USD 2.1 billion
Report ID:
SQMIG55E2084 |
Region:
Global |
Published Date: May, 2025
Pages:
194
|Tables:
116
|Figures:
69
Global Tidal Power Market size was valued at USD 2.1 billion in 2023 and is poised to grow from USD 2.57 billion in 2024 to USD 12.76 billion by 2032, growing at a CAGR of 22.2% during the forecast period (2025-2032).
The burgeoning demand for renewable energy sources is emerging as a potent driver behind the rapid expansion of the global tidal power market.
As the world grapples with the pressing issues of climate change and the need to reduce greenhouse gas emissions, there is a growing appetite for clean and sustainable energy solutions, and tidal power is primed to play a pivotal role. One of the primary factors driving the tidal power market is the global shift towards renewable energy.
The escalating awareness of the environmental consequences of fossil fuel dependency, coupled with international commitments to reduce carbon emissions under agreements like the Paris Agreement, has led to a heightened emphasis on clean energy alternatives.
How is AI Transforming Tidal Power Efficiency and Maintenance in 2024?
Artificial intelligence (AI) plays an important role in changing the tidal power market. One of the most influential contributions is in forecast analysis, where AI algorithms are used to accurately predict tidal patterns, ocean currents and energy production. This allows operators to adapt to the performance of tidal turbines by adjusting them in real time depending on the behavior of the ocean, which reduces the cost of increasing efficiency and maintenance. AI also streamlines operation and maintenance by enabling monitoring the condition of underwater equipment.
In 2024, the ELEMENT project in Europe is pioneering the integration of AI-based adaptive control systems into tidal turbines. Additionally, AI-driven predictive maintenance solutions like Siemens’ new generative AI in their Senseye platform are helping reduce unplanned downtime by forecasting equipment failures more accurately, making tidal energy systems more reliable and cost-effective.
Market snapshot - 2025-2032
Global Market Size
USD 2.1 billion
Largest Segment
Shallow Water
Fastest Growth
Transitional Water
Growth Rate
22.2% CAGR
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Global Tidal Power Market is segmented by Method, Capacity, Depth of Installation, Application and region. Based on Method, the market is segmented into Tidal Stream, Tidal Barrage, Tidal Turbine and Other Methods. Based on Capacity, the market is segmented into Up To 100 kW and 100 kW to 500 kW Above. Based on Depth of Installation, the market is segmented into Shallow Water, Transitional Water and Deep Water. Based on Application, the market is segmented into Power Generation and Desalination. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Tidal stream is currently the dominant segment with a large market share. This is because tidal stream technology harnesses the kinetic energy of moving water currents without requiring large-scale infrastructure like dams. It is less environmentally disruptive compared to tidal barrages, easier to deploy in diverse locations, and benefits from ongoing technological improvements that increase efficiency and reduce costs.
As per the global tidal power market analysis, tidal turbine segment is experiencing the fastest growth. Tidal turbines, which are often a key component of tidal stream projects, are evolving with advanced designs such as floating and bottom-mounted turbines that enable better energy capture and scalability. The modularity and adaptability of tidal turbines make them attractive for expanding tidal power capacity globally.
As per the global tidal power market forecast, shallow water remains the dominant segment in the market. These areas (typically less than 30 meters deep) are preferred due to their proximity to the shore, ease of installation, lower construction costs, and simpler grid connectivity. Shallow water locations are ideal for fixed-bottom turbine foundations, which are cheaper and easier to maintain compared to floating or suspended systems. Countries like the UK, France, and Canada have successfully deployed multiple shallow-water tidal stream projects. Moreover, shallow waters have fewer environmental risks compared to more complex offshore sites, which accelerates the permitting process.
As per global tidal power market outlook, transitional water is currently the fastest-growing segment. As near-shore shallow water locations become limited or saturated, developers are shifting to transitional zones that offer stronger and more consistent tidal currents, leading to higher energy yield. These areas allow for the deployment of semi-submersible and floating tidal turbines, which are being actively developed by companies like Orbital Marine Power.
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As per regional forecast, North America is emerging as a strong player in the global tidal power market, driven by a growing focus on renewable energy policies and coastal energy development. The region's vast tidal range and government-backed pilot projects provide fertile ground for innovation and investment. The market here benefits from a combination of academic R&D, public-private partnerships, and technological advancements in underwater energy systems.
The United States has been actively involved in developing tidal energy through research institutions, government initiatives, and pilot testing projects, especially in coastal states like Alaska, Maine, and Washington. The U.S. Department of Energy has supported various marine energy programs aimed at commercializing tidal technologies, with ongoing efforts to reduce costs and scale deployment.
As per industry analysis, Canada, particularly the Bay of Fundy in Nova Scotia, is home to some of the world’s highest tidal ranges and has been a global leader in tidal stream energy. The country has deployed multiple pilot and commercial-scale turbines and continues to attract investment in marine renewable energy infrastructure. Government-backed innovation funds and streamlined regulatory support further boost Canada's leadership in the market.
As per regional outlook, Asia Pacific is witnessing rapid expansion in the tidal power market, driven by rising energy demand, coastal infrastructure investments, and growing commitments to sustainable energy. The region also benefits from strong government policies, advanced marine engineering capabilities, and a favorable geographic layout that includes numerous tidal basins and estuaries.
