Tidal Power Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to tidal power market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Tidal Power Market News

in Tidal Power Market
  • In February 2024, SIMEC Atlantis Energy was awarded significant funding from the UK government’s Marine Energy Programme to support the development of its MeyGen Phase 2 project, the world’s largest tidal stream array. This funding accelerates project timelines and underscores government support for tidal energy as a key contributor to net-zero targets.
  • In June 2024, HydroWing, part of Inyanga Marine Energy Group, and Verdant Isles, a joint venture between Verdant Power and Duggan Energy, announced a collaboration for their projects at the Morlais tidal energy demonstration zone in Wales. This partnership aims to unlock economies of scale and potentially reduce costs by combining their expertise and resources in deploying tidal energy technologies. The collaboration is part of the broader effort to develop and commercialize tidal energy solutions in the UK.
  • In November 2024, Proteus Marine Renewables (PMR) signed a Memorandum of Understanding (MoU) with SKF Marine and GE Vernova’s Power Conversion business. This strategic alliance aims to supply tidal turbine generation systems (TTGS) for commercial, multi-megawatt tidal stream projects, focusing initially on delivering a minimum of 59 MW to the MeyGen tidal site in Scotland, the largest tidal stream facility in the world.
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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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Global Tidal Power Market
Tidal Power Market

Report ID: SQMIG55E2084

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