As per Market Research Future (MRFR), the global tidal energy market is estimated to register a CAGR of 20%

from 2020 to 2027 (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.

Request Sample Report @

https://www.marketresearchfuture.com/sample_request/5478

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 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.

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.

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.).

About:

Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

Contact:

Market Research Future

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Sales: +1 628 258 0071(US) 

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com