Wilmington, Delaware, May 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Tidal Energy Market by Method (Tidal Stream, Tidal Barrage, Tidal Turbine, and Others) and Application (Power Generation and Desalination): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the tidal energy market was valued at $1.2 billion in 2023 and is estimated to reach $8.6 billion by 2033, growing at a CAGR of 21.9% from 2024 to 2033.
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Prime determinants of tidal energy market growth
The global tidal energy market is experiencing growth due to several factors such as increase in demand for renewable energy, technological advancements, and the presence of abundant resources. However, high initial investment costs for tidal energy projects and environmental impact associated with tidal power plant construction hinder the market growth. Moreover, the presence of export potential and coastal communities in developing regions provides opportunities for expanding the tidal energy market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.2 billion |
| Market Size in 2033 | $8.6 billion |
| CAGR | 21.9% |
| No. of Pages in Report | 270 |
| Segments Covered | Type, Application, and Region |
| Region Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; the UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; and South Africa. |
| Drivers |
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| Opportunity |
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| Restraint |
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The tidal barrage segment is expected to grow faster throughout the forecast period.
By type, the tidal turbine held the highest market share in 2023, accounting for more than two-fifths of the tidal turbine market revenue. Tidal turbine technology dominates the tidal energy market primarily because it offers high efficiency and adaptability in capturing the kinetic energy of moving water in tidal streams and channels. This technology, similar to wind turbines, can be installed in various underwater conditions with minimal environmental impact, making it attractive for sustainable energy generation. Additionally, the modular design of tidal turbines allows for scalable installations, enabling both small-scale and large-scale energy projects to suit different geographical and economic conditions. However, the tidal barrage segment is projected to manifest the highest CAGR of 22.8% from 2024 to 2033. The tidal barrage type is the fastest growing segment in the tidal energy market primarily due to its ability to provide a consistent and predictable source of energy, harnessing the potential energy in tidal differences. Additionally, advancements in technology have reduced environmental impacts and increased efficiency, making barrages more attractive. Furthermore, government incentives and support for renewable energy projects in various countries have spurred investment and development in this sector.
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The power generation segment is expected to dominate the market by 2033.
Bye application, the power generation segment held the highest market share in 2022, accounting for more than four-fifths of the tidal energy market revenue, and is estimated to dominate during the forecast period. The power generation application dominates the tidal energy market primarily because tidal energy provides a highly reliable and predictable source of electricity, making it an attractive option for meeting consistent energy demand. Furthermore, the growing need for sustainable and clean energy sources has accelerated investments in tidal power infrastructure. Additionally, technological advancements in turbine efficiency and energy conversion have increased the feasibility and attractiveness of harnessing tidal energy for large-scale electricity production.
Europe is expected to dominate the market by 2033
By region, Europe held the highest market share in 2022, accounting for more than two-fifths of the tidal energy market revenue, and is estimated to dominate during the forecast period. However, North America is projected to manifest the highest CAGR of 22.1% from 2024 to 2033. This is mostly due to several key factors such as substantial technological advancements and increased investment in renewable energy sources driving the development of more efficient tidal energy systems. In addition, supportive government policies and incentives in countries such as Canada, which has significant tidal resources, are promoting the expansion of tidal energy projects. Furthermore, there is a growing commitment to reducing carbon emissions and reliance on fossil fuels, making sustainable options such as tidal energy increasingly appealing.
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Leading Market Players: -
- 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
- Minesto AB.
The report provides a detailed analysis of these key players in the tidal energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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