Floating Tidal Power Platform Sector is Expected to Dominate the Global Tidal Power Market
Low
Environmental Impact and Government Support and Incentives are major factor
attributable to the growth of the market.
According
to TechSci Research report, “Global Tidal Power Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Tidal Power is
anticipated to project robust growth in the forecast period with a CAGR of 9.02% through 2028, The market is likely to
grow in the future due to the global energy transition toward renewables and
the rollout of new technologies in many developed countries.
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Based
on Power Generation Method, Floating
Tidal Power Platform segment is expected to dominate the market during the
forecast period. Tidal energy uses tidal currents consistent in volume and
direction throughout the year, making it an incredibly efficient renewable
energy source with a high power output. The tidal power market recently
witnessed increased floating power production system deployments. In the
system, the turbines are aligned in a particular way and attached to a standard
moving beam. They produce more energy as compared to fixed structures.
According
to the International Renewable Energy Agency, the estimated global marine
energy capacity accounted for 524 MW in 2022, which includes the ocean energy
derived from the kinetic energy of ocean waves, tides, salinity, and
differences in ocean temperatures. Most of this was due to the added capacity
from floating tidal power stations and wave energy. The industry is expected to
grow even more in the coming years, parallel with the net-zero emission goals
in many countries. Thus, several upcoming projects are lined up to harness the
technology for power production. The US Department of Energy has a Water Power
Program to develop marine energy and technologies. In October 2022, the US
Department of Energy agreed to fund USD 35 million to advance tidal and river
current energy systems as part of measures to boost a sector whose current
impact is negligible. Such developments will likely significantly boost the
market due to the expansion of floating/instream tidal energy platform
installations.
Based
on Region, Europe plays a significant role in the global Tidal Power market, Europe
planned a series of tidal power plants coming into operation or getting
grid-connected recently. Countries like the United Kingdom and Denmark are the
most highlighted parts of the region. According to a 2021 study conducted by
experts at Edinburgh University, tidal stream alone has the potential to
produce 11% of the United Kingdom's current annual electricity demand, which is
the same as the combined contribution of solar and biomass over the previous
year.
The
British Hydropower Association adds that tidal range projects under
development, which are now delayed, would provide 10 GW of extra capacity by
2030 if permission and enough funding were granted. These projects throughout
the United Kingdom include Swansea Bay, Merseyside, the North Somerset Coast,
and the North Wales Coast.
In
March 2023, authorities in Liverpool wanted the River Mersey to be the site of
a massive tidal power plant that could power up to 1 million homes while
creating thousands of employment in the region. If constructed, the plant would
have a capacity of at least one gigatonne and use Mersey's tidal range. Moreover,
in May 2022, Minesto completed the first week of commissioning the Dragon 4
tidal power plant in Vestmanna, Faroe Islands, Denmark, including energy
production and verification of all critical operations. Minesto's Deep Green
Kite technology is cost-effective in places with low-flow tidal streams and
ocean currents. Such developments will likely boost the region's position in
the tidal power market’s Growth.
Key
market players in the Global Tidal Power
Market are following:-
- Andritz
AG
- Nova
Innovation Ltd
- Orbital
Marine Power Ltd
- MAKO
Turbines Pty Ltd
- SIMEC
Atlantis Energy Ltd
- Hydroquest
SAS
- Sustainable
Marine Energy Ltd
- Lockheed
Martin Corporation
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“The
global tidal power market is driven by several key factors. Firstly, growing
environmental concerns and the need for sustainable energy sources are pushing
countries to invest in tidal power as a clean and renewable energy option.
Secondly, technological advancements in turbine design and grid integration are
increasing the efficiency and reliability of tidal energy generation.
Additionally, government incentives and favorable policies are encouraging
investments in tidal power projects. Lastly, the predictability and consistency
of tidal patterns make it an attractive baseload energy source. These drivers
collectively contribute to the expansion of the global tidal power market,
positioning it as a promising component of the renewable energy landscape.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Tidal Power
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
by Power Generation Method (Tidal Barrage, Floating Tidal Power Platform, Tidal
Stream Generation, and Dynamic Tidal Power), by Tidal Energy Converters
(Horizontal Axis Turbine, Vertical Axis Turbine, and Other Tidal Energy
Converters), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Tidal Power Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Tidal Power Market.
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