Tidal Energy Market Report 2024 (Global Edition)

Global Tidal Energy Market Report 2024 Market Size Split by Type (Wave Energy, Tidal Energy), by Technology (Tidal stream generator, Oscillating Water Columns, Tidal turbines, Tidal barrages, Tidal fe...

Tidal Energy Market Report Description

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Tidal Energy Market Insights Video

Competitive Landscape of the Tidal Energy Market

The market for tidal energy is changing, and its growth trajectory is being shaped by regulatory frameworks, project developments, technological advancements, and competitive dynamics. Overcoming difficulties and realizing the full potential of tidal energy as a sustainable energy source will require cooperation, ingenuity, and strategic alliances.

November 2021: Orbital Marine Power (Orbital), a leader in tidal energy technology, and TechnipFMC inked a Memorandum of Understanding to work together in the field of tidal energy to expedite Orbital's technology's global commercialization and produce the first floating tidal field on a commercial scale. The most potent floating turbine in the world, designed by Orbital, can capture the tide-driven underwater currents and transform them into electricity that can be exported to the coast. Tidal energy is a constant and dependable source of renewable energy because of its predictability. At the utility scale, tidal energy can contribute to global net zero transitions at a reasonable cost. Source: https://www.technipfmc.com/en/investors/financial-news-releases/press-release/technipfmc-announces-strategic-investment-and-collaboration-with-orbital-marine-power-to-accelerate-tidal-energy/.

 

Top Companies Market Share in Tidal Energy Industry: (In no particular order of Rank)

• Verdant Power
• Andritz AG
• Minesto AB
• sustainable marine energy ltd
• Hammerfest Strom AS
• SIMEC Atlantis Energy
• HydroQuest SAS
• European Marine Energy Centre (EMEC)
• Orbital Marine Power Ltd
• nova innovation ltd
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Tidal Energy Market

Which Region Dominates the Tidal Energy Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. Particularly in regions like Maine and the Gulf of Maine, the eastern coast of the United States contains promising locations for tidal energy. The viability and environmental effects of tidal energy have been investigated by the Maine Tidal Energy Project and other projects. Additionally, with an emphasis on enhancing turbine designs and cutting costs, the U.S. Department of Energy (DOE) has funded research and development projects including the Marine and Hydrokinetic Technology Advancement and Renewable Energy (MHK TARE) program.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Tidal Energy market. With ongoing projects, technological advancements, and supporting regulations establishing the foundation for future development, the Asia Pacific tidal energy industry is positioned for expansion. To realize the full benefits of tidal energy in the Asia Pacific area, obstacles must be overcome and local assets must be capitalized upon.

 

The current report Scope analyzes Tidal Energy Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Tidal Energy Market

According to Cognitive Market Research, the global Tidal Energy market size was estimated at USD 624.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 249.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 39.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Tidal Energy market with a market size of USD 197.00 million in 2024 and is projected to grow at a CAGR of 39.2% during the forecast period. The demand is amplified by the nation's growing technological advancements.
• The Canada Tidal Energy market had a market share of USD 29.96 million in 2024 and is projected to grow at a CAGR of 40.2% during the forecast period. Canada's growing investment.
• The Mexico Tidal Energy market is projected to witness growth at a CAGR of 39.9% during the forecast period, with a market size of USD 22.72 million in 2024.

Europe Tidal Energy Market

According to Cognitive Market Research, the global Tidal Energy market size was estimated at USD 624.2 Million out of which Europe held the market more than 30% of the global revenue with a market size of USD 187.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 39.7% from 2024 to 2031.

