Tidal Power Market Size

SkyQuest Technology's Tidal power market size, share and forecast Report is based on the analysis of market data and Industry trends impacting the global Tidal Power Market and the revenue of top companies operating in it. Market Size Data and Statistics are based on the comprehensive research by our Team of Analysts and Industry experts.

Tidal Power Market Insights

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.

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FAQs

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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