Global Tidal Power Market Overview
Tidal Power Market Size was estimated at 0.79 (USD Billion) in 2022. The Tidal Power Market Industry is expected to grow from 1.09(USD Billion) in 2023 to 20.0 (USD Billion) by 2032. The Tidal Power Market CAGR (growth rate) is expected to be around 38.13% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Tidal Power Market Trends Highlighted
In recent years, the upward trend in the tidal power market can be attributed to the rise in the renewable energy market and the government’s support, as well as improvements in technology. Among them are the energy cost surge, environmental awareness rise, and the urge for energy-sustainable development. Development of lower-cost technologies, identification of new tidal sites, and push for inter-grid connectivity are techniques that present room for growth and development in exploration and capture. More recent developments in the tidal power market have been the introduction of new turbine designs, more pilot projects, and the rise of tidal power electricity storage systems. Therefore, growth opportunities look very bright since the renewable energy market is growing, with more and more governments and industries supporting this cause, and tidal power will be entrenched as one of the viable alternatives to fossil fuels.
Tidal Power Market Drivers
Technological advancements driving tidal power market growth
The Tidal Power Market Industry is experiencing a surge in demand due to technological advancements. The development of more efficient turbines and improved energy storage systems is making tidal power a more viable and cost-effective source of renewable energy. Furthermore, governments worldwide are providing incentives and subsidies to encourage the adoption of tidal power, further boosting market growth. With the increasing focus on reducing carbon emissions and combating climate change, tidal power is emerging as a key player in the energy landscape. One of the major technological advancements driving market growth is the development of more efficient tidal turbines. Traditional tidal turbines were large and expensive, making them impractical for many applications. However, recent advancements have led to the development of smaller, more efficient turbines that can generate more power at a lower cost. These turbines are also more durable and reliable, making them a more attractive option for investors.Another key technological advancement is the development of improved energy storage systems. Tidal power is intermittent, meaning that it is not always available when needed. In order to make tidal power a more reliable source of energy, it is necessary to be able to store the energy that is generated when it is not needed. Recent advancements in battery technology have made it possible to store large amounts of energy at a relatively low cost.This has made tidal power a more viable option for grid-scale applications. Governments worldwide are also playing a role in driving the growth of the tidal power market. Many governments are providing incentives and subsidies to encourage the development and deployment of tidal power projects. This support is helping to make tidal power a more cost-effective option for investors. In addition, governments are also setting ambitious renewable energy targets, which is creating a favorable environment for the growth of the tidal power market. Overall, the Tidal Power Market Industry is experiencing strong growth due to technological advancements, government support, and increasing demand for renewable energy. With the continued development of more efficient technologies and improved energy storage systems, tidal power is poised to play an increasingly important role in the energy mix.
Growing demand for renewable energy sources
The Tidal Power Market Industry is benefiting from the growing demand for renewable energy sources. As concerns about climate change and the environmental impact of fossil fuels continue to grow, governments and businesses worldwide are looking for ways to reduce their carbon footprint. Tidal power is a clean and renewable source of energy that can help to meet this demand. Tidal power has a number of advantages over other renewable energy sources.Unlike solar and wind power, tidal power is predictable and reliable. The tides are caused by the gravitational pull of the moon and sun, so they can be accurately predicted. This makes tidal power a valuable source of baseload power, which is the electricity that is needed to meet demand at all times. Tidal power is also a relatively low-impact form of energy. Tidal turbines do not produce any emissions, and they do not require large amounts of land.This makes tidal power a more sustainable option than many other forms of energy generation. The growing demand for renewable energy sources is creating a favorable environment for the growth of the tidal power market. Governments worldwide are setting ambitious renewable energy targets, and businesses are increasingly looking for ways to reduce their carbon footprint. This is creating a strong demand for tidal power projects, which is expected to continue in the coming years.
Government support for tidal power development
The Tidal Power Market Industry is also benefiting from government support. Governments around the world are providing incentives and subsidies to encourage the development and deployment of tidal power projects. This support is helping to make tidal power a more cost-effective option for investors. Government support for tidal power is driven by a number of factors. One factor is the growing demand for renewable energy sources. Governments are looking for ways to reduce their carbon footprint and meet their renewable energy targets.Tidal power is a clean and reliable source of energy that can help to meet this demand. Another factor driving government support for tidal power is the potential economic benefits. Tidal power can create jobs and boost economic growth. It can also help to reduce energy costs and improve energy security. Government support for tidal power is typically provided in the form of financial incentives and subsidies. These incentives can include grants, loans, and tax breaks.Governments may also provide support in the form of research and development funding. This support is helping to make tidal power a more attractive option for investors and is expected to continue in the coming years.
