Leading Element Driving Change in the Tidal Energy Market in 2025: The Demand For Renewable Energy Resources Propelling The Growth Of The Tidal Energy Market Driver

How Are the key drivers contributing to the expansion of the tidal energy market?
The growth of the tidal energy market is projected to be driven by an increasing demand for renewable energy resources. Renewable energy resources, natural energy sources renewed on a human timescale without exhausting the Earth's resources, can be utilized for power generation. The demand surge for renewable energy can be attributed to technological progress that makes renewable resources more economically viable and rising public advocacy for environmental preservation. Tidal energy harmonizes with other renewable energy forms like wind and solar, contributing to a well-rounded and diverse renewable energy repertoire that caters to worldwide energy requirements. For example, in July 2024, the U.S. Energy Information Administration, a government agency, reported that approximately 9% of the total primary energy production and consumption in 2023 was from renewable energy, with hydropower generation witnessing a surge of about 6% compared to 2022. Hence, the rising demand for renewable energy resources is fuelling the expansion of the tidal energy market.

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What growth opportunities are expected to drive the tidal energy market's CAGR through 2034?
The market size for tidal energy has seen a significant surge in recent times. 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 historic period's growth can be traced back to factors like international climate accords, the establishment and upkeep of tidal energy initiatives, a rise in power production, amplified electricity requirement, and an increase in infrastructure and developmental endeavors.

The market size for tidal energy is projected to undergo a dramatic expansion in the following years. It is estimated to balloon to $3.06 billion by 2029, experiencing a compound annual growth rate (CAGR) of 21.3%. This advancement during the predicting period could be traced back to several factors such as the escalating prices of conventional energy resources, heightened public knowledge and concern regarding environmental matters, the worldwide transition to more environmentally friendly energy alternatives, and the surge in renewable energy resources. Key trends observed for the prediction period include breakthroughs in tidal energy technologies, progression in energy storage technologies, the establishment of long-standing power purchase agreements (PPAs), innovations in marine engineering, and improvements in environmental impact evaluation methods.

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What are the emerging trends shaping the future of the tidal energy market?
Prominent firms in the tidal energy market are honing their focus on innovation and investment, particularly in tidal energy demonstration projects, to improve efficiency and verify the capabilities of new technologies. These demonstration projects are designed to exhibit the potential of tidal energy technology and hasten its progress towards being commercially viable. They are usually backed by governments, research entities and private corporations to test and adjust tidal energy systems under realistic conditions. For example, in March 2023, Bluenergy Solutions, a renewable energy solutions firm based in Singapore, unveiled its Proof of Value (POV) project. This is a tidal energy demonstration initiative situated off Singapore's coast near Raffles Lighthouse on Pulau Satumu. The project's goal is to exploit tidal currents via four small tidal generators (7 kW each) in order to replace the diesel power supply at the lighthouse, thus cutting carbon emissions and aiding Singapore's decarbonization objectives. This project signifies a major stride in incorporating marine renewable energy solutions in Singapore and adds to the country's efforts towards electrification and decarbonization.

Which growth-oriented segments of the tidal energy market are leading the industry's development?
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

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What regions are leading the charge 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.

What companies are at the forefront of innovation 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

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What Is Covered In The Tidal Energy Global Market Report?

•Market Size Forecast: Examine the tidal energy market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the tidal energy market for a structured understanding.
•Key Players Overview: Analyze major players in the tidal energy market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the tidal energy market.
•Segment Contributions: Evaluate how different segments drive overall growth in the tidal energy market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the tidal energy market.
•Industry Challenges: Identify potential risks and obstacles affecting the tidal energy market.
•Competitive Landscape: Review strategic developments in the tidal energy market, including expansions, agreements, and new product launches.

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