Tidal Power Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 120.0 Million
Forecasted Value (2030)
USD 646.0 Million
CAGR (2023 – 2030)
Fastest Growing Region
By Power Generation Method
Tidal Barrage, Tidal Stream Generation, Dynamic Tidal Power
Electricity Generation, Energy Storage
The global Tidal Power Market was valued at USD 120.0 million in 2022 and is projected to reach USD 646.0 million by 2030, growing at a CAGR of 21.1% from 2023 to 2030.
The tidal power industry is currently witnessing remarkable growth and is positioned to emerge as a prominent contributor to the renewable energy landscape. Tidal power, or tidal energy, utilizes the force of ocean tides to produce electrical power. This sustainable energy source has gained substantial momentum in recent times owing to its capacity to deliver a reliable and steady source of electricity.
Moreover, the global tidal power industry presents numerous benefits in comparison to other types of renewable energy. Unlike solar and wind power, tidal power is not reliant on weather conditions, which makes it a more dependable and predictable source of electricity. Additionally, tidal power plants have a smaller ecological impact when compared to conventional power plants, as they do not generate greenhouse gas emissions or necessitate the extraction of finite resources. With continuous technological advancements and growing favorable government backing, the global tidal power market is predicted to maintain its remarkable growth trend.
Analyst’s Review on Tidal Power Market
The tidal power market is poised for significant growth in the coming years due to increasing concerns about climate change and the need for sustainable energy sources, tidal power is seen as a promising solution. The tidal power market is expected to witness a surge in investments, technological advancements, and government support, which will further propel its growth.
Tidal power, in addition to being a substantial source of renewable energy, provides a reliable and consistent supply. This reliability makes it a preferred option for nations aiming to reduce their dependency on fossil fuels and achieve their renewable energy goals. Moreover, advancements in efficient and affordable tidal power technologies are anticipated to reduce costs and increase accessibility, which is likely to promote tidal power market growth in the future.
Tidal power, also known as tidal energy, is a sustainable energy source that harnesses the power of the tides to generate electricity. It functions by capturing and harnessing the kinetic energy of tidal currents. Large underwater turbines that are generally used in tidal power plants are propelled by the force of the incoming and outgoing tides. Given that tides are regular and occur twice a day, this clean and sustainable energy source has the ability to offer a consistent and dependable power supply.
In addition, tidal energy has the advantage of being highly efficient, with the ability to convert up to 80% of the energy derived from the tides into electricity. It also has a minimal environmental impact, as it produces no greenhouse gas emissions or pollution. Furthermore, tidal power plants can be built in coastal areas, reducing the need for long-distance transmission lines and minimizing energy losses. With advancements in technology and increased investment, tidal energy has the potential to play a significant role in meeting the growing energy demands while reducing the dependence on fossil fuels.
Increased awareness about the benefits associated with tidal power is driving market growth, as tidal power is considered a renewable energy source. As more people recognize the potential of this energy source, governments and investors are increasingly allocating resources toward the development and implementation of tidal power projects. This surge in interest has led to significant advancements in technology and infrastructure, making tidal power a more viable and cost-effective option for generating electricity. Additionally, the increasing popularity of tidal power is bolstered by its environmental benefits, such as minimal carbon footprint and predictable nature. However, the high initial costs of building and maintaining tidal power plants, as well as the limited availability of suitable locations for these facilities, may restrain the growth of the market.
Furthermore, the scalability of tidal power is another attractive feature that has captured the attention of governments and investors. With the ability to harness energy from both large-scale tidal barrages and smaller tidal turbines, tidal power can be adapted to suit various locations and energy demands. This versatility allows for the potential expansion of tidal power projects in coastal areas around the world, further driving the growth of the industry. With ongoing research and development, tidal power has the potential to become a significant contributor to the global energy mix, providing a sustainable and reliable source of electricity for generations to come that attracts manufacturers and drives tidal power market growth in coming years.
However, the construction and installation of tidal power infrastructure, such as tidal stream generators or tidal barrages, involve significant upfront capital investments. These high initial costs can be a deterrent for investors and project developers. Although, despite the initial financial burden, tidal power infrastructure offers long-term benefits and returns on investment. Tidal streams, for instance, provide a consistent and predictable energy source, which can lead to stable and reliable revenue streams. Additionally, advancements in technology and increased government support for renewable energy projects are lowering the overall costs associated with tidal power installations. As a result, many investors and project developers are recognizing the potential of tidal power as a lucrative and sustainable investment opportunity.
The global tidal power market is segmented based on power generation method, application, and geography.
Based on the power generation method, the market is bifurcated into tidal barrage, tidal stream generation, and dynamic tidal power. The tidal stream generation segment will dominate the market in 2022, as it involves the use of underwater turbines that are placed in areas with strong tidal currents. These turbines capture the kinetic energy of the moving water and convert it into electricity. This method has gained popularity in recent times due to its potential for generating renewable energy in a predictable and reliable manner. These factors are increasing the demand for tidal stream generation, which is ultimately driving the growth of the segment.
Based on application, the tidal power market is bifurcated into electricity generation and energy storage. The electricity generation segment is expected to dominate the market over the review period. Tidal power plants harness the kinetic energy from tidal currents to generate electricity, providing a renewable and sustainable source of power. These plants utilize turbines that are submerged in water, which are then turned by the force of the tides. This rotational motion is converted into electrical energy through generators, which can be distributed to the grid for various purposes. With the increasing focus on clean energy solutions, tidal power generation has gained significant attention and investment in recent years.
Based on region, the global tidal power market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
Europe held the largest market share in 2022 due to increased investments by European countries such as the United Kingdom, France, and the Netherlands in tidal energy projects, and have been successful in harnessing the power of the tides. These countries have favorable geographic conditions, with strong tidal currents and large tidal ranges, which makes them ideal locations for tidal power generation. Additionally, the European Union has been actively promoting renewable energy sources, including tidal power, as part of its efforts to reduce carbon emissions and combat climate change.
Asia-Pacific is the fastest growing region in the tidal power market, as major countries such as China, South Korea, and Japan are investing heavily in tidal energy projects, abundant coastlines and strong tidal currents in the region make it an ideal location for harnessing tidal energy. Additionally, the increasing focus on renewable energy and the need to reduce dependence on fossil fuels is driving the growth of the tidal power market in the region.
The global tidal power market report will provide valuable insight, with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing heavily/extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major players in the market are
- Orbital Marine Power
- Nova Innovation
- SIMEC Atlantis Energy Ltd
- Naval Group
- Tidal Bridge BV
- Minesto AB
- SABELLA SA
- SBS INTL LTD
September 2022 (strategic cooperation): Sabella formed a strategic alliance 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.
The global Tidal Power Market is segmented as:
By Power Generation Method
- Tidal Barrage
- Tidal Stream Generation
- Dynamic Tidal Power
- Electricity Generation
- Energy Storage
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America