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How has the tidal energy market size evolved in recent years?

The tidal energy market has grown exponentially, with its size projected to expand from $1.16 billion in 2024 to $1.41 billion in 2025, reflecting a CAGR of 21.7%. Factors contributing to this growth include international climate agreements, the establishment and maintenance of tidal energy projects, increased power generation, rising electricity demand, and ongoing infrastructure development.

What are the predictions for the tidal energy market size in the coming years?

The tidal energy market is forecasted to grow exponentially, reaching $3.06 billion by 2029 at a CAGR of 21.3%. Growth will be driven by rising costs of traditional energy, increasing environmental awareness, the global transition to cleaner energy, and expanding renewable energy sources. Key trends include innovations in tidal energy technology, advances in energy storage, long-term power purchase agreements (PPAs), marine engineering developments, and improved environmental impact assessments.

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What key factors are fueling the growth of the tidal energy market?

The increasing demand for renewable energy resources is expected to boost the growth of the tidal energy market. The demand for renewable energy is driven by technological advances, cost reductions, and growing public support for sustainability. Tidal energy, which complements other renewable sources like wind and solar, helps create a diverse energy portfolio. In July 2024, the U.S. Energy Information Administration reported that renewable energy accounted for about 9% of total primary energy production in 2023, with hydropower increasing by 6% compared to 2022.

How is the global tidal energy market divided into key segments?

The tidal energymarket covered in this report is segmented –

1) By Method: Tidal Stream, Tidal Barrage, Tidal Turbine, Other Methods

2) By Capacity: Up To 100 kW, 100 kW To 500 kW, Above

3) By Depth Of Installation: Shallow Water, Transitional Water, Deep Water

4) By Application: Power Generation, Desalination

Subsegments:

1) By Tidal Stream: Horizontal Axis Tidal Turbine, Vertical Axis Tidal Turbine

2) By Tidal Barrage: Large-Scale Barrages, Small-Scale Barrages

3) By Tidal Turbine: Single Turbine Systems, Multi-Turbine Arrays

4) By Other Methods: Oscillating Water Columns, Dynamic Tidal Power Systems, Tidal Kites

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Who are the key firms paving the way for growth in the tidal energy market?

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

Which trends are expected to transform the tidal energy market?

Leading corporations in the tidal energy market are prioritizing inventive projects and investments like tidal energy demonstration initiatives to improve efficiency and establish the effectiveness of new technologies. These demonstration initiatives serve to illustrate the capabilities of tidal energy technologies and propel their development for commercial utilization. They’re typically backed by governmental bodies, research establishments, and private enterprises intending to examine and improve tidal energy systems under true operational conditions. To illustrate, Bluenergy Solutions, a renewable energy solutions provider based in Singapore, instigated its Proof of Value (POV) project in March 2023. This tidal energy demonstration project, located off Singapore’s coast near Raffles Lighthouse on Pulau Satumu, is designed to exploit tidal currents via four mini tidal generators (7 kW each). This initiative aims to supplant diesel power at the lighthouse, thereby curtailing carbon emissions and aiding Singapore’s objectives of decarbonization. This venture symbolizes a noteworthy stride towards assimilating marine renewable energy solutions within Singapore, thereby assisting the country’s electrification and decarbonization ambitions.

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What regions are contributing significantly to the growth of the tidal energy market?

Europe was the largest region in the tidal energy market in 2024. The regions covered in the tidal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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