Tidal Turbines Market Analysis Europe, APAC, North America, Middle East and Africa, South America - UK, Canada, France, US, China, Germany, South Korea, Ireland, Spain, Japan - Size and Forecast 2024-2028

Tidal Turbines Market Size 2024-2028

The tidal turbines market size is forecast to increase by USD 34 million at a CAGR of 4.45% between 2023 and 2028.

• The market is experiencing significant growth due to the increasing demand for renewable energy sources. This trend is driven by the worldwide push towards reducing carbon emissions and the depletion of traditional energy resources. Technological advancements in tidal turbines are also contributing to market growth, with innovations leading to more efficient and cost-effective designs. However, the requirement of high capital investments in tidal energy projects poses a challenge to market expansion. Despite this, the future of tidal energy looks promising, with potential for substantial growth In the coming years. The market analysis report provides a comprehensive examination of these trends and challenges, offering valuable insights for stakeholders In the tidal energy sector.

What will be the Size of the Tidal Turbines Market During the Forecast Period?

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• The tidal turbines market is a significant segment of the renewable energy sector, leveraging the kinetic energy from ocean tides to generate electricity. This form of renewable energy is derived from the gravitational attraction between the moon and Earth, resulting in the ebb and flow of ocean tides. Tidal currents, a key resource for tidal energy projects, offer a consistent power source, unlike solar and wind energy. Turbine technology plays a crucial role in harnessing this energy, with dynamic tidal power systems, tidal lagoons, and tidal barrages among the leading solutions. The market has witnessed a rise in installation figures, with tidal farms contributing significantly to the global energy transition towards net-zero emissions.

• In 2021, the marine energy capacity reached over 1 GWh, with the potential for exponential growth In the coming years. Power generation from tidal energy projects is achieved through various methods, including power-take-off systems and floating power production. The ocean tides offer a reliable, predictable energy source, making tidal energy a promising addition to the global electricity generation capacity.

How is the Tidal Turbines Industry segmented and which is the largest segment?

The tidal turbines industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Type
  • Floating tidal turbines
• Capacity
  • Large scale
  • Medium scale
  • Small scale
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Spain
  • APAC
    • China
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

By Type Insights

• The large-scale segment is estimated to witness significant growth during the forecast period

The Large Scale segment is estimated to witness significant growth during the forecast period. Tidal Power, derived from the kinetic energy of tidal currents, is a promising renewable energy source that contributes to cleaner power production and a low carbon future. The gravitational attraction between the moon and Earth causes ocean tides, which offer vast potential for electricity generation. In-stream tidal turbines, installed in various shallow, transitional, and deep waters, harness this energy. Most in-stream turbines employ a horizontal axis of rotation, with blades that respond to tidal current. In-stream tidal turbines, fully submerged underwater with the entire system located below the water surface, harness tidal currents through horizontal axis rotors. Advanced turbine designs, including horizontal and vertical axis models, have improved energy capture efficiency, lowering operational costs and boosting economic viability. The integration of strong materials and protective coatings enhances turbine durability, resulting in reduced maintenance costs and extended operational lifetimes.

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The large scale segment was valued at USD 31.60 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• Europe is estimated to contribute 52% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European market is experiencing growth due to Europe's commitment to renewable energy and technological advancements in tidal turbine technology. The region's push towards renewable energy sources is a significant driver, as countries aim to meet climate goals and decrease dependence on non-renewable energy. Tidal energy, which utilizes the gravitational forces of the moon and sun, is a reliable and predictable power generation option. This demand is further fueled by increasing concerns over climate change and the need for sustainable energy solutions. Tidal turbines, which convert kinetic energy from tidal currents into electricity, are a promising solution for meeting electricity demand in a low-carbon future.

Market Dynamics

Our tidal turbines market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Tidal Turbines Industry?

Increasing demand for renewable energy sources is the key driver of the market.

• Tidal power, derived from the kinetic energy of tidal currents, is an essential component of the renewable energy sector. This clean and sustainable energy source generates electricity through the use of tidal turbines, which convert the energy from the gravitational attraction between the moon and Earth into electricity. Tidal energy production has gained significant attention due to its potential to contribute to a low-carbon future and reduce emission levels. According to estimates, tidal streams could potentially meet up to 11% of the electricity needs In the UK, with vast untapped resources globally. The electricity demand is increasing significantly, with global energy needs projected to rise by approximately 21% by 2050.

• Tidal energy, with its minimal environmental impact and production of no greenhouse gas emissions or air pollutants, offers a promising solution to meet this increasing demand while reducing dependence on non-renewable energy sources. Tidal energy projects utilize various technologies, including axial turbines, cross-flow turbines, and tidal lagoons. These energy converters can be installed in shallow, transitional, and deep waters, making tidal energy a versatile renewable energy resource. Floating power production and tidal farms are also emerging trends In the tidal energy market. The marine energy capacity of tidal streams is substantial, with estimates suggesting that they could generate up to 10% of the world's electricity needs. As the world moves towards net-zero emissions, tidal energy will play a crucial role in meeting electricity demand while reducing carbon emissions and contributing to a cleaner power production landscape.

