Global Tidal Energy Market – Overview
Renewable energy is one of the important driver for lowing carbon footprint and to solve the issues related to electrification in remote locations. Due to carbon emissions and fuel related concerns in conventional sector, Government moved towards development of renewable energy sources. Increasing renewable resources helping to achieve energy security, dropping adverse environmental impact by contributing to a more balanced regional and global development.
Tidal Energy or Tidal Power is a form of renewable energy obtained due to alternating sea levels. The kinetic energy from the natural rise and fall of tides is harnessed and converted into electricity. Tidal Energy is the most reliable source of renewable energy because of the continuous change in tidal movements that occur twice a day from the moon’s gravitational force. Wave and tidal energy facilities generate electricity without producing any pollutant emissions of greenhouse gases.
The cost of research and development in wave & tidal energy development is enormous and this is very favourable to the existing companies. Besides, the cost of technology is a huge barrier to the new development companies as many companies have become bankrupt due to increased constraints in the development of product. Energy plant maintenance, wave resources, and shelf life of the technology are some of the variables driving the cost of wave energy. The industry is predominantly driven by a few large players and they maintain a substantial market share. Moreover, determination of actual cost is difficult and therefore, the threat of new entrants in the market is moderate.
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According to a recent study report published by the Market Research Future, The global market of Tidal Energy is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a striking growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Tidal Energy Market – Competitive Analysis
Tidal Energy market appears to be competitive with the presence of several large and small players operating in the Tidal Energy Market. These Key players compete based upon pricing, quality, Technology and reputation. Tidal Energy Market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further. Manufacturers operating in the Tidal Energy Market strive to respond to the growing demand for Tidal Energy. Moreover, manufacturers mainly ensure to deliver the best quality products based on innovative technologies, and best practices.
On December 2017, Atlantis has agreed to acquire SIMEC Uskmouth Power Limited to enhance the portfolio of Atlantis in tidal stream and barrage projects.
In November 2017, the company has installed Metocean Buoy in 30m of water near the Albany wind farm.
In December 2017, Ocean Power Technologies has expanded its location in Monroe Township, New Jersey. This will enhance the growth and support for the customers.
In September 2017, AW Energy Oy had partnered with Wartsila for the commercial roll-out on EPC basis. This will enable Wartsila to deliver WaveRoller technology.
In 2014, ORPC, Inc. developed OCGen Module Mooring Project that can access more energy dense current.
Tidal Energy Market – Regional Analysis
Geographically, there are five key regions in which the Global Tidal Energy Market is spanned across. It includes Asia Pacific, Europe, Americas, and Middle East & Africa. Among these regions, Europe dominate the market of Tidal Energy due to ongoing efforts by the governments in the region to cut down the carbon footprint, rapid pace of technological advancements. Whereas, the Asia Pacific region is expected to grow in the coming period due to factors such as increasing demand for energy, identified as the best replacement to other conventional fossil fuel energy and are used to reduce carbon emission by effectively meeting the electricity needs.
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