Tidal Power Market: Floating Tidal Platforms Shaping Market Trends

Written by Lisa Tate  »  Updated on: May 08th, 2024

Tidal Power Market: Floating Tidal Platforms Shaping Market Trends

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.

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.

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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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