Market Size of Tidal Power Industry
| Study Period | 2020 - 2029 |
| Market Volume (2024) | 0.67 gigawatt |
| Market Volume (2029) | 2.32 gigawatt |
| CAGR (2024 - 2029) | 28.11 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tidal Power Market Analysis
The Tidal Power Market size is estimated at 0.67 gigawatt in 2024, and is expected to reach 2.32 gigawatt by 2029, growing at a CAGR of 28.11% during the forecast period (2024-2029).
- Over the medium term, factors such as the global energy transition toward renewables and the rollout of new technologies in many developed countries are expected to be one of the most significant drivers for the tidal power market during the forecast period.
- On the other hand, the market is highly obstructed due to the exorbitant costs and environmental impacts of the technology. This poses a threat to the tidal power market during the forecast period.
- Nevertheless, the research and innovation endeavors by the industry leaders present an enormous opportunity for the market's growth. The ground-breaking Tidal Turbine Power Take-off Accelerator (TiPA) project is a perfect demonstration of the statement. It recently developed a highly reliable, efficient, and cost-effective power-take-off system for a tidal turbine. This factor is expected to create several opportunities for the market in the future.
- The European region is expected to dominate the market during the forecast period due to many planned tidal energy projects across the region.
