Tidal Energy Market Projecting Growth to USD 8171.73 Million by 2032, Growing at CAGR 22.6%

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United States, Chicago, Dec. 06, 2024 (GLOBE NEWSWIRE) — Tidal energy harnesses the power of tides to generate electricity using various methods. Though not widely adopted, it holds significant potential for future energy generation due to its predictability compared to wind and solar power. However, tidal energy faces challenges, including high costs and limited suitable locations with sufficient tidal ranges or flow velocities. These factors restrict its widespread use and total availability. Despite these limitations, tidal energy remains a promising renewable source, offering reliable and sustainable electricity generation as technology continues to advance.

Introspective Market Research has unveiled its latest market study, titled “Tidal Energy Market,” providing a comprehensive outlook on the future of this premium delicacy. According to the report, the global Tidal Energy Market was valued at USD 1305.87 million in 2023 and is poised for significant expansion, with projections indicating a climb to USD 8171.73 million by 2032. This anticipated growth represents an impressive CAGR of 22.6% from 2024 to 2032.

New advancements in technology, such as dynamic tidal power and tidal lagoons in design, and new axial turbines and cross flow turbines in turbine technology, suggest that tidal power may be more abundant than believed and could become more cost-effective and environmentally friendly. Tidal power is the sole technology that utilizes the energy present in the orbital patterns of the Earth-Moon system, and to a smaller degree in the Earth-Sun system.
Human technology harnesses various natural energies that come from the Sun, such as fossil fuel, traditional hydroelectric, wind, biofuel, wave, and solar energy. Nuclear energy relies on Earth’s fissionable mineral deposits, while geothermal power harnesses the Earth’s internal heat, generated by residual heat from planetary formation and radioactive decay. A tidal energy generator transforms the power of tidal movements into electrical energy. Enhanced tidal variation and increased tidal current speeds significantly boost a site’s capacity for generating tidal electricity.

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Notable Drivers of the Tidal Energy Market

Rising Grid Integration and Energy Storage Solutions Drive Tidal Energy Demand:

Tidal energy is a reliable renewable source that enhances grid stability and reduces dependence on less predictable sources like solar and wind. Its integration provides flexibility in electricity management, stabilizing load during peak demand and offering ancillary services such as frequency regulation and voltage control. Combining tidal energy with energy storage systems allows surplus power storage during low demand, ensuring consistent supply and enhancing project feasibility.

In 2023, global battery energy storage capacity reached 55.7 GW, a 120.8% increase from 2022, with China and the U.S. leading. China added 19.3 GW, reaching 27.1 GW, accounting for 48.6% of global capacity. The U.S. followed with 15.8 GW, a 70% increase. South Africa’s grid storage surged by 29,300% due to new projects. Canada also saw a 426% increase, reaching 0.4 GW.

The U.S. energy storage market added 8.7 GW in 2023, nearly doubling year-over-year. Grid-scale projects led this growth with 7.9 GW, accounting for 90% of new installations, driven by California and Texas. California deployed 6.6 GW in Q4 2023 alone. Residential storage rose by 41% to 703 MW, with Puerto Rico leading installations at 287 MW. Over 9 GW in residential storage and 4 GW in commercial and industrial storage are projected through 2028. With an estimated need of 1,300 GW by 2030 to meet climate goals, the rapid growth in storage capacity suggests the target could be achieved by 2028, increasing the reliability and efficiency of renewable energy, including tidal power.

How Can Manufacturers Overcome the Challenge of Limited Availability of Suitable Sites?

Tidal energy projects face a significant constraint due to the limited availability of suitable sites with strong tidal currents and appropriate water depths. While the total gross tidal power available in the oceans is estimated to be around 3000 GW, less than 3% of this potential is located in areas that are suitable for power generation. This limitation arises because tidal stream energy extraction is highly site-specific, requiring favorable conditions such as strong tidal flow speeds, specific bathymetry, and natural features that amplify tidal currents, like surface features, constrictions, or reflections from large peninsulas.

Countries such as the UK, France, eastern Canada, South Korea, China, Russia’s Pacific coast, Mexico, Chile, western India, and the Patagonian coast of Argentina are among those identified as having significant tidal stream resources due to their favorable geographic and oceanographic characteristics. Despite the vast potential of tidal energy, only a small fraction of these areas meets the criteria for feasible power generation, further complicating the global expansion of tidal energy projects.

