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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.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Foundation Type, Capacity and Depth of Installation |
Tidal Energy Market Highlights:
Global Tidal Energy Market Overview:
Tidal Energy Market Size was valued at USD 0.43 billion in 2023. The Tidal Energy Market industry is projected to grow from USD 0.47 billion in 2024 to USD 1.01 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.89% during the forecast period (2024 - 2032). Rise in infrastructure development activities is expected to drive global Tidal Energy Market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The fluctuating sea levels provide tidal power. Because tidal currents are completely predictable, it is the most dependable renewable energy source. The kinetic energy produced by the natural rise and fall of the tides is captured and turned into electricity. It is dependable because of the regular shift in tidal movements that occur twice a day due to the moon's gravitational attraction.
A fairly accurate estimate of a tidal energy project's overall output can be easily made. Many recent technological advancements and improvements, both in design and turbine technology, suggest that overall tidal power availability is substantially higher than previously believed. A few examples include dynamic tidal power, tidal lagoons, innovative axial turbines, and cross-flow turbines.
The industry has been growing due to a greater focus on developing cleaner power production technologies that have the least detrimental impact on the environment. Furthermore, the rising global population, growing industry in emerging economies, and increased infrastructure building activities all contribute to a significant increase in electricity demand.
This aspect, together with the growing number of rigorous environmental legislation around the world, is encouraging people to transition to cleaner, more environmentally friendly energy sources. In the future, this responsibility is projected to fuel the worldwide tidal energy market.
The world is transitioning to a low carbon future in which clean, affordable, renewable electricity powers for daily lives. Already many countries source at more than 50% of their electricity from renewables. With the right technology, investment and policy in place, believe the majority of the world will be powered by renewable energy by 2050.
The increasing population and change in life style, create a great demand for energy resources. This ever increasing demand puts great pressure on non-renewable conventions energy sources and makes it necessary to look for other alternative energy resources. Renewable energy sources such as the sun, wind and water cause no emission of poisonous gases and are available locally.
Increased focus towards development of cleaner power generation technologies, which have the least negative impact on the environment, have been driving the Tidal Energy Market towards growth. Moreover, global population growth, thriving industries in emerging economies, and a rise in infrastructure development activities lead to a massive rise in demand for electricity.
This factor, along with the rise in stringent environment protection regulations across the globe, is encouraging the switching to cleaner and environment-friendly energy resources. This obligation is expected to drive the global tidal energy market in future. However, innovation in design and turbine technology for tidal power is expected to influence and increase the installed capacity of tidal plants.
The greatest barrier to tidal range technology advances are the relatively high upfront costs of the plants. Moreover, limited availability of sites has remained a major constraint in the development of tidal power projects. Despite all these challenges, tidal energy provides the excellent long-term potential for economic growth, and policy makers at EU and Member State level are seeking innovative ways to accelerate commercialization.
The Key Players of global Tidal Energy Market includes:
Atlantis Resources Ltd., Envirotek Pte Ltd (Singapore ), Naval Energies (france), Tidal Energy Ltd. (TEL) (U.K), Sabella, Green Power Solutions (India), Tidal Bridge B.V.( Netherlands), SBS Intl Ltd (U.K.).
Tidal Energy Market - Industry Updates
- Orbital Marine Power and Perpetuus Tidal Energy Centre (PTEC) signed a crucial agreement in May 2021 to leverage the potential of tides off the coast of the Isle of Wight, United Kingdom. PTEC had already received permission to build offshore wind turbines in the area. The initial deployment goal is 15MW.
- The Indian parliament requested that the Ministry of New and Renewable Energy set up a trial tidal power project in the country in August 2021. The government has chosen the Gulf of Kutch in Gujarat as the site for the project since it is a low-cost location for tidal energy.
- Edinburg-headquartered Nova Innovation and Sabella, of Quimper in Britanny, North-West France has teamed up for Tidal Energy Market expansion.
Tidal Energy Market - By Segment
Tidal Energy Market Regional Analysis
The global Tidal Energy Market can be segmented by geography into Asia Pacific, North America, Europe, and the Rest of the World. Europe is the global leader in the development of ocean energy technologies, hosting most of the global developers (52% of tidal stream and 60% of wave energy developers). South Korea is expected to lead with the tidal barrage technology and is expected to add more capacity.
The renewable industry in North America is quite developed. According to the World Energy Agency, the driving forces to contribute in the North America market are the location, incentives, and government policies.
Whereas, the Asia Pacific region is expected to grow in the forecast period due to factors such as increasing demand for energy, identified as the best replacement to other conventional fossil fuel energy and are used to reduce carbon emission by effectively meeting the electricity needs.
Tidal power is obtained due to alternating sea levels. It is the most reliable source of renewable energy since tidal currents are 100% predictable.The kinetic energy generated from the natural rise and fall of tides is harnessed and converted into electricity. The constant change in tidal movements that occur twice a day from the moon’s gravitational force make it reliable.
A very reliable estimation of the total output from a tidal energy project can easily be made. Many recent technological developments and improvements, both in design and turbine technology indicate that the total availability of tidal power is much higher than previously assumed. Dynamic tidal power, tidal lagoons, new axial turbines, and cross flow turbines, are a few such improvements.
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