How has the tidal energy market evolved, and where is it heading next?
The tidal energy market size has grown exponentially in recent years. It will grow from $1.16 billion in 2024 to $1.41 billion in 2025 at a compound annual growth rate (CAGR) of 21.7%. 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 $3.06 billion in 2029 at a compound annual growth rate (CAGR) of 21.3%. 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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What are the key drivers behind the rapid expansion of the tidal energy market?
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.
What is the segmentation for the tidal energy market?
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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Who are the most influential companies 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
What are the most influential trends expected to drive the tidal energy market forward?
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.
What are the major regional insights for the tidal energy market, and which region holds the top position?
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 Does The Tidal Energy Market Report 2025 Offer?
The tidal energy market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Tidal energy, also known as tidal power, is a form of renewable energy that harnesses the movement of water caused by the gravitational pull of the moon and the sun on Earth’s oceans. This energy is generated by capturing the kinetic and potential energy from the rise and fall of ocean tides. It can be converted into electricity using various technologies, such as tidal stream turbines and barrages. Tidal energy is predictable and sustainable, as tides are regular and cyclic, making it a reliable source of clean energy.
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