About Tidal Energy
Tidal Energy is also known as tidal power is the form of marine energy obtained from tides and waves. It is formed using hydropower, which transforms energy gained from tides to power. A turbine converts tide to first in kinetic energy and then electric energy. It is a renewable energy resource. Tidal energy is defined as the energy of the ocean surface waves, which is captured for electricity generation, desalination, and the pumping of water into lakes. Tidal energy is considered to be the most capable green technology as they make the maximum concentrated source of renewable energy. Oceans are an unlimited source of clean energy.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 26.4% |
Tidal Energy is a fragmented market due to the presence of various players. The players are focusing on strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United Kingdom Manufacturers will contribute the maximum growth to Global Tidal Energy market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aquamarine Power ltd (United Kingdom), Carnegie Wave Energy Ltd. (Australia), Pelamis Wave Power Ltd. (United Kingdom), Tenax Energy (Australia), S.D.E. Energy Ltd. (South Korea), HydroQuest SAS (France), AquaGen Technologies (Israel), Atlantis Resources Ltd. (United Kingdom), Ocean Power Technologies, Inc. (United States) and Ocean Renewable Power Company LLC (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Scotrenewables Tidal Power Ltd (United Kingdom), BioPower Systems (Australia), Blue Energy Canada Inc. (United States), YAM PRO Energy (Israel) and Marine Current Turbines Ltd. (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Tidal Energy market by Type (Wave Power Plants and Tidal Power Plants) and Region.
On the basis of geography, the market of Tidal Energy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2023. North America, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Tidal Stream Generator will boost the Tidal Energy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Commercial will boost the Tidal Energy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Government Initiation to Promote Tidal Energy and Rising Research and Development Activities
Market Growth Drivers:
Essential to Replace Fossils Fuels and Enlarged funds in Renewable Energy Resources
Challenges:
Environmental Obstacles
Restraints:
High Cost for Plant Formation
Opportunities:
Development of Tidal Stream Power Plants and Increasing Electricity Demand in Emerging Nations
Market Leaders and their expansionary development strategies
In October 2020, Tocardo acquired 1.25MW Oosterschelde Tidal Power Plant, the largest tidal array in the world installed on the Dutch icon Oosterscheldekering. They acquired follows the successful technical due diligence phase during September 2020. The project important step for the global tidal energy sector and for clean energy future.
In July 2023, Swedish tidal energy company Minesto has completed the installation of subsea infrastructure and verified the launch and recovery procedures for the 1.2 MW tidal energy device that will soon be deployed offshore Faroe Islands.
Key Target Audience
Tidal energy Manufactures/Suppliers, Raw Material Providers, Government Research Organizations, Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.