Tidal Energy Market 2020 Analysis by Key Drivers, Top Players, Forecast, Growth Rate, Constraints, Future Trends, Events, And Challenges Until 2023

Market Research Future published a research report on “Tidal Energy Market Research Report – Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023

As per Market Research Future (MRFR), the global tidal energy market is estimated to register a CAGR of 7.02% from 2017 to 2023 (forecast period). The report demonstrates the market opportunities and market implications that arose as a result of the COVID-19 pandemic.

The world is moving towards a low-carbon future with clean, sustainable, renewable electricity powers for everyday life. Many countries now source more than 50% of their electricity from renewables. With the right technology, investment, and policy in place, most of the world will be powered by renewable energy by 2050. The growing population and changing lifestyles generate a high demand for energy resources. This ever-increasing demand places a great deal of pressure on non-renewable conventions energy sources and makes it important to look for alternative energy resources. Renewable energy sources like the sun, wind, and water, do not cause toxic emissions and are available locally.

The tidal power is obtained due to alternating sea levels. It is the most efficient source of renewable energy because the tidal currents are 100% predictable. The kinetic energy produced by the natural rise and fall of the tides is harnessed and converted into electricity. The continuous change in tidal movements that occur twice a day from the gravitational force of the moon makes it reliable. A very reliable estimate of the total output from a tidal energy project can easily be made. Many recent technological advances and improvements, both in design and turbine technology, suggest that the overall availability of tidal power is much higher than previously assumed. Some of these developments include dynamic tidal power, tidal lagoons, new axial turbines, and cross-flow turbines.

Market Dynamics

The increased emphasis on the development of cleaner power generation technologies, which have the least negative effect on the environment, has pushed the Tidal Energy Market towards growth. Moreover, global population growth, booming industries in developing economies, and an increase in infrastructure development activities are contributing to a major increase in demand for electricity. This factor, along with the increase in strict environmental protection regulations across the globe, promotes a shift to cleaner and more environmentally sustainable energy resources. The global tidal energy market is expected to be powered by this obligation in the future. Nevertheless, innovation in design and turbine technology for tidal power is expected to influence and increase the installed capacity of tidal plants. The biggest challenge to the advancement of tidal technology is the comparatively high upfront costs of the plants. In addition, the restricted availability of sites remained a major constraint in the development of tidal power projects.

Key Players

Notable players in the global tidal energy market include Atlantis Resources Ltd., Tidal Bridge B.V.(Netherlands), Envirotek Pte Ltd (Singapore), Naval Energies (franc), Tidal Energy Ltd. (TEL) (U.K), Sabella, Green Power Solutions (India), SBS Intl Ltd (U.K.).

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Market Segmentation

The global tidal energy market has been segmented into foundation type, capacity, and depth of installation.

By foundation type, the global tidal energy market has been segmented into barrage, gravity base, monopile, semi-submersible, and others.

By capacity, the global tidal energy market has been segmented into Up to 100 kW, 100 kW to 500 kW and above.

By the depth of installation, the global tidal energy market has been segmented into shallow water, transitional water, and deep water.

Regional Analysis

Region-wise, the global tidal energy market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World. 

Europe is the world leader in the development of ocean energy technologies, hosting the majority of global developers (52% of tidal streams and 60% of wave energy developers). South Korea is projected to lead with tidal barrage technology and is expected to add more capacity.

The renewable industry in North America is well established. As per the World Energy Agency, the driving forces to contribute to the North American market are the location, incentives, and government policies.

The Asia Pacific region is expected to rise in the forecast period due to factors such as rising energy demand, identified as the best alternative for other conventional fossil fuels, and used to minimize carbon emissions by meeting electricity needs effectively.

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Global Tidal Energy Market Table of Content (TOC):-

  1. Market overview
  2. Global Tidal Energy Market competition by manufacturers, type and application
  3. Analysis of the global market by the manufacturer
  4. Global Tidal Energy Market manufacturing analysis
  5. Industrial Chain, sourcing strategy and downstream buyers
  6. Marketing strategy analysis, distributors/traders
  7. Global market forecast 2019-2023
  8. Conclusion
  9. Appendix

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