Tidal Energy Market Analysis

In-depth Analysis of Tidal Energy Market Industry Landscape

Governmental bodies worldwide are actively undertaking a multitude of measures aimed at diminishing the global reliance on coal and other finite fossil fuel resources, aligning with the commitments outlined in the Paris Agreement of 2016. This concerted effort has led to a notable surge in investments directed towards renewable energy sources such as wind, solar, wave, and tidal energy. The substantial augmentation of investments in these renewable sources has significantly bolstered the global development and adoption of wave and tidal energy technologies.

The heightened investments in clean energy ventures stem not only from governmental initiatives but also from financial institutions such as the International Finance Corporation (IFC), Asian Development Bank (ADB), and the World Bank. These financial entities have demonstrated a keen interest in supporting and fostering the growth of clean energy initiatives, thereby further propelling the expansion of the wave and tidal energy market during the forecast period.

The global landscape is witnessing the emergence of numerous new wave and tidal energy projects, set to make consistent contributions to the global energy matrix within the next five years. These initiatives mark a pivotal shift towards embracing and integrating ocean energy into the broader energy mix. National and regional governments are actively endorsing and supporting the development of ocean energy through a spectrum of initiatives. These initiatives encompass diverse forms of support, including research and development funding, capital grants allocated to device developers, incentives tied to electricity production, and the development of critical marine infrastructure.

For instance, exemplifying this trend, in December 2018, Simec Atlantis Energy in Singapore secured a substantial grant amounting to USD 1.2 million from the European Executive Agency for small and medium-sized enterprises. The grant was specifically earmarked for the development of tidal turbines manufactured by the company. Such instances highlight the growing support and investment facilitated by governmental bodies and institutions, actively nurturing the advancement of tidal energy technologies. This rise in the utilization of tidal energy for power generation, coupled with an upsurge in research and development activities, serves as a catalyst for the continual progress in this domain.

Consequently, these favorable governmental initiatives, aimed at fostering innovation and deployment of wave and tidal energy technologies, are poised to play a pivotal role in driving the market growth trajectory. The convergence of governmental support, financial backing from key institutions, and burgeoning research activities signifies a collective commitment towards transitioning to sustainable and renewable energy sources.

The anticipated market growth, underpinned by governmental initiatives and substantial investments, not only reflects the increasing global traction towards clean energy but also underscores the pivotal role that wave and tidal energy are set to play in diversifying and greening the global energy landscape. This concerted effort toward harnessing the potential of ocean energy resources exemplifies a significant stride towards building a more sustainable and resilient energy future.