commercial use. These initiatives are often supported by governments, research institutions, and private companies to test and refine tidal energy systems in real-world conditions. For instance, in March 2023, Bluenergy Solutions, a Singapore-based company that provides renewable energy solutions, launched its Proof of Value (POV) project, a tidal energy demonstration initiative off the coast of Singapore near Raffles Lighthouse on Pulau Satumu. This project aims to harness tidal currents using four small tidal generators (7 kW each) to replace diesel power at the lighthouse, thereby reducing carbon emissions and supporting Singapore's decarbonization goals. This project marks a significant step towards integrating marine renewable energy solutions in Singapore, contributing to the nation's electrification and decarbonization goals.
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Major Key Players of the Market:
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
Tidal Energy Market 2024 Key Insights:
• The tidal energy market size is expected to see exponential growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.
• The Demand For Renewable Energy Resources Propelling The Growth Of The Tidal Energy Market
• Advancing Efficiency And Decarbonization With Innovative Projects
• Europe was the largest region in the tidal energy market in 2023
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