Tidal Energy Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies

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The tidal energy global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Tidal Energy Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The tidal energy market size has grown exponentially in recent years. It will grow from $0.96 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to international climate agreements, the development and maintenance of tidal energy projects, an increase in power generation, an increase in electricity demand, and a rise in infrastructure and development activities.

The tidal energy market size is expected to see exponential growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to increasing costs of traditional energy sources, increasing public awareness and concern about environmental issues, the global shift towards cleaner energy sources, and rising renewable energy resources. Major trends in the forecast period include innovations in tidal energy technologies, advances in energy storage technologies, the development of long-term power purchase agreements (PPAs), innovation in marine engineering, and advances in environmental impact assessment techniques.

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Scope Of Tidal Energy Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Tidal Energy Market Overview

Market Drivers –
The rising demand for renewable energy resources is expected to propel the growth of the tidal energy market going forward. Renewable energy resources are natural sources of energy that are replenished on a human timescale and can be used to generate power without depleting the Earth’s resources. The rising demand for renewable energy is driven by technological advancements making renewables more cost-effective and increasing public support for environmental sustainability. Tidal energy complements other renewable sources, such as wind and solar, contributing to a more stable and diverse renewable energy portfolio that helps sustain global energy demands. For instance, in July 2024, according to the U.S. Energy Information Administration, a U.S.-based government agency, renewable energy accounted for approximately 9% of total primary energy production and consumption in 2023, with hydropower generation increasing by about 6% compared to 2022. Therefore, the demand for renewable energy resources is driving the growth of the tidal energy market.

Market Trends –
Major companies operating in the tidal energy market are focused on innovative projects and investments, such as tidal energy demonstration initiatives, to enhance efficiency and prove the viability of emerging technologies. Tidal energy demonstration initiatives are projects aimed at showcasing the potential of tidal energy technologies and advancing their development for commercial use. These initiatives are often supported by governments, research institutions, and private companies to test and refine tidal energy systems in real-world conditions. For instance, in March 2023, Bluenergy Solutions, a Singapore-based company that provides renewable energy solutions, launched its Proof of Value (POV) project, a tidal energy demonstration initiative off the coast of Singapore near Raffles Lighthouse on Pulau Satumu. This project aims to harness tidal currents using four small tidal generators (7 kW each) to replace diesel power at the lighthouse, thereby reducing carbon emissions and supporting Singapore’s decarbonization goals. This project marks a significant step towards integrating marine renewable energy solutions in Singapore, contributing to the nation’s electrification and decarbonization goals.

The tidal energy market 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

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Regional Insights –
Europe was the largest region in the tidal energy market in 2023. The regions covered in the tidal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
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

Table of Contents
1. Executive Summary
2. Tidal Energy Market Report Structure
3. Tidal Energy Market Trends And Strategies
4. Tidal Energy Market – Macro Economic Scenario
5. Tidal Energy Market Size And Growth
…..
27. Tidal Energy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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