Tidal Energy Market Report 2024

This Tidal Energy market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The tidal energy market size has grown exponentially in recent years. It will grow from $0.96 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth during the historic period can be attributed to several factors, including international climate agreements, the development and maintenance of tidal energy projects, an increase in power generation, a rising demand for electricity, and a surge 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 $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The anticipated growth in the forecast period can be attributed to several factors, including the rising costs of traditional energy sources, growing public awareness and concern regarding environmental issues, a global shift towards cleaner energy sources, and an increase in renewable energy resources. Key trends expected during this period include innovations in tidal energy technologies, advancements in energy storage technologies, the establishment of long-term power purchase agreements (PPAs), innovations in marine engineering, and improvements in environmental impact assessment techniques.

The increasing demand for renewable energy resources is anticipated to drive the growth of the tidal energy market in the future. Renewable energy resources refer to natural sources of energy that replenish within a human timescale, allowing for power generation without exhausting the Earth’s resources. This rising demand is fueled by technological advancements that enhance the cost-effectiveness of renewables and growing public support for environmental sustainability. Tidal energy serves as a complement to other renewable sources such as wind and solar, contributing to a more stable and diverse renewable energy portfolio that meets global energy needs. For example, in July 2024, the U.S. Energy Information Administration, a government agency in the U.S., reported that renewable energy constituted around 9% of total primary energy production and consumption in 2023, with hydropower generation increasing by approximately 6% compared to 2022. As a result, the demand for renewable energy resources is promoting the growth of the tidal energy market.

Key players in the tidal energy market are concentrating on innovative projects and investments, such as tidal energy demonstration initiatives, to improve efficiency and validate the feasibility of emerging technologies. Tidal energy demonstration initiatives aim to highlight the potential of tidal energy technologies and advance their development for commercial application. These projects typically receive support from governments, research institutions, and private enterprises to test and enhance tidal energy systems in real-world settings. For instance, in March 2023, Bluenergy Solutions, a Singapore-based renewable energy provider, launched its Proof of Value (POV) project, a tidal energy demonstration initiative off the coast of Singapore near Raffles Lighthouse on Pulau Satumu. This initiative intends 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 objectives. This project represents a significant advancement toward integrating marine renewable energy solutions in Singapore, aiding the nation in its electrification and decarbonization efforts.

In December 2023, The Timken Company, a U.S.-based manufacturer of bearings and power transmission solutions, acquired Lagersmit for an undisclosed sum. This acquisition aims to bolster Timken’s product offerings and market presence in the marine and industrial sectors. The company plans to leverage its brand and customer base to enhance revenue diversification and operational synergies within its Industrial Motion segment. Lagersmit is a Netherlands-based manufacturer specializing in highly engineered sealing solutions for challenging marine, dredging, water, tidal energy, and various industrial applications.

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.

Europe was the largest region in the tidal energy market in 2023. The regions covered in the tidal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the tidal energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Tidal energy, often referred to as tidal power, is a renewable energy source that captures the movement of water driven by the gravitational forces of the moon and the sun acting on Earth's oceans. This energy is harnessed by capturing both the kinetic and potential energy generated by the rise and fall of ocean tides. Various technologies, such as tidal stream turbines and barrages, convert tidal energy into electricity. Tidal energy is predictable and sustainable due to the regular and cyclic nature of tides, making it a dependable source of clean energy.

The primary methods for harnessing tidal energy include tidal stream, tidal barrage, and tidal turbine technologies. Tidal stream technology utilizes underwater turbines or similar devices to capture energy from tidal currents. These systems are available in different capacities, such as up to 100 kW, from 100 kW to 500 kW, and above, and can be deployed at various depths, including shallow, transitional, and deep waters. They are typically used for applications such as power generation and desalination.

The tidal energy market research report is one of a series of new reports that provides tidal energy market statistics, including tidal energy industry global market size, regional shares, competitors with a tidal energy market share, detailed tidal energy market segments, market trends and opportunities, and any further data you may need to thrive in the tidal energy industry. This tidal energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The tidal energy market consists of revenues earned by entities by providing services such as site assessment, feasibility studies, design and engineering, and monitoring and optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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