Tidal Energy Market by Technology (Tidal Range, Tidal Current/Tidal Stream) by Application (Power Generation, Desalination, Environmental Protection) by Region (North America, Asia Pacific, Europe, and Rest of the World) - Trends and Forecasts to 2030
The gravitational interaction between the sun, earth, and the moon cause tides to rise and fall, producing energy. Specially-equipped generators in appropriate locations can convert tidal energy into electricity. Locations with significant differences in tidal range and strong tidal currents are suitable for harnessing tidal energy. Since the demand for clean electricity is rising, identifying locations with good tidal energy resources is crucial. The Water Power Technologies Office of the US Department of Energy (DOE) has estimated ocean energy has the potential to power millions of households. Since the density of water is higher than air, tidal energy is stronger than wind energy. It has the potential to generate more power at the same turbine diameter and rotor speed compared to wind energy. As per World Bank, a blue economy is defined as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.” Hence, upscaling offshore renewable energy such as tidal, wind, and wave is expected to bring advantages for small island nations in climate change mitigation and reducing dependency on fossil fuels imports, thereby fostering the market growth.
Based on technology, the tidal energy market has been categorized into tidal range and tidal current/stream. Tidal range technology utilizes a damn or a barrage to harness the power from the height difference between high and low tide. This technology generates power primarily via bulb turbines. Tidal ranges are a well-established technology with big plants situated in France, Canada, China, Russia, and South Korea. Tidal reefs, tidal lagoons, tidal fences, and low head tidal barrages are newer technologies under tidal range power generation. Tidal current or tidal stream technologies convert kinetic energy into electrical energy. This technology utilizes horizontal-axis turbines, vertical axis turbines, enclosed turbines, and more.
Based on application, the tidal energy market is segmented into power generation, desalination, and environmental protection. The generation of tidal electricity is the largest and the most common application of tidal energy. This electricity is reliable as tidal energy is predictable. Orbital Marine Power’s 2 MW turbine harnesses tidal energy and is now connected to the grid powering almost 2,000 homes. Another application of tidal energy is freshwater production; Tidal energy power plant components, when operated with desalination equipment, can produce fresh water. Additionally, tidal barrages prevent coast damage during high storms and offer protection.
The global tidal energy market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. The government of Canada approved USD 28.5 million to deliver Canada’s first floating tidal energy array. It is Canada’s biggest investment in tidal energy. The main objective is to provide 9 MW of green energy into Nova Scotia’s electrical grid. This is expected to drive the market in North America.
Moreover, in December 2021, the UK government invested USD 25.5 million in tidal energy projects. This investment aims to provide the marine energy sector a chance to develop their technology and lower costs. The above investments and decarbonization targets are expected to spur market growth.
The major players operating in the tidal energy market include Simec Atlantis Energy Limited (UK), Verdant Power, Inc (US), Orbital Marine Power (UK), Minesto AB (Sweden), Tocardo (Netherlands), SABELLA SAS (France), HydroQuest (France), ANDRITZ (Austria), Nova Innovation (UK), and MAKO Energy (Australia),
Frequently Asked Questions (FAQ)
Q1. What is the current market size of the global tidal energy market?
Q2. What are the challenges associated with the tidal energy market?
Q3. What are the international standards which are regulating the tidal energy market?
Q4. Who are the top five players in the global tidal energy market?
Q5. What revolutionary technology trends could be witnessed over the next five to ten years?
Q6. How are the companies implementing organic and inorganic strategies to gain high tidal energy market share?
Q7. Which will be the leading regions with the largest market share by 2030?
Q8. What will be the revenue pockets for the tidal energy market in the next five to ten years?
Q9. Which technology segment will have the maximum growth opportunity during the forecast period?
Q10. Which region held the highest market share in tidal energy?
Q11. What is a key factor driving the market of the tidal energy market?
Q12. Which application is leading the market of tidal energy during the forecast period?
