Tidal Current Turbine Market was valued at USD 0.55 Billion in 2022 and is projected to reach USD 2.1 Billion by 2030, growing at a CAGR of 18.1% from 2024 to 2030.
Tidal Current Turbine Market Size and Opportunity Analysis
The global tidal current turbine market was valued at approximately USD 0.8 billion in 2022, with expectations to grow significantly over the coming years. The market is projected to expand at a compound annual growth rate (CAGR) of around 22% from 2023 to 2030. This growth is driven by increasing investments in renewable energy technologies and the rising demand for sustainable and clean power sources. The potential for harnessing tidal energy is substantial, given the predictability and consistency of tidal movements, which provide a reliable source of power generation. Moreover, advancements in turbine technology and decreasing costs associated with installation are likely to further propel market expansion.
Emerging markets present substantial opportunities for the tidal current turbine sector. Regions with extensive coastlines and strong tidal flows, such as parts of Asia-Pacific and Europe, are anticipated to see increased deployment of tidal turbine systems. These areas are capitalizing on their natural tidal resources to meet growing energy demands while aiming to reduce carbon emissions. Additionally, government policies and incentives aimed at supporting renewable energy infrastructure are expected to drive further investment in these markets. As technology continues to evolve and become more cost-effective, the adoption of tidal current turbines is expected to gain momentum globally, opening new avenues for growth and innovation within the sector.
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Who are the largest Global manufacturers in the Tidal Current Turbine industry?
- ANDRITZ
- Orbital Marine Power
- SIMEC Atlantis Energy
- Tocardo
- Siemens（Marine Current Turbines）
- Verdant Power
- Ocean Renewable Power Company(ORPC)
- Minesto
- Nova Innovation
- EEL Energy
- Atlantisstrom
- Tidal Energy Pty Ltd
- Ocean Flow Energy Ltd
- EMEC Ltd
- Renewable Devices Marine Ltd
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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What are the factors driving the growth of the Global Tidal Current Turbine Market?
Growing demand for below applications around the world has had a direct impact on the growth of the Global Tidal Current Turbine Market
- Energy Industry
- Marine Industry
- Others
What are the types of Tidal Current Turbine available in the Market?
Based on Types the Market is categorized into Below types that held the largest Tidal Current Turbine market share In 2023.
- Horizontal Axis Turbines
- Vertical Axis Turbines
- Others
Which regions are leading the Global Tidal Current Turbine Market?
- Global (United States, Global and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Detailed TOC of Global Tidal Current Turbine Market Research Report, 2024-2032
1. Introduction of the Global Tidal Current Turbine Market
- Overview of the Market
- Scope of Report
- Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
- Data Mining
- Validation
- Primary Interviews
- List of Data Sources
4. Global Tidal Current Turbine Market Outlook
- Overview
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Porters Five Force Model
- Value Chain Analysis
5. Global Tidal Current Turbine Market, By Type
6. Global Tidal Current Turbine Market, By Application
7. Global Tidal Current Turbine Market, By Geography
- Global
- Europe
- Asia Pacific
- Rest of the World
8. Global Tidal Current Turbine Market Competitive Landscape
- Overview
- Company Market Ranking
- Key Development Strategies
9. Company Profiles
10. Appendix
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