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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 and technological advancements in tidal turbine technology. The requirement for high capital investments in tidal energy projects presents a challenge to market growth. However, the potential for substantial energy generation and the environmental sustainability of tidal energy make it an attractive alternative to traditional energy sources. Tidal turbines operate underwater, harnessing the power of tidal currents to generate electricity. This market is expected to grow at a steady pace due to government initiatives and private investments in tidal energy projects. Technological advancements, such as the development of more efficient and cost-effective tidal turbines, will further drive market growth. Despite the challenges, the future of tidal energy looks promising, with the potential to contribute significantly to the global renewable energy landscape.
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The market 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.
The Large Scale tidal turbines 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 waters including shallow, transitional, and deep, harness this energy. Most in-stream turbines employ a horizontal axis of rotation, with blades that respond to tidal currents.
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The Large Scale tidal turbines was the largest segment and was valued at USD 70.30 million in 2018. Advanced turbine technologies, such as horizontal and vertical axis turbines, axial and cross-flow designs, tidal kites, and horizontal or vertical axis wind turbines, enhance energy capture and reduce operational costs. The integration of advanced materials and protective coatings ensures durability, leading to lower maintenance costs and longer operational lifespans. As electricity demand grows, the need for non-renewable energy sources like fossil fuels and their associated carbon emissions reduction becomes increasingly important. Tidal farms, including tidal barrages and tidal stream technology, offer a sustainable solution, contributing significantly to power generation and the global energy landscape. Installation figures and electricity generation capacity continue to rise, with tidal stream developers and wave energy developers at the forefront of innovation.
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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. Tidal energy projects harness the kinetic energy from tidal streams and tidal ranges to generate electricity. The power-take-off system in these projects converts the mechanical energy from the moving water into electrical energy. Floating power production is a recent innovation in tidal energy, enabling generation in deeper waters and wider tidal ranges. The global marine energy capacity from tidal streams is projected to reach 10 GW by 2025, driven by increasing electricity demand and the push towards net-zero emissions. Low-flow tidal streams and ocean currents are also being explored for their potential in tidal energy production. The Water Power Program, a collaborative initiative, supports the development of tidal energy technologies and their integration into the power grid.
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.
Andritz AG - The company offers ANDRITZ HYDRO Hammerfest tidal turbine and others.
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Market structure |
Fragmented |
YoY growth 2023-2024 |
1.93 |
Tidal power, derived from the energy of ocean tides, is a promising source of renewable energy. The rising sea levels and the increasing global energy transition towards net-zero emissions have fueled the growth of tidal energy projects worldwide. Tidal currents, caused by the gravitational attraction between the moon and Earth, contain vast amounts of kinetic energy that can be harnessed to generate electricity. Turbine technology plays a crucial role in tidal energy generation. Both tidal barrages and tidal lagoons use turbines to convert the kinetic energy of tidal currents into electricity. Dynamic tidal power, also known as tidal stream power, utilizes floating turbines to generate electricity from tidal currents in deep ocean waters. The installation figures for tidal energy projects have been on the rise, with tidal farms contributing significantly to the marine energy capacity. In 2021, the global tidal energy generation capacity was reported to be over 1 GWh (gigawatt-hours), with plans to increase this capacity in the coming years. Ocean tides offer a vast and untapped source of renewable energy, making tidal power an essential component of the global energy transition towards a sustainable future. The power-take-off system in tidal energy projects converts the rotational energy of the turbines into electricity, contributing to the generation of gigawatt-hours of electricity annually. Floating power production is also gaining popularity in the tidal energy sector, offering new opportunities for electricity generation in deeper waters. 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.
Increasing demand for renewable energy sources is notably driving market growth. Tidal power, derived from the kinetic energy of tidal currents and the gravitational attraction between the moon and Earth, is an essential component of the renewable energy landscape. This cleaner power production source, which generates electricity without producing greenhouse gas emissions or air pollutants, is increasingly being recognized as a vital contributor to a low carbon future. With the global energy demand projected to rise by approximately 21% by 2050, tidal energy could potentially meet a significant portion of this need. In the UK alone, tidal streams could potentially generate up to 11% of the annual electricity requirements, with vast untapped resources available worldwide. Tidal energy technology encompasses various methods such as tidal barrages, tidal lagoons, axial turbines, cross-flow turbines, tidal kites, and horizontal axis turbines.
