Tidal Power Market Size
| Study Period | 2020 - 2029 |
| Market Volume (2024) | 0.67 gigawatt |
| Market Volume (2029) | 2.32 gigawatt |
| CAGR (2024 - 2029) | 28.11 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tidal Power Market Analysis
The Tidal Power Market size is estimated at 0.67 gigawatt in 2024, and is expected to reach 2.32 gigawatt by 2029, growing at a CAGR of 28.11% during the forecast period (2024-2029).
- Over the medium term, factors such as the global energy transition toward renewables and the rollout of new technologies in many developed countries are expected to be one of the most significant drivers for the tidal power market during the forecast period.
- On the other hand, the market is highly obstructed due to the exorbitant costs and environmental impacts of the technology. This poses a threat to the tidal power market during the forecast period.
- Nevertheless, the research and innovation endeavors by the industry leaders present an enormous opportunity for the market's growth. The ground-breaking Tidal Turbine Power Take-off Accelerator (TiPA) project is a perfect demonstration of the statement. It recently developed a highly reliable, efficient, and cost-effective power-take-off system for a tidal turbine. This factor is expected to create several opportunities for the market in the future.
- The European region is expected to dominate the market during the forecast period due to many planned tidal energy projects across the region.
Tidal Power Market Trends
Floating Tidal Power Platform Expected to Witness Significant Growth
- Tidal energy uses tidal currents consistent in volume and direction throughout the year, making it an incredibly efficient renewable energy source with a high power output.
- The tidal power market recently witnessed increased floating power production system deployments. In the system, the turbines are aligned in a particular way and attached to a standard moving beam. They produce more energy as compared to fixed structures.
- According to the International Renewable Energy Agency, the estimated global marine energy capacity accounted for 524 MW in 2022, which includes the ocean energy derived from the kinetic energy of ocean waves, tides, salinity, and differences in ocean temperatures. Most of this was due to the added capacity from floating tidal power stations and wave energy. The industry is expected to grow even more in the coming years, parallel with the net-zero emission goals in many countries. Thus, several upcoming projects are lined up to harness the technology for power production.
- The US Department of Energy has a Water Power Program to develop marine energy and technologies. In October 2022, the US Department of Energy agreed to fund USD 35 million to advance tidal and river current energy systems as part of measures to boost a sector whose current impact is negligible.
- Such developments will likely significantly boost the market due to the expansion of floating/instream tidal energy platform installations.
Europe Expected to Dominate the Market
- Europe planned a series of tidal power plants coming into operation or getting grid-connected recently. Countries like the United Kingdom and Denmark are the most highlighted parts of the region.
- According to a 2021 study conducted by experts at Edinburgh University, tidal stream alone has the potential to produce 11% of the United Kingdom's current annual electricity demand, which is the same as the combined contribution of solar and biomass over the previous year.
- The British Hydropower Association adds that tidal range projects under development, which are now delayed, would provide 10 GW of extra capacity by 2030 if permission and enough funding were granted. These projects throughout the United Kingdom include Swansea Bay, Merseyside, the North Somerset Coast, and the North Wales Coast.
- In March 2023, authorities in Liverpool wanted the River Mersey to be the site of a massive tidal power plant that could power up to 1 million homes while creating thousands of employment in the region. If constructed, the plant would have a capacity of at least one gigatonne and use Mersey's tidal range.
- Moreover, in May 2022, Minesto completed the first week of commissioning the Dragon 4 tidal power plant in Vestmanna, Faroe Islands, Denmark, including energy production and verification of all critical operations. Minesto's Deep Green Kite technology is cost-effective in places with low-flow tidal streams and ocean currents.
- Such developments will likely boost the region's position in the tidal power market's growth.
Tidal Power Industry Overview
The tidal power market is semi consolidated. Some of the key players in the market (in no particular order) include Andritz AG, Nova Innovation Ltd, Orbital Marine Power Ltd, SIMEC Atlantis Energy Ltd, and Sustainable Marine Energy Ltd.
