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The surge in demand for fossil fuels persists due to their limited availability, prompting an upsurge in exploration and production endeavors. However, this reliance on fossil fuels intensifies environmental concerns, chiefly attributable to their finite nature and the detrimental impact of extraction and combustion on the environment. In response to these mounting concerns, concerted efforts have been directed towards the development of cleaner power generation technologies, propelling the global wave and tidal energy market into the spotlight as a promising solution.
The imperative to mitigate environmental degradation and reduce dependency on finite fossil fuel reserves has spurred a profound global shift toward cleaner energy alternatives. Amidst rapid global economic expansion and resource depletion, the pressing need for sustainable energy sources has become increasingly apparent. This trend has catalyzed the exploration and investment in technologies harnessing wave and tidal energy, poised as viable solutions to satiate the burgeoning energy demands while minimizing environmental harm.
Furthermore, the accelerating depletion of natural resources alongside the irreversible ecological damage underscore the urgency for a paradigm shift in energy production methodologies. Recognizing the potential of ocean energy as a sustainable, long-term solution, various national authorities are actively considering and promoting its integration into the global energy landscape. Ocean energy, characterized by its renewable nature and abundance, stands as a strategic avenue to address the escalating energy requirements while mitigating the adverse impacts associated with conventional energy sources.
As of 2017, a depiction of the annual capacity of ocean energy generated signifies the evolving landscape and growing interest in this domain. This capacity portrayal serves as a testament to the escalating focus on leveraging the immense power of waves and tides to fulfill energy needs sustainably. The growing statistics reflect a burgeoning commitment towards expanding the utilization of ocean energy as a viable and scalable resource in the global energy mix.
The allure of wave and tidal energy lies not only in its inexhaustible nature but also in its potential to substantially reduce the carbon footprint associated with traditional energy sources. The proliferation of research initiatives, government support, and corporate investments underscores the growing confidence in the efficacy and potential of wave and tidal energy technologies.
This momentum toward harnessing ocean energy sources aligns seamlessly with the overarching objective of transitioning to a cleaner, more sustainable energy future. As these renewable technologies continue to advance, they offer a ray of hope in curbing greenhouse gas emissions and mitigating the adverse impacts of climate change.
The strategic emphasis on developing and deploying wave and tidal energy technologies signifies a pivotal step in diversifying the global energy matrix. As these technologies evolve and gain traction, their integration holds the promise of not only meeting the escalating energy demands but also fostering a more environmentally conscious and sustainable energy ecosystem. Embracing ocean energy as a viable long-term solution underscores a collective commitment to forging a greener, more resilient future for generations to come.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | New product launches and R&D amongst major key players |
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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