Tidal Energy Market Analysis:
Tidal Energy Market is driven by a rise in infrastructure development activities with a healthy CAGR of ~20% during the forecast period of 2022 to 2030.
Market Research Future Insights
According to MRFR analysis, Tidal Energy market is expected to register a CAGR of ~20% from 2022 to 2030 and hold a value of over USD 4 billion by 2027. Tidal energy, also known as tidal power, is a form of renewable energy that harnesses the power of ocean tides to generate electricity. It utilizes the gravitational pull of the moon and the sun, causing the rise and fall of tides, to generate power. Tidal energy is considered a promising renewable energy source due to its predictability and high energy density. The tidal energy market has been gradually growing over the years, although it is still in the early stages of development compared to other renewable energy sources such as wind and solar power. The growth of the market is driven by increasing global demand for clean and sustainable energy sources, as well as advancements in technology and supportive government policies.
Covid-19 Impact on Tidal Energy Market
The global economic downturn caused by COVID-19 has led to a decline in energy demand. As a result, governments and utilities may prioritize immediate energy needs over the development of new and innovative renewable energy sources like tidal energy.
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Many tidal energy projects have faced delays due to disruptions in the supply chain and workforce availability caused by the pandemic. Restrictions on travel and physical distancing measures have hindered construction activities and project commissioning.
The economic uncertainty resulting from the pandemic has made it more difficult for tidal energy projects to secure financing. Investors and financial institutions have become more cautious and risk-averse, leading to a slowdown in project funding.
Market Segmentation
Tidal Energy market has been segmented into Foundation Type, Capacity, and Depth of installation
By Foundation Type : Barrage , Gravity Base , Monopile , Semi-submersible
By Capacity : Up to 100 kW ,100 kW to 500 kW Above
By Depth of installation : Shallow Water , Transitional Water , Deep Water
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Regional Analysis
Europe has been a significant player in the tidal energy market, with several countries investing in the development of tidal energy projects. The United Kingdom, in particular, has been at the forefront of tidal energy, with projects such as the MeyGen tidal array in Scotland. Other countries like France and the Netherlands have also shown interest and have started to explore tidal energy opportunities.
In North America, Canada has been leading the way in tidal energy development. The Bay of Fundy in Nova Scotia is known for its strong tides, making it an ideal location for tidal energy projects. The Canadian government and various industry players have been actively investing in research and development in this area. The United States has also begun exploring the potential of tidal energy, with projects in states like Maine and Washington.
The Asia-Pacific region has significant potential for tidal energy due to its extensive coastlines. South Korea has been a frontrunner in tidal energy, with the Sihwa Lake Tidal Power Station being one of the largest tidal energy projects in the world. China has also shown interest in tidal energy, with pilot projects being developed along its coastlines. Australia, New Zealand, and India have also started exploring the potential of tidal energy.
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Key Players
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