Tidal Power Market Segment Insights
Tidal Power Market Tidal Stream Generator Insights
Tidal stream generators are devices that transform kinetic energy of tidal currents into electric energy. Such generators can be of two main types horizontal axis and vertical axis ones. While horizontal axis TSGs are the most widespread and common type of these generators, and their blades are fixed along the rotor, vertical axis TGSs have their blades arranged perpendicular to the rotor on its vertical axis. The major market drivers are increasing demand for renewable energy sources and reducing the cost of tidal power technology. It is anticipated that the tidal stream generator segment will grow from “USD 0.45 billion in 2023 to USD 7.5 billion by 2032, at a CAGR of 39.4%”.This will be because of the increasing number of tidal stream projects throughout the world. Nonetheless, horizontal axis TSGs are the most mature technology and similar devices comprise the most significant part of the power market. At the same time, vertical axis TSGs have certain advantages over their horizontal alternatives, such as the possibility to operate in areas with fast currents and a lower cost of this technology. In addition, the most significant market players, such as Atlantis Resources, OpenHydro, and Verdant Power, are developing and deploying these projects.Thus, the tidal stream generator market is a not yet fully mature but highly promising market that has already triggered an increase in the number of underwater devices used to generate energy. The market leaders are developing and installing more tidal stream projects worldwide.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Tidal Power Market Barrage Type Insights
The Market is segmented on the basis of Barrage Type into Tidal Barrage, and Lagoon Type. In 2023, the Tidal Barrage segment portioned out the largest market, holding nearly 67.4% of the Tidal Power Market revenue. The Tidal Barrage Barrage is projected to keep dominating the market during the forecast period. Increasing demand for renewable power, as well as the technological improvements in the tidal barrage system, are the reasons for such growth. The increasing adoption of lagoon-type tidal power plants, especially in developing countries, is the reason for this growth.
Tidal Power Market Installation Insights
The installation segment of the tidal power market is bifurcated into inshore and offshore installations. Inshore installations are located in shallow waters close to the coast, while offshore installations are located in deeper waters farther from the coast. Inshore installations are generally less expensive to install and maintain than offshore installations, but they are also more susceptible to environmental factors such as waves and currents. Offshore installations are less susceptible to environmental factors, but they are more expensive to install and maintain.Due to these factors, the offshore segment is expected to witness significant growth in the coming years, and is estimated to reach a valuation of 10.2 billion USD by 2027, growing at a CAGR of 42.1%.
Tidal Power Market Capacity Insights
The Tidal Power Market is segmented by capacity into small scale (up to 10 MW), medium scale (10-100 MW), and large scale (over 100 MW). The small scale segment is expected to account for the largest share of the market in 2023, due to the lower cost and shorter lead times associated with these projects. However, the medium and large scale segments are expected to grow at a faster pace, as governments and utilities increasingly invest in renewable energy sources. By 2032, the medium scale segment is expected to account for the largest share of the market, with a CAGR of 38.13%.The large scale segment is also expected to grow at a strong pace, with a CAGR of 36.18%. The growth of the tidal power market is being driven by a number of factors, including the increasing demand for renewable energy, the declining cost of tidal power technology, and the growing awareness of the environmental benefits of tidal power.
Tidal Power Market Application Insights
The Tidal Power Market segmentation by application includes Grid-Connected and Off-Grid. In 2023, the Grid-Connected segment accounted for a larger revenue share and is expected to maintain its dominance throughout the forecast period. The growth of this segment is primarily driven by the increasing demand for renewable energy sources and the rising adoption of tidal power technology for grid integration. The Off-Grid segment, on the other hand, is expected to witness a significant growth rate during the forecast period due to its increasing use in remote areas where grid connectivity is limited.
