Press release
Riding the Wave: Tidal Energy Market Poised for Global Growth
Tidal energy is considered renewable because the tides are predictable and occur daily due to the gravitational relationship between the Earth, Moon, and Sun. It is also environmentally friendly compared to some other forms of energy generation, as it produces no greenhouse gas emissions once operational.
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Asia-Pacific is expected to be the growing market with a CAGR of 21.9% during the forecast period. In this region, South Korea leads the tidal energy market globally with a total installed power capacity of 511 MW of tidal power plants.
China has recently deployed various pilot projects to develop the potential of marine energy and also improve marine security.
The presence of developing countries in this region such as India and other Southeast Asian countries has a keen interest in tidal energy due to its long-lasting and unlimited power generation capability.
The presence of upcoming tidal energy projects in this region from India, China, Philippines, South Korea, Japan, and other APAC countries is expected provide ample opportunities for the development of the tidal energy market.
The Europe region is expected to dominate the market by 2033, accounting for over two-fifths of market revenue. The region's demand for green energy and the low presence of natural conventional resources for power generation positively impact the tidal energy market.
The key players analysed in the global tidal energy market report include European Marine Energy Centre, Andritz AG, Orbital Marine Power Ltd., Sustainable Marine Energy Ltd., Nova Innovation Ltd., SIMEC Atlantis Energy Ltd, HydroQuest SAS, Verdant Power Inc., Hammerfest Strom AS, and Minesto AB.
The global tidal energy market is witnessing growth due to technological advancements, and the presence of abundant marine resources. The tidal barrage segment, which accounts for more than two-fifths of market revenue, is expected to grow faster.
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Sustainable technologies, export potential, renewable energy, and zero carbon emissions are key trends for the tidal energy market growth. The power generation segment is projected to grow at a CAGR of 20.1% from 2024 to 2033.
Tidal energy harnesses the natural power of ocean tides, presenting a significant driver in the renewable energy market. With approximately 71% of the Earth's surface covered by water, tidal energy offers a vast and renewable resource.
The predictability and consistency of tidal patterns ensure a reliable energy source, making it an attractive option for sustainable power generation.
As technology advances, tapping into this abundant resource becomes increasingly feasible, driving further investment and innovation in the tidal energy market trends.
Coastal communities present a unique opportunity for the expansion of the tidal energy market. Situated near the ocean, these communities often face energy challenges and are susceptible to the impacts of climate change, such as sea-level rise and extreme weather events.
Tidal energy offers a locally sourced and resilient power solution, reducing dependence on imported fossil fuels and enhancing energy security.
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Investment in tidal energy infrastructure can stimulate economic growth, create jobs, and foster technological innovation within coastal regions, positioning them as hubs for sustainable development and renewable energy expertise.
On the basis of method, the tidal turbine segment is expected to grow at a CAGR of 21.6% during the tidal energy market forecast period. Tidal currents are a reliable, predictable renewable energy source with a high energy density, enabling efficient turbine operation in harsh marine environments.
Technological advancements have improved efficiency and reliability, making them an attractive solution for countries transitioning to cleaner energy sources.
The tidal energy industry is maturing, with increased investment from governments and private investors, leading to larger-scale projects and more turbine deployment. Tidal energy is a clean and renewable energy source with minimal greenhouse gas emissions.
On the basis of application, the desalination segment is expected to grow at a CAGR of 22.4% during the tidal energy market outlook period. The presence of demand for fresh water in developed, developing, and low freshwater resource countries will drive the market growth.
The development of a desalination process to convert seawater to fresh water requires a huge amount of continuous power which led to the utilization of tidal energy to power the desalination equipment to produce fresh water.
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Middle East countries such as Saudi Arabia, UAE, and others, have a high demand for freshwater resources, which is expected to provide ample opportunities for the development of the tidal energy market in desalination.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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