Tidal energy market to reach $3.02b by 2029

This will be fuelled by rising costs of conventional energy sources, amongst others.

The global market for tidal energy is seen to reach $3.02b by 2029 with a compound annual growth rate of 21.1%.

According to its new analysis, The Business Research Company (TBRC) said this expansion can be associated with the rising costs of conventional energy sources, growing public consciousness and apprehension about environmental threats, the worldwide transition to more sustainable energy sources, and an increase in renewable energy resources.

The market is expected to hit $1.4b this year from $1.16b in 2024, thanks to factors, including international climate agreements, the initiation and upkeep of tidal energy projects, enhanced power generation, increased consumption of electricity, as well as a surge in infrastructure and development activities.

“Leading businesses in the tidal energy market are concentrating their efforts on groundbreaking projects and investments like tidal energy demonstrative initiatives. These efforts are intended to improve efficiency and establish the effectiveness of emergent technologies,” TBRC said.

Other key trends during the forecast period include breakthroughs in tidal energy methods, advancements in energy storage technologies, the establishment of long-term power purchase agreements, innovations in marine engineering, and developments in environmental impact assessment techniques.