• The United Kingdom Tidal Energy market had a market share of USD 31.46 million in 2024 and is projected to grow at a CAGR of 40.5% during the forecast period. In the UK, Tidal Energy sales witness an upswing due to the growing investment.
• The France Tidal Energy market is projected to witness growth at a CAGR of 38.9% during the forecast period, with a market size of USD 17.23 million in 2024.
• According to Cognitive Market Research, the German Tidal Energy market size was valued at USD 37.08 million in 2024 and is projected to grow at a CAGR of 39.9% during the forecast period. In Germany, Tidal Energy sales surged due to the increasing renewable energy focus.
• The Italy Tidal Energy market is projected to witness growth at a CAGR of 39.1% during the forecast period, with a market size of USD 16.10 million in 2024.
• The Russia Tidal Energy market is projected to witness growth at a CAGR of 38.7% during the forecast period, with a market size of USD 29.03 million in 2024.
• The Spain Tidal Energy market is projected to witness growth at a CAGR of 38.8% during the forecast period with a market size of USD 15.36 million in 2024
• The Luxembourg Tidal Energy market is projected to witness growth at a CAGR of 39.8% during the forecast period, with a market size of USD 5.81 million in 2024.
• The Portugal Tidal Energy market is projected to witness growth at a CAGR of 39.5% during the forecast period, with a market size of USD 3.93 million in 2024.
• The Greece Tidal Energy market is projected to witness growth at a CAGR of 40.0% during the forecast period, with a market size of USD 2.25 million in 2024.
• Rest of Europe's Tidal Energy market is projected to witness growth at a CAGR of 38.4% during the forecast period, with a market size of USD 29.03 million in 2024.

Asia Pacific Tidal Energy Market

According to Cognitive Market Research, the global Tidal Energy market size was estimated at USD 624.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 143.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 43.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Tidal Energy market size was valued at USD 64.60 million in 2024 and is projected to grow at a CAGR of 42.7% during the forecast period. Tidal Energy sales surged in China due to increasing technology advancements.
• The Japan Tidal Energy market is projected to witness growth at a CAGR of 41.7% during the forecast period, with a market size of USD 19.81 million in 2024.
• The India Tidal Energy market had a market share of USD 17.23 million in 2024 and is projected to grow at a CAGR of 45.0% during the forecast period. India's growing focus on the renewable energy sector.
• The South Korea Tidal Energy market is projected to witness growth at a CAGR of 42.3% during the forecast period, with a market size of USD 14.36 million in 2024.
• The Australian Tidal Energy market is projected to witness growth at a CAGR of 42.9% during the forecast period, with a market size of USD 7.47 million in 2024.
• The South East Asia Tidal Energy market is projected to witness growth at a CAGR of 44.2% during the forecast period, with a market size of USD 9.91 million in 2024.
• The Rest of the Asia Pacific Tidal Energy market is projected to witness growth at a CAGR of 43.0% during the forecast period, with a market size of USD 10.19 million in 2024.

South America Tidal Energy Market

According to Cognitive Market Research, the global Tidal Energy market size was estimated at USD 624.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 31.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 40.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Tidal Energy market size was valued at USD 13.36 million in 2024 and is projected to grow at a CAGR of 41.2% during the forecast period. Tidal Energy sales flourish in Brazil due to rising technological advancement.
• Argentina Tidal Energy market had a market share of USD 5.24 million in 2024 and is projected to grow at a CAGR of 41.5% during the forecast period. The growing investment drives the market growth in the nation.
• Colombia Tidal Energy market is projected to witness growth at a CAGR of 40.4% during the forecast period with a market size of USD 2.78 million in 2024.
• Peru Tidal Energy market is projected to witness growth at a CAGR of 40.8% during the forecast period with a market size of USD 2.56 million in 2024.
• Chile Tidal Energy market is projected to witness growth at a CAGR of 40.9% during the forecast period with a market size of USD 2.25 million in 2024.
• The Rest of Latin America Tidal Energy market is projected to witness growth at a CAGR of 39.7% during the forecast period, with a market size of USD 5.02 million in 2024.

Middle East and Africa Tidal Energy Market

According to Cognitive Market Research, the global Tidal Energy market size was estimated at USD 624.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 12.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 40.9% from 2024 to 2031.