Tidal Power Market Leaders
Andritz AG
Orbital Marine Power Ltd
Sustainable Marine Energy Ltd
Nova Innovation Ltd
SIMEC Atlantis Energy Ltd
*Disclaimer: Major Players sorted in no particular order
Tidal Power Market News
- March 2023, for the first time in Southeast Asia, a tidal-energy demonstration outside the grid in Singapore began generating power. NYK participated in this demonstration project, which is being run by Bluenergy Solutions, a marine renewable energy solutions developer, off Raffles Lighthouse on Satumu Island, some 14 kilometers off Singapore's main island. The project's goal is to commercialize tidal energy generation and supply.
- March 2023, Walton Marina helped BigMoon Power with its tidal energy project in Minas Basin. The company is set to use the facility to launch anchors for its floating machinery.
- September 2022, Sabella, a French company, formed a strategic cooperation with the state-owned Indonesian corporation PT PLN (Persero) and PT Meindo Elang Indah to conduct a feasibility study for the creation of the world's first tidal energy farm in the world's largest archipelagic state.
Tidal Power Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Tidal Power Installed Capacity and Forecast, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Global Energy Transition Toward Renewables
4.5.1.2 The Rollout of New Technologies in Many Developed Countries
4.5.2 Restraints
4.5.2.1 The Technology's Exorbitant Costs and Environmental Impacts
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Power Generation Method
5.1.1 Tidal Barrage
5.1.2 Floating Tidal Power Platform
5.1.3 Tidal Stream Generation
5.1.4 Dynamic Tidal Power
5.2 Tidal Energy Converters
5.2.1 Horizontal Axis Turbine
5.2.2 Vertical Axis Turbine
5.2.3 Other Tidal Energy Converters
5.3 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Denmark
5.3.2.3 France
5.3.2.4 Rest of the Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Rest of the Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Saudi Arabia
5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Andritz AG
6.3.2 Nova Innovation Ltd
6.3.3 Orbital Marine Power Ltd
6.3.4 MAKO Turbines Pty Ltd
6.3.5 SIMEC Atlantis Energy Ltd
6.3.6 Hydroquest SAS
6.3.7 Sustainable Marine Energy Ltd
6.3.8 Lockheed Martin Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Research and Innovation Endeavors by Industry Leaders
Tidal Power Industry Segmentation
Tidal energy is renewable energy powered by ocean tides and currents' natural rise and fall.
The tidal power market is segmented by power generation method, tidal energy converters, and geography. By power generation method, the market is segmented into tidal barrage, floating tidal power platform, tidal stream generation, and dynamic tidal power. By tidal energy converters, the market is segmented into horizontal axis turbines, vertical axis turbines, and other tidal energy converters. The report also covers the market size and forecasts for the tidal power market across major regions. For each segment, the market size and forecasts have been done based on installed capacity.
| Power Generation Method | |
| Tidal Barrage | |
| Floating Tidal Power Platform | |
| Tidal Stream Generation | |
| Dynamic Tidal Power |
| Tidal Energy Converters | |
| Horizontal Axis Turbine | |
| Vertical Axis Turbine | |
| Other Tidal Energy Converters |
| Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}) | ||||||
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Tidal Power Market Research FAQs
How big is the Tidal Power Market?
The Tidal Power Market size is expected to reach 0.67 gigawatt in 2024 and grow at a CAGR of 28.11% to reach 2.32 gigawatt by 2029.
What is the current Tidal Power Market size?
In 2024, the Tidal Power Market size is expected to reach 0.67 gigawatt.
Who are the key players in Tidal Power Market?
Andritz AG, Orbital Marine Power Ltd, Sustainable Marine Energy Ltd, Nova Innovation Ltd and SIMEC Atlantis Energy Ltd are the major companies operating in the Tidal Power Market.
Which is the fastest growing region in Tidal Power Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Tidal Power Market?
In 2024, the Europe accounts for the largest market share in Tidal Power Market.
Tidal Power Industry Report
Statistics for the 2024 Tidal Power market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tidal Power analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