What are the market trends shaping the Tidal Turbines Industry?

Technological advancements in tidal turbines is the upcoming market trend.

• The tidal turbines market is experiencing significant growth due to advancements in tidal turbine technology. Innovations in materials science have led to the development of more durable and corrosion-resistant components, increasing the longevity of tidal turbines and reducing maintenance costs and downtime. Energy storage technologies, such as batteries and pumped hydro storage, are being integrated into tidal energy systems, enabling the capture and storage of excess energy generated during peak tidal flows. This capability enhances the reliability of tidal energy systems, providing a stable power supply even during low production periods. Tidal currents, a renewable energy resource, offer vast potential for electricity generation.
• The gravitational attraction between the moon and earth causes ocean tides, resulting In the creation of kinetic energy. Tidal streams can be harnessed through various tidal turbine technologies, including axial turbines, cross-flow turbines, and tidal kites. Tidal farms, which utilize tidal barrages and tidal stream technology, are being developed in shallow, transitional, and deep waters worldwide. The integration of tidal energy into the power generation mix is essential for a low-carbon future and the reduction of carbon emissions from non-renewable energy sources. The global market for tidal turbines is expected to continue growing as the demand for cleaner power production increases.

What challenges does the Tidal Turbines Industry face during its growth?

The requirement of high capital investments in tidal energy projects is a key challenge affecting the industry growth.

• Tidal power, derived from the kinetic energy of tidal currents, is a formidable renewable energy source with significant potential to contribute to a low-carbon future. However, the high capital investments required for tidal energy projects, including tidal barrages and tidal stream technology, act as a barrier to entry for new projects and, consequently, limit the demand for tidal turbines. The engineering and design costs for tidal power plants can range from USD2 million to USD10 million, while the overall investment for tidal barrages and other facilities can reach hundreds of millions or even billions of dollars. These substantial upfront costs necessitate the use of specialized technology, strong construction, and extensive infrastructure for energy conversion and distribution.
• Despite these challenges, tidal energy projects offer the promise of cleaner power production and emission reduction, aligning with the global push towards renewable resources and a net-zero emissions future. Tidal stream technology, including axial turbines and cross-flow turbines, plays a crucial role in harnessing the energy from tidal currents. Floating power production and marine energy capacity are also gaining traction as innovative solutions to the challenges of installation depth and ocean conditions in shallow, transitional, and deep waters. Tidal farms and power generation from ocean tides continue to be a focus for electricity demand, with tidal range projects and low-flow tidal streams offering potential solutions for areas with lower tidal currents.

Exclusive Customer Landscape

The tidal turbines market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the tidal turbines market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, tidal turbines market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Andritz AG
• Aquantis Inc
• Guinard Energies Nouvelles
• Hyundai Heavy Industries Group
• Instream Energy Systems Corp.
• Jupiter Hydro Inc
• Lockheed Martin Corp.
• MAKO Tidal Turbines Pty Ltd.
• Oceana Energy Co.
• OpenHydro Group Ltd
• Orbital Marine Power Ltd
• SABELLA SA
• SAS HYDROQUEST
• Simec Atlantis Energy Ltd.
• TOCARDO BV
• TPGen24

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Tidal power, a form of renewable energy derived from the kinetic energy of tidal currents, has emerged as a promising alternative to traditional non-renewable energy sources. This cleaner power production method using clean energy technologies utilizes the gravitational attraction between the moon and Earth to generate electricity. Tidal energy projects harness this power through various technologies, including tidal barrages, tidal streams, and tidal lagoons. Tidal currents, caused by the interaction between the ocean tides and the Earth's topography, offer significant potential for electricity generation. Turbines, the primary energy converters in tidal power systems, can be categorized into axial and cross-flow types. Axial turbines, which operate by using the axial flow of water, are commonly used in tidal barrages.

Moreover, cross-flow turbines, on the other hand, are designed to work with the transverse flow of water and are often employed in tidal streams. The global market has seen steady growth in recent years, driven by the increasing demand for electricity and the need for emission reduction. The transition to a low carbon future necessitates the exploration and utilization of renewable resources, such as tidal energy. Tidal farms, which house multiple turbines, have been installed in various depths of water, including shallow, transitional, and deep waters. Floating power production, a relatively new development In the tidal energy sector, enables the installation of turbines in deeper waters, expanding the potential capacity of tidal energy projects.

Furthermore, marine energy capacity, including tidal and wave energy, is projected to reach significant figures In the coming years. The power-take-off system, a crucial component in tidal power generation, converts the mechanical energy of the turbines into electrical energy. Tidal stream technology, which focuses on harnessing the energy from tidal currents, has gained popularity due to its potential for continuous power generation. Tidal range projects, which utilize the difference in water levels between high and low tides, have shown promising results in certain locations. Low-flow tidal streams, which offer smaller but more consistent energy flows, are also being explored as viable options for electricity generation.

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What are the Key Data Covered in this Tidal Turbines Market Research and Growth Report?

• CAGR of the Tidal Turbines industry during the forecast period
• Detailed information on factors that will drive the Tidal Turbines market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across Europe, APAC, North America, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the tidal turbines market growth of industry companies

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