• The GCC Countries Tidal Energy market is projected to witness growth at a CAGR of 41.7% during the forecast period with a market size of USD 5.34 million in 2024. Tidal Energy sales flourish due to growing technological advancement.
• The Egypt Tidal Energy market is projected to witness growth at a CAGR of 41.2% during the forecast period, with a market size of USD 1.31 million in 2024.
• The South Africa Tidal Energy market is projected to witness growth at a CAGR of 41.9% during the forecast period, with a market size of USD 1.97 million in 2024. Tidal Energy sales flourish in South Africa due to the rising investment.
• The Turkey Tidal Energy market is projected to witness growth at a CAGR of 40.4% during the forecast period, with a market size of USD 1.07 million in 2024.
• The Nigeria Tidal Energy market is projected to witness growth at a CAGR of 40.0% during the forecast period, with a market size of USD 1.31 million in 2024.
• The Rest of MEA Tidal Energy market is projected to witness growth at a CAGR of 39.9% during the forecast period, with a market size of USD 1.47 million in 2024.

Tidal Energy Market Analysis

Tidal Energy Market Type Segment Analysis

According to Cognitive Market Research, Tidal Energy stands out as the dominating category. Due to its renewable nature and dependence on the gravitational pull of the sun and moon, tidal energy is sustainable over the long run. When compared to other renewable energy sources like wind and solar power, tidal patterns are predictable and offer a consistent energy source. Furthermore, tidal energy improves air quality and mitigates climate change by producing electricity without releasing greenhouse gases or other pollutants.

Wave Energy emerged as the fastest-growing category in the Tidal Energy market. In the ocean energy sector, supportive policies including research grants, tax breaks, and feed-in tariffs are essential for encouraging investment and lowering project risks. Furthermore, as turbine technology, materials science, and control systems continue to progress, tidal and wave energy systems become more dependable and efficient, which in turn increases their economic viability.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Tidal Energy Industry. Request a Free Sample PDF!

Tidal Energy Market Technology Segment Analysis

According to Cognitive Market Research, the dominating category is Tidal stream generator. Using the kinetic energy of flowing tidal currents, tidal stream generators produce electricity. Underwater wind turbines function similarly to this, except instead of using wind to move blades that power generators and generate electricity, they do it by using tidal flows. When water velocities are high and predictable, like in straits or tight waterways, TSGs are usually placed in locations with strong tidal currents. Tidal energy, including tidal stream generators, is enjoying a favorable market environment due to the growing global demand for renewable energy sources brought on by concerns about climate change and energy security objectives.

The fastest-growing category in the Tidal Energy market is the Oscillating Water Columns. Like tidal stream generators, OWCs could boost revenue in the ocean energy industry by expanding their market, advancing technology, and enacting legislation that is favorable to them. Project installations, energy sales through power purchase agreements (PPAs), and government incentives for renewable energy are expected to be OWCs' main sources of revenue.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Tidal Energy Application Segment Analysis

Application Segment Analysis

According to Cognitive Market Research, the dominating category is Power generation. Tidal energy is generated by the gravitational pull of the moon and the sun, making it dependable and renewable. Because tides are quite reliable, they can be used as a steady and reliable supply of electricity. Their functioning results in the generation of power without the release of greenhouse gases or pollutants, thereby mitigating climate change and enhancing air quality. These properties of tidal energy drive the market growth.

The fastest-growing category in the Tidal Energy market is the Desalination. Reverse osmosis (RO) and multi-stage flash distillation (MSF) are two desalination techniques that use a lot of energy to extract fresh water from seawater by removing salt and other contaminants. By providing a steady and renewable energy supply, tidal energy can run desalination plants, lowering dependency on fossil fuels and lowering greenhouse gas emissions from traditional energy sources.

• Power generation
• Desalination

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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