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The Tidal Energy Generation Market size is forecast to increase by USD 476.71 thousand, at a CAGR of 16.61% between 2023 and 2028. Tidal energy generation systems have gained significant traction due to the growing demand for electricity from renewable sources. As the world shifts towards sustainable energy solutions, the market for tidal energy is poised for growth. Another trend influencing the market is the integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) into tidal energy generation systems, enhancing their efficiency and performance. However, the high cost of manufacture and maintenance for tidal energy generation systems remains a major challenge, limiting their widespread adoption. Despite this, the market is expected to witness growth in the coming years, driven by technological advancements and increasing focus on renewable energy sources.
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The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD thousand" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The Tidal Range Devices segment is estimated to witness significant growth during the forecast period. Tidal and wave energy are two forms of ocean energy that contribute significantly to the renewable energy sector. Renewable energy sources, including tidal energy, wave energy, solar energy, and wind energy, are becoming increasingly important in power generation as the world transitions away from fossil fuels to reduce greenhouse gas emissions and mitigate climate change. Tidal energy harnesses the kinetic energy from tidal currents, while wave energy converters utilize the kinetic energy from ocean waves.
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The tidal range devices segment was the largest and was valued at USD 42,459.00 in 2018. Tidal energy generation systems include tidal barrages, which use the rise and fall of tides to generate electricity through turbines, and dynamic tidal power, which uses underwater turbines to capture energy from tidal currents. Horizontal axis turbines and vertical axis turbines are commonly used in tidal energy systems. Additionally, innovative technologies like tidal kites and tidal lagoons are gaining attention for their potential in this field. Tidal power, derived from tidal currents, is a sustainable energy source that offers energy security and reduces carbon emissions. Ocean energy technologies, such as tidal barrage technology and crossflow turbines, are essential in meeting the growing electricity demand while minimizing reliance on fossil fuels. This development underscores the potential of tidal energy as a viable and promising renewable energy source.
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Europe is estimated to contribute 47% 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. Tidal and wave energy are two forms of ocean energy that contribute significantly to the renewable energy sector. Renewable energy sources, including tidal energy, wave energy, solar energy, and wind energy, are increasingly being adopted to address climate change and reduce greenhouse gas emissions. Fossil fuels, a major contributor to carbon emissions, are being phased out in favor of sustainable energy solutions. Tidal energy generation systems harness the kinetic energy from tidal currents through various technologies such as tidal barrages, horizontal axis turbines, vertical axis turbines, tidal kites, and dynamic tidal power. Tidal barrages use the rise and fall of tides to generate electricity, while tidal current turbines operate underwater and are similar to wind turbines.
Wave energy converters, another ocean energy technology, convert the kinetic energy of ocean waves into electricity. These systems use axial turbines, crossflow turbines, and other designs to capture wave energy. Tidal lagoons, enclosed bodies of water that capture tidal energy, are also gaining popularity. Renewable energy sources, including tidal and wave energy, are essential for meeting electricity demand and ensuring energy security. The global market for tidal energy generation systems is expected to grow significantly due to increasing demand for sustainable energy solutions.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers tidal energy floating systems that turn the movement of the mechanical rotation into a generator.?
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Market structure |
Fragmented |
YoY growth 2023-2024 |
16.31 |
Tidal energy generation systems have gained significant attention in the power industry as a promising source of renewable energy. Tidal energy, derived from the kinetic energy of tidal currents, is a form of ocean energy that is both sustainable and eco-friendly. It provides an alternative to traditional power sources such as fossil fuels, solar energy, and wind energy, which contribute to greenhouse gas emissions and climate change. Tidal energy systems include tidal barrages, horizontal axis turbines, vertical axis turbines, tidal kites, and tidal lagoons. Tidal barrages use the rise and fall of tidal waters to generate power through the use of turbines. Horizontal axis turbines and vertical axis turbines are similar to those used in wind energy, but are designed to operate underwater. Tidal kites use the difference in water pressure between high and low tides to generate power.
Dynamic tidal power, which includes tidal currents and orbital marine power, is another emerging technology in the tidal energy market. Tidal currents harness the energy from the constant movement of ocean water, while orbital marine power uses the rise and fall of the tides to generate power. Tidal energy offers several advantages, including energy security, carbon emissions reduction, and desalination capabilities. The market for tidal energy generation systems is expected to grow significantly in the coming years due to increasing global focus on sustainable energy and reducing reliance on fossil fuels. Our 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.
Growing demand for electricity from renewable energy sources is notably driving market growth. The market is witnessing significant growth due to the increasing demand for renewable energy sources and the focus on sustainability and carbon neutrality. Tidal energy, derived from the consistent and predictable ocean tides, is a valuable addition to the power generation mix, capable of meeting rising electricity demands in a sustainable manner. In 2023, the International Energy Agency (IEA) reported a 50% increase in the amount of renewable energy capacity added to global energy systems, reaching nearly 510 gigawatts (GW).