These energy converters can be installed in shallow, transitional, and deep waters, making tidal farms a versatile energy resource. Tidal stream technology, which harnesses the power of tidal currents, is gaining popularity among developers, with offshore wind turbine manufacturers also exploring this frontier. Wave energy developers are also exploring the synergies between tidal and wave energy to optimize energy generation. The installation depth and location of tidal energy systems vary, making them adaptable to diverse geographical conditions. Overall, tidal energy offers a promising solution to meet growing electricity demand while reducing carbon emissions and transitioning to a sustainable energy future. Thus, such factors are driving the growth of the market during the forecast period.
Technological advancements in tidal turbines is the key trend in the market. Tidal power, derived from the kinetic energy of tidal currents, is a promising renewable energy source that is gaining significant attention due to its potential to contribute to cleaner power production and emission reduction in the quest for a low carbon future. Technological advancements in tidal turbines are a major trend propelling the growth of this market. Innovations in materials science have led to the development of more durable and corrosion-resistant components, enabling tidal turbines to withstand the harsh underwater environments. These advancements enhance the longevity of tidal turbines, thereby reducing maintenance costs and downtime. Additionally, the integration of energy storage technologies, such as batteries and pumped hydro storage, allows for 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 farms in shallow, transitional, and deep waters utilize various types of turbines, including axial and cross-flow turbines, horizontal axis turbines, vertical axis turbines, and tidal kites, to convert the ocean's energy into electricity. The installation figures and electricity generation capacity of tidal barrages and tidal stream technology continue to increase, offering a viable alternative to non-renewable energy sources like fossil fuels. Tidal stream developers and wave energy developers are collaborating to optimize energy resources and improve the overall efficiency of ocean energy systems. Thus, such trends will shape the growth of the market during the forecast period.
Requirement of high capital investments in tidal energy projects is the major challenge that affects the growth of the market. Tidal power, derived from the kinetic energy of tidal currents, is an essential part of the renewable energy landscape. However, the high capital investments required for tidal energy projects pose a challenge to the demand for tidal turbines. The construction of tidal barrages and other facilities involves substantial upfront costs, ranging from millions to billions of dollars, due to the need for specialized technology and infrastructure capable of withstanding the harsh marine environment. This includes engineering and design expenses, as well as the costs for the installation of energy converters such as axial turbines, cross-flow turbines, and even innovative solutions like tidal kites, in shallow, transitional, and deep waters.
The high installation figures and electricity generation capacity of tidal farms call for extensive infrastructure for energy conversion and distribution. While tidal energy offers a cleaner power production alternative to non-renewable energy sources like fossil fuels and contributes to emission reduction, the significant upfront investments hinder the installation of new tidal energy projects and, in turn, limit the demand for tidal turbines. Other renewable energy resources, such as offshore wind turbines, wave energy, and solar power, may offer more cost-effective solutions for electricity demand in a low carbon future. 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 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 power, derived from the energy of ocean tides, is an emerging renewable energy source with significant potential to contribute to cleaner power production and emission reduction in the context of a low carbon future. The gravitational attraction between the moon, sun, and Earth causes tidal currents, which can be harnessed to generate electricity through various turbine technologies, including axial and cross-flow turbines. Tidal farms, such as tidal lagoons and barrages, have been developed in shallow, transitional, and deep waters, with installation figures and electricity generation capacity increasing steadily. Tidal stream technology, which utilizes kinetic energy from tidal currents, is gaining popularity among tidal developers. Tidal and wave energy are expected to complement the growth of offshore wind energy in the transition away from non-renewable energy sources like fossil fuels. Energy converters, such as horizontal axis turbines, vertical axis turbines, and tidal kites, are being explored to optimize electricity generation in different installation depths and ocean conditions. Renewable resources are pivotal in carbon emission reduction efforts, with innovations in marine energy such as lake tidal power stations and floating tidal power platforms. Tidal stream generation plants and dynamic tidal power plants harness energy from shallow waters and transitional waters, contributing to the growth of marine energy capacity. Power Purchase Agreements (PPA) are crucial for funding and implementing these tidal range projects, ensuring the effective deployment of these sustainable technologies.
Market Scope |
|
Report Coverage |
Details |
Page number |
198 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.45% |
Market growth 2024-2028 |
USD 34 million |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 52% |
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 |
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, and TPGen24 |
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 market 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 Capacity
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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