Japan has been proactive in exploring tidal and ocean current energy to diversify its post-Fukushima renewable energy mix. Its long coastline and island geography offer ideal locations for pilot deployments. Japanese firms and universities are engaged in R&D collaborations, and demonstration projects are underway to test various tidal turbine technologies in real marine conditions.
South Korea stands out in Asia for implementing one of the world’s largest tidal barrage power plants the Sihwa Lake Tidal Power Station. The government’s ambitious green energy goals continue to support tidal research and promote infrastructure upgrades. South Korea's engineering expertise and coastal energy planning put it at the forefront of tidal barrage-based electricity generation.
Europe remains the most advanced region in tidal power, backed by ambitious climate targets, early-stage investments, and robust marine research ecosystems. The region leads in both pilot and commercial deployments of tidal stream and barrage technologies, supported by the European Union’s Horizon funding and cross-border collaborations.
The UK, particularly Scotland and Wales, is a global hub for tidal Stream Energy. Projects like the MeyGen array in Scotland highlight its leadership in commercial-scale deployments. The UK benefits from strong political support, dedicated funding, and marine energy clusters that drive innovation and job creation in coastal communities.
Germany, although more focused on wind and solar, is exploring tidal energy as part of its wider energy transition strategy. The country supports R&D initiatives in ocean energy technologies and collaborates on EU-wide projects aimed at developing efficient tidal energy conversion systems.
Italy is exploring tidal energy potential along its coastal zones, especially in the Strait of Messina and the Adriatic Sea. While still in early stages, Italian companies and research institutions are participating in EU demonstration projects aimed at evaluating the technical and commercial viability of tidal stream and hybrid marine systems.
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Increasing Demand for Clean and Renewable Energy
Technological Advancements Enhancing Efficiency
High Initial Capital and Infrastructure Costs
Environmental and Regulatory Concerns
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The global tidal power industry in 2024 remains highly competitive, with a mix of established energy giants and innovative startups driving technological advancements and project developments. Key players like Siemens Energy, Orbital Marine Power, and Atlantis Resources continue to expand their portfolios by investing in more efficient turbine designs and larger-scale tidal farms.
As per market strategies, in early 2024, Siemens Energy announced a strategic partnership with a leading AI firm to integrate advanced AI-driven predictive maintenance systems into their tidal turbines, aiming to reduce downtime and operational costs significantly.
These companies focus on developing innovative tidal power technologies that aim to make renewable energy more scalable and cost-effective. By leveraging modular designs and advanced turbine systems, they address challenges related to installation and efficiency in coastal and marine environments. Their mission centers on expanding the accessibility of tidal energy while minimizing environmental impact, positioning them as emerging leaders in the marine renewable energy sector.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, key drivers of market growth include rising demand for renewable energy. The rising demand for renewable energy is expected to boost the tidal power market. Renewable energy resources, replenished on a human timescale, offer sustainable power generation without depleting Earth's resources. The rising demand for renewable energy is expected to boost the tidal power market. The tidal power market recently witnessed increased floating power production system deployments. In the system, the turbines are aligned in a particular way and attached to a standard moving beam. They produce more energy as compared to fixed structures. High initial capital costs and complex permitting processes pose significant challenges to the widespread adoption of tidal power projects. The tidal power market consists of revenues earned by entities by providing services such as site assessment, feasibility studies, design and engineering, and monitoring and optimization.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.1 billion |
Market size value in 2032 | USD 12.76 billion |
Growth Rate | 22.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Tidal Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tidal Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tidal Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tidal Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Tidal Power Market size was valued at USD 1.2 Billion in 2023 and is poised to grow from USD 1.46 Billion in 2024 to USD 7.13 Billion by 2032, growing at a CAGR of 21.9% in the forecast period (2025-2032).
The global tidal power industry in 2024 remains highly competitive, with a mix of established energy giants and innovative startups driving technological advancements and project developments. Key players like Siemens Energy, Orbital Marine Power, and Atlantis Resources continue to expand their portfolios by investing in more efficient turbine designs and larger-scale tidal farms. 'SIMEC Atlantis Energy', 'Proteus Marine Renewables (PMR)', 'HydroWing', 'Orbital Marine Power', 'Marine Current Turbines (MCT)', 'Andritz Hydro Hammerfest', 'Tidal Lagoon Power', 'Nova Innovation', 'Verdant Power', 'Schottel Group', 'Blue Energy Canada', 'Jiangsu Longyuan Power Group'
As global awareness of climate change intensifies, countries worldwide are committing to reducing their carbon footprints. Tidal power, with its predictable and emission-free energy generation, fits well into national renewable energy targets. Governments are introducing supportive policies, subsidies, and incentives to promote tidal projects. This growing demand for sustainable energy solutions drives investments from both public and private sectors, enabling the development of large-scale tidal energy farms and increasing market growth.
Integration of Artificial Intelligence for Optimization and Maintenance: AI technologies are revolutionizing how tidal energy systems operate. Projects like the 2024 ELEMENT initiative in Europe employ AI-driven adaptive controls to continuously optimize turbine performance based on tidal flow patterns, reducing energy costs. Similarly, AI-powered predictive maintenance solutions forecast equipment wear and potential failures before they happen, minimizing downtime and repair expenses. This tidal power market trend toward digitalization not only improves operational efficiency but also attracts tech-driven investments.
How is North America Contributing to Market Growth?
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