This trend is expected to continue, as concerns over climate change, greenhouse gas emissions, and energy security drive the shift towards renewable energy sources. Tidal energy technologies, including wave energy converters, tidal barrages, turbines (horizontal axis, vertical axis, axial, and crossflow), tidal kites, and dynamic tidal power, are at the forefront of this transition. Ocean energy, including tidal and wave power, is poised to play a significant role in meeting future electricity demand while reducing carbon emissions and promoting energy security. Thus, such factors are driving the growth of the market during the forecast period.
Integration of AI and ML into tidal energy generation systems is the key trend in the market. Tidal energy generation systems are gaining significant attention in the renewable energy sector as an alternative to fossil fuels for power generation and desalination. Wave energy and tidal energy are two forms of ocean energy that harness the kinetic energy from ocean currents and tides, respectively. Renewable energy sources, including tidal energy, are essential in mitigating climate change and reducing greenhouse gas emissions. Tidal energy technologies, such as tidal barrages, wave energy converters, horizontal axis turbines, vertical axis turbines, tidal kites, and axial turbines, are increasingly being adopted for electricity generation.
The integration of artificial intelligence (AI) and machine learning (ML) into tidal energy generation systems is a transformative trend, improving efficiency, reliability, and performance. AI algorithms analyze operational data to identify patterns, predict equipment failures, and enable proactive maintenance, ultimately reducing downtime and enhancing overall system reliability. This technological advancement is crucial for sustainable energy, energy security, and reducing carbon emissions. Ocean energy technologies, including tidal power and tidal currents, are vital renewable energy sources to meet growing electricity demand. Thus, such trends will shape the growth of the market during the forecast period.
High cost of manufacture and maintenance for tidal energy generation systems is the major challenge that affects the growth of the market. Tidal energy generation systems tap into the kinetic energy of ocean tides to produce electricity, making it a renewable and sustainable power solution. However, the global market for tidal energy systems faces challenges due to the substantial costs involved in manufacturing, installing, and maintaining these complex systems. The marine environment's harsh conditions necessitate intricate design and engineering, driving up costs. Tidal energy holds immense potential as an alternative to fossil fuels in addressing climate change and reducing greenhouse gas emissions.
Yet, the high capital expenditures associated with tidal energy technologies, such as wave energy converters, turbines (horizontal axis, vertical axis, axial, crossflow), tidal barrages, and tidal lagoons, hinder widespread adoption and market scalability. Despite these challenges, companies like Orbital Marine Power continue to innovate in tidal power, exploring dynamic tidal power through tidal currents and kites. The renewable energy sector's increasing electricity demand necessitates continuous advancements in tidal energy technologies to make them more cost-effective and competitive with other renewable energy sources like solar and wind power. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the 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
Tidal energy generation systems have gained significant attention in the power generation industry as a sustainable and renewable energy source. Tidal energy, derived from the kinetic energy of tidal currents, is a promising alternative to traditional fossil fuel-based power generation. This form of renewable energy is becoming increasingly important in the context of climate change, greenhouse gas emissions, and energy security. Wave energy and solar energy are other popular renewable energy sources, but tidal energy offers several advantages. Unlike wave energy, which is dependent on wave height and ocean conditions, tidal energy is more predictable and consistent. Tidal energy can also be used for desalination, providing an additional benefit.
Tidal energy technologies include wave energy converters such as tidal turbines, tidal kites, and tidal barrages. Horizontal axis turbines and vertical axis turbines are commonly used in tidal power generation. Dynamic tidal power and tidal lagoons are other emerging tidal energy technologies. Ocean energy technologies, including tidal energy, have the potential to meet the increasing electricity demand while reducing carbon emissions. Tidal power from tidal barrages and tidal currents can generate substantial electricity, making it a viable alternative to traditional power generation methods. Axial turbines and crossflow turbines are commonly used in tidal barrage technology. The market is expected to grow significantly in the coming years, driven by the need for sustainable and renewable energy sources.
Market Scope |
|
Report Coverage |
Details |
Page number |
211 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.61% |
Market growth 2024-2028 |
USD 476.71 thousand |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 47% |
Key countries |
UK, Canada, France, US, China, Germany, South Korea, Ireland, Spain, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Andritz AG, BioPower Systems Pty Ltd., Blue Energy Canada Inc., Bluewater Energy Services BV, DP Energy, HydroWing, Instream Energy Systems Corp., Nova Innovation Ltd., Ocean Renewable Power Co. Inc., Orbital Marine Power Ltd, Proteus Marine Renewables, QED Naval Limited, SABELLA SA, Simec Atlantis Energy Ltd., Seabased, SeaQurrent, and Verdant Power Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, AI impact on market trends, COVID -19 impact and recovery analysis and future consumer dynamics, market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Application
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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