Thus, the primary constraint on the development of tidal stream power generation is the limited number of regions where the natural conditions align, restricting widespread deployment of this renewable energy source. With less than 3% of the total tidal energy resource being accessible, the focus remains on identifying and developing these high-potential sites to harness tidal energy efficiently.

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What Opportunities Does Tidal Energy Offer Amid Rising Global Energy Needs and the Shift to Renewable Resources?

Despite the vast potential of tidal energy, only a small fraction of these areas meets the criteria for feasible power generation, further complicating the global expansion of tidal energy projects. Thus, the primary constraint on the development of tidal stream power generation is the limited number of regions where the natural conditions align, restricting widespread deployment of this renewable energy source. With less than 3% of the total tidal energy resource being accessible, the focus remains on identifying and developing these high-potential sites to harness tidal energy efficiently.

Key Manufacturers
Market key players and organizations within a specific industry or market that significantly influence its dynamics. Identifying these key players is essential for understanding competitive positioning, market trends, and strategic opportunities.

Andritz AG (Austria)
Orbital Marine Power Ltd (United Kingdom)
Nova Innovation Ltd (United Kingdom)
SIMEC Atlantis Energy Ltd (United Kingdom)
MAKO Turbines Pty Ltd (Australia)
Hydroquest SAS (France)
CorPower Ocean AB (Sweden)
Eco Wave Power Global AB (Sweden)
Mocean Energy Ltd (Scotland)
Ocean Power Technologies Inc. (USA)
Ocean Renewable Power Co. Inc. (USA)
Verdant Power Inc. (USA)
Carnegie Clean Energy Ltd. (Australia)
Blue Energy Canada Inc. (Canada)
Minesto AB (Sweden)
SSE Renewables (United Kingdom)
Wello Oy (Finland)
DP Energy (Ireland)
Tocardo BV (Netherlands)
Biopower Systems Pty Ltd (Australia)
Hammerfest Strom AS (Norway)
Marine Current Turbines Ltd (United Kingdom)
Aquagen Technologies Inc. (Canada)
Tenax Energy Solutions (USA)
Lockheed Martin Corporation (USA)
European Marine Energy Centre (EMEC) (United Kingdom), and Others Active Players.

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In November 2024, HydroWing, part of Inyanga Marine Energy, partnered with Indonesia’s PLN to build a 10 MW tidal energy plant in East Nusa Tenggara. The project, leveraging Indonesia’s strong tidal currents, follows a 2022 agreement to boost tidal power. PLN will manage site preparation, while HydroWing handles feasibility and technology implementation. The plant aims to deliver stable, renewable energy, supporting local and national sustainability goals.

In May 2024, Orbital Marine Power chosen Global Energy Group (GEG) as its preferred supplier for the manufacture and assembly of tidal turbines. This collaboration will support Orbital’s projects in Orkney, Scotland, leveraging GEG’s expertise in manufacturing and assembly. The partnership aims to advance floating tidal turbine technology, playing a key role in the development of sustainable energy solutions in the region.

In Nov 2023, Jacobs, leading a consortium of industry and academic partners, secured U.K. government funding to develop a pioneering water turbine. The project aims to boost the feasibility of tidal range power, advancing renewable energy technologies. By enhancing sustainable energy generation, this initiative supports the U.K.’s clean energy goals, fostering innovation and harnessing tidal power’s potential for a greener future.

In Nov 2023, Nova Innovation installed Scotland’s first floating solar project, powering Forth Ports’ headquarters. Completed over the summer, the solar panels demonstrated resilience by withstanding Storm Babet in October. This success highlights the project’s durability and potential for renewable energy generation, even in challenging weather conditions. The floating solar installation marks a significant step in sustainable energy innovation, showcasing its viability and advancing Scotland’s renewable energy ambitions.

Key Segments of Market Report

By Installation Type:

Offshore sites are favored for capturing tidal power because they have greater access to high-energy tidal sources. In these locations, tidal currents are usually more robust and tidal ranges are larger, which means there is more opportunity for power generation compared to sites on land. Offshore platforms provide additional room for setting up expansive arrays of tidal turbines in close proximity to create extensive tidal farms. This ability to grow allows for increased energy production to meet the rising need for renewable energy. In general, offshore locations have greater energy potential due to stronger and more consistent tidal currents in deeper waters. This leads to increased energy concentration, which can be efficiently utilized by large offshore installations. These benefits draw in increased investments and help solidify the offshore segment’s prevalence in the tidal energy industry.

