Tidal Power Market Size (2024 - 2029)

The tidal power market is projected to experience significant growth over the forecast period, driven by the global shift towards renewable energy and advancements in technology, particularly in developed countries. Despite challenges such as high costs and environmental concerns, ongoing research and innovation, exemplified by the Tidal Turbine Power Take-off Accelerator project, offer substantial growth opportunities. The European region is anticipated to lead the market due to numerous planned tidal energy initiatives.

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Market Size of Tidal Power Industry

Tidal Power Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 28.11 %
Fastest Growing Market Europe
Largest Market Europe
Market Concentration Medium

Major Players

Tidal Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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)})
North America
United States
Canada
Rest of North America
Europe
United Kingdom
Denmark
France
Rest of the Europe
Asia-Pacific
China
India
Japan
Rest of the Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
United Arab Emirates
South Africa
Saudi Arabia
Rest of Middle East and Africa
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Tidal Power Market Size Summary

The tidal power market is poised for significant growth over the forecast period, driven by the global shift towards renewable energy and advancements in technology. Despite challenges such as high costs and environmental concerns, innovations like the Tidal Turbine Power Take-off Accelerator project are expected to create substantial opportunities for market expansion. The European region is anticipated to lead the market, supported by numerous planned tidal energy projects. Tidal energy's efficiency, due to its consistent tidal currents, makes it a promising renewable energy source, with recent deployments of floating power production systems enhancing energy output compared to traditional fixed structures.

The market's growth is further bolstered by initiatives from organizations like the US Department of Energy, which is investing in marine energy technologies to increase sector impact. Europe, particularly the United Kingdom and Denmark, is witnessing a surge in tidal power projects, with potential contributions to national electricity demands. Key players in the semi-consolidated market include Andritz AG, Nova Innovation Ltd, and Orbital Marine Power Ltd, among others. Global developments, such as tidal energy demonstrations in Southeast Asia and strategic collaborations in Indonesia, highlight the industry's expanding footprint and the ongoing efforts to commercialize tidal energy generation.

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Tidal Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Tidal Power Installed Capacity and Forecast, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Global Energy Transition Toward Renewables

        2. 1.5.1.2 The Rollout of New Technologies in Many Developed Countries

      2. 1.5.2 Restraints

        1. 1.5.2.1 The Technology's Exorbitant Costs and Environmental Impacts

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation Method

      1. 2.1.1 Tidal Barrage

      2. 2.1.2 Floating Tidal Power Platform

      3. 2.1.3 Tidal Stream Generation

      4. 2.1.4 Dynamic Tidal Power

    2. 2.2 Tidal Energy Converters

      1. 2.2.1 Horizontal Axis Turbine

      2. 2.2.2 Vertical Axis Turbine

      3. 2.2.3 Other Tidal Energy Converters

    3. 2.3 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 Denmark

        3. 2.3.2.3 France

        4. 2.3.2.4 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Saudi Arabia

        4. 2.3.5.4 Rest of Middle East and Africa

Tidal Power Market Size FAQs

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.

In 2024, the Tidal Power Market size is expected to reach 0.67 gigawatt.

Tidal Power Market Report Snapshots

Tidal Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)