Tidal Power Market Regional Insights
Regionally, North America dominated the market with a revenue share of over 40% in 2023. The region's established tidal energy industry and government support for renewable energy projects contribute to its leading position. Europe is another significant market driven by countries like the United Kingdom and France, which have a strong focus on tidal energy development. The APAC region is expected to witness significant growth during the forecast period due to increasing investments in renewable energy and the presence of countries with favorable tidal resources, such as China and India.South America and MEA are expected to have a relatively smaller market share but offer potential for growth as countries in these regions explore tidal energy as a sustainable energy source.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Tidal Power Market Key Players And Competitive Insights
Major players in the Tidal Power Market industry are constantly striving to gain a competitive edge by investing in research and development activities. Leading Tidal Power Market players are focusing on developing innovative technologies to enhance the efficiency of tidal power generation systems. Strategic partnerships and collaborations are becoming increasingly common in the Tidal Power Market development landscape as companies seek to combine their expertise and resources to drive innovation. Mergers and acquisitions also play a significant role in shaping the Tidal Power Market Competitive Landscape, with larger companies acquiring smaller players to expand their product portfolios and geographical reach.Orbital Marine Power is a leading company in the Tidal Power Market, known for its innovative tidal turbine technology. The company's turbines are designed to operate in challenging tidal environments and maximize energy capture. Orbital Marine Power has secured several contracts for the deployment of its tidal turbines in the UK and other countries and is actively involved in research and development projects to further enhance its technology. The company's strong track record and commitment to innovation position it well for continued growth in the tidal power market.Another major competitor in the Tidal Power Market is Nova Innovation. The company has developed a unique tidal turbine design that is specifically suited for fast-flowing tidal currents. Nova Innovation has successfully deployed its turbines in Scotland and Canada, and is exploring opportunities for expansion in other countries. The company's focus on developing cost-effective and reliable tidal power solutions has earned it a strong reputation in the industry. Nova Innovation's commitment to sustainable energy production and its proven track record make it a formidable competitor in the tidal power market.
Key Companies in the Tidal Power Market Include
Tidal Power Market Industry Developments
Recent developments in the Tidal Power Market indicate a surge in investment and technological advancements. In 2023, the market witnessed a significant milestone with the inauguration of the world's largest tidal power plant in Scotland, capable of generating up to 600MW. This project showcases the potential of tidal power as a clean and renewable energy source. Additionally, governments worldwide are implementing supportive policies and incentives to promote tidal power development. For instance, the European Union has set ambitious targets for renewable energy production, including tidal power, driving innovation and investment in the sector. These developments suggest a promising future for the Tidal Power Market.
Tidal Power Market Segmentation Insights
Tidal Power Market Tidal Stream Generator Outlook
Tidal Power Market Barrage Type Outlook
Tidal Power Market Installation Outlook
Tidal Power Market Capacity Outlook
Tidal Power Market Application Outlook
Tidal Power Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 0.79(USD Billion) |
| Market Size 2023 | 1.09(USD Billion) |
| Market Size 2032 | 20.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 38.13% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Verdant Power, Marine Current Turbines, SeaGen, Atlantis Resources, Voith Hydro, SRG Global, Minesto, Ocean Power Technologies, MeyGen, Tocardo, Andritz Hydro, Albatern, OpenHydro, Schottel Hydro, SIMEC Atlantis Energy |
| Segments Covered | Tidal Stream Generator, Barrage Type, Installation, Capacity, Application, Regional |
| Key Market Opportunities | Renewable energy expansion technological advancements supportive government policies untapped potential in emerging regions increasing demand for clean energy |
| Key Market Dynamics | Increasing government initiatives, technological advancements, growing demand for renewable energy supportive policies and strategic partnerships |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Tidal Power Market is expected to reach a valuation of 1.09 billion USD in 2023.
The market is anticipated to grow at a CAGR of 38.13% from 2024 to 2032.
The Asia-Pacific region is projected to account for the largest market share by 2032 due to increasing government investments in renewable energy projects and favorable regulatory policies.
Tidal power is primarily used for electricity generation, but it can also be utilized for desalination, hydrogen production, and other energy-intensive industrial processes.
Prominent players in the market include Atlantis Resources Corporation, DP Energy, General Electric, and Nova Innovation.
Factors such as rising energy demand, increasing environmental concerns, and government incentives for renewable energy development are propelling market growth.
High capital costs, technological limitations, and environmental impact are some of the challenges faced by the industry.
Advancements in tidal turbine technology, hybrid power systems, and energy storage solutions are shaping the future of the market.
The COVID-19 pandemic had a moderate impact on the market, causing project delays and supply chain disruptions. However, long-term growth prospects remain positive.
Expanding offshore wind farm development, technological advancements, and increasing demand for clean energy present significant growth opportunities.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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