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TABLE OF CONTENTS
1. INTRODUCTION
1.1. OBJECTIVE OF THE STUDY
1.2. MARKET DEFINITION
1.2.1. MARKET SCOPE
1.2.2. YEARS CONSIDERED IN THE REPORT
1.3. CURRENCY
1.4. STAKEHOLDERS
2. RESEARCH METHODOLOGY
2.1. RESEARCH DATA
2.1.1. SECONDARY DATA
2.1.1.1. KEY DATA FROM SECONDARY SOURCES
2.1.2. PRIMARY DATA
2.1.2.1. KEY DATA FROM PRIMARY SOURCES
2.1.2.2. KEY INDUSTRY INSIGHTS
2.1.2.3. BREAKDOWN OF PRIMARY INTERVIEWS
2.2. MARKET SIZE ESTIMATION
2.2.1. BOTTOM-UP APPROACH
2.2.2. TOP-DOWN APPROACH
2.3. DATA TRIANGULATION
2.3.1. TIDAL ENERGY MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS
2.4. LIMITATIONS
2.5. ASSUMPTIONS
3. EXECUTIVE SUMMARY
4. PREMIUM INSIGHTS
5. MARKET OVERVIEW
5.1. INTRODUCTION
5.1.1. MARKET DYNAMICS
5.1.2. DRIVERS
5.1.3. RESTRAINTS
5.1.4. OPPORTUNITIES
5.1.5. CHALLENGES
5.2. IMPACT OF COVID-19
5.3. TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES TECHNOLOGY ANALYSIS
5.4. TIDAL ENERGY MARKET: SUPPLY CHAIN ANALYSIS
5.5. MARKET MAP
5.6. TECHNOLOGY ANALYSIS
5.7. KEY CONFERENCES & EVENTS IN 2022–2023
5.8. TIDAL ENERGY MARKET: REGULATIONS
5.8.1. REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
5.9. PORTER’S FIVE FORCES ANALYSIS
5.10. CASE STUDY ANALYSIS
6. TIDAL ENERGY MARKET, BY TECHNOLOGY
(USD Million - 2020, 2021, 2022-e, 2030-p)
6.1. INTRODUCTION
6.2. TIDAL RANGE
6.3. TIDAL CURRENT/TIDAL STREAM
7. TIDAL ENERGY MARKET, BY APPLICATION
(USD Million - 2020, 2021, 2022-e, 2030-p)
7.1. INTRODUCTION
7.2. POWER GENERATION
7.3. DESALINATION
7.4. ENVIRONMENTAL PROTECTION
8. TIDAL ENERGY MARKET, BY REGION
(USD Million - 2020, 2021, 2022-e, 2030-p)
8.1. INTRODUCTION
8.2. ASIA PACIFIC
8.2.1. BY TECHNOLOGY
8.2.2. APPLICATION
8.2.3. BY COUNTRY
8.3. EUROPE
8.3.1. BY TECHNOLOGY
8.3.2. APPLICATION
8.3.3. BY COUNTRY
8.4. NORTH AMERICA
8.4.1. BY TECHNOLOGY
8.4.2. APPLICATION
8.4.3. BY COUNTRY
8.5. REST OF THE WORLD
8.5.1. BY TECHNOLOGY
8.5.2. APPLICATION
8.5.3. BY COUNTRY
9. COMPETITIVE LANDSCAPE
9.1. OVERVIEW
9.2. MARKET EVALUATION FRAMEWORK
9.3. SHARE ANALYSIS OF KEY PLAYERS, 2021
9.4. SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS, 2016-2021
9.5. RECENT DEVELOPMENTS
9.6. COMPETITIVE LEADERSHIP MAPPING
10. COMPANY PROFILE
10.1. SIMEC ATLANTIS ENERGY LIMITED
10.1.1. Business Overview
10.1.2. Services offered
10.1.3. Recent Developments
10.1.4. MnM View
10.2. VERDANT POWER, INC
10.3. ORBITAL MARINE POWER
10.4. MINESTO AB
10.5. TOCARDO
10.6. SABELLA SA
10.7. HYDROQUEST
10.8. ANDRITZ
10.9. NOVA INNOVATION
10.10. MAKO ENERGY
11. Appendix
11.1. INSIGHTS OF INDUSTRY EXPERTS
11.2. DISCUSSION GUIDE
11.3. RELATED REPORT
11.4. AUTHOR DETAILS
* Additional Segments, Countries and Companies may be added during the course of the study
*Company revenues will be provided for three years (including the base year). The base year used for company profiles will be 2021. Wherever information is unavailable for the base year, the previous year data will be considered.
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
Growth opportunities and latent adjacency in Tidal Energy Market