Technological progress has additionally boosted the expansion of offshore tidal power. Advancements in turbine design, anchoring systems, mooring techniques, and grid connections have increased efficiency and reliability of operations, even in difficult marine conditions. In addition, government policies, regulations, and financial incentives have also played a role in promoting the growth of offshore tidal energy. These steps have established a favorable setting for development, propelling the offshore sector to a dominant position in the tidal energy market.

By Application:

Tidal energy provides a dependable and consistent option for traditional power generation, like fossil fuels. A reliable renewable energy source, its steady tidal currents allow for constant electricity production. The tidal power industry is now commercially viable, making it an appealing investment option for stakeholders. Advancements in technology, cost-saving strategies (such as economies of scale), and financing options like project finance have greatly decreased the levelized cost of energy (LCOE), enhancing the competitiveness and cost efficiency of tidal power.

Tidal energy has great market potential as global energy demand rises. Being a renewable resource, it is in line with the global move towards low-carbon energy solutions, aiding in lowering greenhouse gas emissions. Generating tidal power has little impact on the environment, as it produces no greenhouse gases and requires minimal land use, which makes it a sustainable energy choice. The tidal energy market has developed, proving its potential for profitability and feasibility. As the market changes, chances for growth, cutting costs, and technological advancement emerge, strengthening the sector’s expansion and dominance. Governments globally have implemented rules and encouragements like feed-in tariffs, extended power purchase agreements, and technology-specific support systems to boost the utilization of tidal energy. These initiatives simplify the process for stakeholders to put their money into the tidal power generation market, aiding in its ongoing growth.

By Region:

Europe has considerable tidal energy potential because of its long coastlines bordering the North Atlantic Ocean, the North Sea, and the Celtic Sea, which offer ideal conditions for energy generation with their large tidal ranges and strong currents. European nations have dominated the field of tidal energy by investing significantly in technology advancement and gaining knowledge in turbine design, resource evaluation, array setup, and project supervision. Europe has been established as a frontrunner in technology within the sector.

Projects such as Scotland’s MeyGen have proven that tidal energy is commercially viable, highlighting Europe’s abilities and encouraging more investments. In order to promote this expansion, European countries have put in place advantageous policies and regulations, such as feed-in tariffs, extended power purchase agreements, and financial perks, making it an appealing market for developers and investors.

Europe hosts many research centers, technology demonstration sites, and testing facilities devoted to tidal energy, creating a cooperative atmosphere for innovation. Projects such as the European Marine Energy Centre (EMEC) and Ocean Energy Europe (OEE) promote cooperation among nations, facilitating the exchange of knowledge and resources. These initiatives aim to speed up the advancement and implementation of tidal energy technologies, adding to Europe’s dominant position in the worldwide renewable energy industry.

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Comprehensive Offerings:

Historical Market Size and Competitive Analysis (2017–2023): Detailed assessment of market size and competitive landscape over the past years.
Historical Pricing Trends and Regional Price Curve (2017–2023): Analysis of historical pricing data and price trends across different regions.
Market Size, Share, and Forecast by Segment (2024–2032): Projections and detailed insights into market size, share, and future growth by segment.
Market Dynamics: In-depth analysis of growth drivers, restraints, opportunities, and key trends, with a focus on regional variations.
Market Trend Analysis: Evaluation of emerging trends that are shaping the market landscape.
Import and Export Analysis: Examination of trade patterns and their impact on market dynamics.
Market Segmentation: Comprehensive analysis of market segments and sub-segments, with a regional breakdown.
Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking.
PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors.
PORTER’s Five Forces Analysis: Assessment of competitive forces influencing the market.
Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors.
Legal and Regulatory Environment by Region: Analysis of the legal landscape and its implications for business operations.
Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, coupled with a SWOT analysis.
Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.

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The insights in our reports are derived from primary interviews with key executives of top companies in the relevant sectors. Our robust secondary data collection process includes extensive online and offline research, coupled with in-depth discussions with knowledgeable industry professionals and analysts.

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