Tidal Energy Generation Systems Market to grow by USD 0.47 million from 2024-2028, driven by rising demand for renewable electricity and AI-powered market evolution- Technavio

Tidal energy generation systems are gaining popularity as a renewable power source, harnessing the kinetic energy from tidal currents and tidal lagoons. Two main types exist: tidal barrages using vertical and axial turbines, and tidal stream systems with horizontal axis and vertical axis turbines, plus tidal kites. Orbital Marine Power leads the way with dynamic tidal power. Tidal energy is a valuable addition to renewable energy sources like solar and wind, addressing electricity demand during peak hours and providing base load power. It also offers potential for desalination and reducing greenhouse gas emissions, contributing to energy security and sustainable energy. Ocean energy technologies, including wave energy converters, are complementary, expanding the renewable energy mix and reducing reliance on fossil fuels. Climate change mitigation and carbon emissions reduction are key benefits.

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Market Challenges

• The tidal energy generation market faces significant challenges due to the high cost of manufacturing and maintaining tidal energy systems. Tidal energy, as a renewable and sustainable power source, utilizes the kinetic energy of ocean tides to generate electricity. However, the complex design and engineering needed to build systems capable of withstanding harsh marine conditions and efficiently converting tidal forces into electricity drive up manufacturing expenses. The development of infrastructure, including tidal turbines, support structures, electrical components, and grid connections, necessitates specialized materials, technology, and expertise, all contributing to increased manufacturing costs. The need for durable, corrosion-resistant materials, reliable equipment, and advanced control systems further amplifies costs, making it difficult for new players to enter the tidal energy sector. Moreover, the challenging operating conditions in marine environments necessitate regular monitoring, servicing, and repair activities to ensure optimal performance and longevity. Maintenance in offshore and subsea settings requires specialized vessels, equipment, and skilled personnel, adding to the overall operating costs of tidal energy projects. The remote location and logistical complexities of many tidal energy sites escalate maintenance expenses and operational downtime, negatively impacting the cost-effectiveness and reliability of tidal energy generation systems. These factors hinder the widespread adoption and scalability of tidal energy generation systems in the market, posing a significant challenge to the growth of the global tidal energy generation systems market during the forecast period.

• Tidal energy generation systems tap into the kinetic energy of tidal currents and tidal lagoons, converting it into electricity. Technologies include tidal barrages, horizontal axis turbines, and vertical axis turbines. Challenges include the high capital costs of tidal barrages and the complexity of horizontal and vertical axis turbines. Emerging solutions like tidal kites and dynamic tidal power show promise. Companies like Orbital Marine Power lead the way in tidal power innovation. Renewable energy sources, including tidal energy, are crucial for meeting growing electricity demand and reducing reliance on fossil fuels. Tidal energy can also contribute to desalination and climate change mitigation by providing sustainable energy and reducing greenhouse gas emissions. Ocean energy technologies, including wave energy converters and tidal energy, offer diverse solutions for a carbon-neutral future.

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Segment Overview

This tidal energy generation systems market report extensively covers market segmentation by

1. Type

• 1.1 Tidal range devices

• 1.2 Dynamic tidal power

• 1.3 Tidal stream systems

• 1.4 Others

Application

Geography

1.1 Tidal range devices-  Tidal energy generation systems convert the power of ocean waves into electricity. These systems consist of turbines placed underwater that rotate when hit by tidal currents. Companies like Siemens Gamesa and Andritz Hydro are key players in this market, supplying turbines and turnkey solutions. The global tidal energy market is expected to grow significantly due to increasing demand for renewable energy sources and technological advancements. Government incentives and partnerships also boost the industry’s growth.

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Research Analysis

Tidal energy and wave energy are forms of ocean energy that harness the power of the tides and ocean waves to generate electricity. Renewable energy sources, including tidal energy, are becoming increasingly important in the global energy landscape as the world transitions away from fossil fuels to reduce greenhouse gas emissions and mitigate climate change. Tidal energy generation systems utilize various technologies such as tidal barrages, horizontal axis turbines, vertical axis turbines, tidal kites, and dynamic tidal power to convert the kinetic energy of tidal currents into electricity. Tidal power can also be used for desalination, providing sustainable water sources in arid regions. The market for tidal energy generation systems is expected to grow significantly due to the increasing demand for sustainable energy, energy security, and the need to reduce carbon emissions. Technologies like axial turbines, crossflow turbines, and tidal lagoons are also gaining popularity in the tidal energy sector. Companies are investing heavily in research and development to improve the efficiency and cost-effectiveness of tidal energy generation systems. Ocean energy, including tidal and wave energy, is a promising source of renewable energy that can contribute significantly to a sustainable and low-carbon future.

Market Research Overview

Tidal energy, a form of ocean energy, is a promising renewable power generation system that converts the kinetic energy of tidal currents into electricity. This sustainable energy source is gaining popularity as a viable alternative to fossil fuels in the context of climate change and increasing greenhouse gas emissions. Wave energy, another ocean energy source, is also making strides in the power generation sector. Together, wave and tidal energy are part of the larger category of ocean energy technologies, which include tidal barrages, wave energy converters, and various types of turbines such as horizontal axis, vertical axis, axial, and crossflow. These systems have the potential to provide electricity for desalination and contribute to energy security, reducing carbon emissions and meeting growing electricity demand. Tidal currents, a constant and predictable energy source, offer dynamic tidal power that can be harnessed through various methods, including tidal lagoons and tidal kites. Orbital Marine Power, a leading company in tidal stream technology, is developing innovative solutions to maximize the potential of tidal energy. The renewable energy sources of tidal and wave energy are set to play a significant role in the future of power generation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type

• Application

• Geography

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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Global tidal energy generation systems market 2024-2028

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SOURCE Technavio