Tidal Turbines Market to grow by USD 34 Million from 2024-2028, driven by rising demand for renewable energy and AI's role in market transformation - Technavio

NEW YORK, Oct. 25, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Tidal Turbines Market size is estimated to grow by USD 34 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.45% during the forecast period.Increasing demand for renewable energy sources is driving market growth, with a trend towards technological advancements in tidal turbinee. However, requirement of high capital investments in tidal energy projects poses a challenge.Key market players include Andritz AG, Aquantis Inc, Guinard Energies Nouvelles, Hyundai Heavy Industries Group, Instream Energy Systems Corp., Jupiter Hydro Inc, Lockheed Martin Corp., MAKO Tidal Turbines Pty Ltd., Oceana Energy Co., OpenHydro Group Ltd, Orbital Marine Power Ltd, SABELLA SA, SAS HYDROQUEST, Simec Atlantis Energy Ltd., TOCARDO BV, and TPGen24.

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Market Driver

The tidal turbines market is experiencing significant growth due to technological advancements in this field. Innovations in materials science have led to the development of more durable and corrosion-resistant components for tidal turbines, increasing their longevity and reducing maintenance costs and downtime. Energy storage technologies, such as batteries and pumped hydro storage, are being integrated into tidal energy systems to capture and store excess energy during peak tidal flows, ensuring a stable power supply even during low production periods. New designs, like tidal kites, are also being developed, utilizing a tethered system that moves through water currents to generate energy more efficiently in varying tidal conditions. Notable investments, such as the USD1 million grant awarded to Jacobs Solutions Inc. By the UKRI, are driving the introduction of new technological advancements, including the development of a Very Low Head turbine (VLHT) to address the challenges of reducing costs, improving turbine performance, and minimizing environmental impacts. These factors are expected to fuel the expansion of the global tidal turbines market in the coming years. 

Tidal power, a form of renewable energy derived from ocean tides, is gaining momentum in the global energy market. The increasing sea levels and the need for cleaner power production have fueled the growth of this sector. Tidal currents, a rich source of kinetic energy, are being harnessed using turbine technology. Tidal lagoons and barrages are common methods used for electricity generation. Tidal stream technology, which includes axial and cross-flow turbines, is another promising area. Tidal farms in shallow, transitional, and deep waters are being developed to increase marine energy capacity. Tidal kites and other innovative energy converters are also being explored. The installation figures and electricity generation capacity of tidal energy projects are on the rise, offering a low carbon future. Tidal stream developers and wave energy developers are working together to reduce emission from non-renewable energy sources like fossil fuels. Power-take-off systems and floating power production are also being used to optimize energy conversion. The future of tidal energy looks bright as it contributes to the global effort towards carbon emission reduction and sustainable energy resources. 

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Market Challenges

• Tidal energy projects involve substantial upfront investments due to the need for specialized technology and construction in harsh marine environments. The cost of tidal power plants can range from hundreds of millions to billions of dollars, limiting new projects and thereby impacting the demand for tidal turbines. Engineering and design costs alone can reach from USD2 million to USD10 million. Tidal turbines require high-performance materials, which are more expensive than those used in other renewable energy technologies. These factors increase the capital expenditure for tidal turbines, making tidal energy projects one of the most expensive renewable energy options. This financial barrier may hinder the growth of the global tidal turbines market during the forecast period.
• The Tidal Turbines market is growing as the world shifts towards renewable energy sources and emission reduction. Non-renewable energy from fossil fuels contributes significantly to carbon emissions, making tidal energy an attractive alternative. Tidal farms, using tidal streams and barrages, generate electricity from ocean tides. Installation figures for tidal and wave energy projects are increasing, with tidal stream technology leading the way. Tidal turbines come in various forms, including horizontal axis, vertical axis, and tidal kites. Installation depth varies from shallow to deep waters. Transitional waters offer the best balance between resource potential and installation costs. Tidal energy projects have the potential to generate significant marine energy capacity from kinetic energy. Net-zero emissions are a key goal, making tidal energy a valuable addition to the global power generation mix. The Water Power Program supports tidal stream projects, addressing electricity demand and reducing carbon emissions. Tidal range projects and low-flow tidal streams are also being explored to maximize energy extraction. Floating power production and the development of power-take-off system are crucial for future growth in this sector.

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Segment Overview

This tidal turbines market report extensively covers market segmentation by

1. Type 
• 1.1
• 1.2 Floating tidal turbines
2. Capacity 
• 2.1 Large scale
• 2.2 Medium scale
• 2.3 Small scale
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 - In-stream tidal turbines are fully submerged underwater systems with blades that rotate in response to tidal currents. Advanced designs, including horizontal and vertical axis turbines, increase efficiency, lower operational costs, and extend operational lifespans. Durability is improved through the use of advanced materials and protective coatings. Growing concerns over climate change and sustainability fuel research and investment in renewable energy, particularly tidal power. In-stream tidal turbines provide stable energy output, complementing other renewable sources like wind and solar. These factors are expected to boost the growth of the in-stream tidal turbines segment in the global tidal turbines market.

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Research Analysis

Tidal Power, derived from the kinetic energy of ocean tides, is a promising form of Renewable Energy. As sea levels rise and the global energy transition towards net-zero emissions gains momentum, the potential of Tidal Energy Projects is increasingly recognized. Tidal Currents, caused by the gravitational attraction between the moon and Earth, can generate substantial electricity. Turbine Technology plays a crucial role in harnessing this power, with both traditional Tidal Barrages and dynamic Tidal Power systems in use. Installation figures for Tidal Farms, including tidal lagoons and floating power production, continue to grow, contributing significantly to Marine Energy capacity and Gigawatt-hours (GWh) of electricity generation. The future of Ocean Energy lies in the vast potential of this clean and predictable source, providing a valuable addition to the global power generation mix.

Market Research Overview

Tidal Power, derived from the energy of ocean tides, is a promising renewable energy source. This cleaner power production utilizes the kinetic energy from tidal currents, which results from the gravitational attraction between the moon, sun, and Earth. Tidal streams can generate electricity in various water depths, including shallow, transitional, and deep waters. Turbine technology plays a crucial role in tidal energy projects, with axial and cross-flow turbines being commonly used. Tidal lagoons and tidal barrages are traditional methods, while tidal farms and floating power production are emerging technologies. The installation figures and electricity generation capacity of tidal energy are growing, providing a significant contribution to a low-carbon future. Tidal streams, tidal range projects, and ocean currents are all potential resources for electricity generation, aiming to reduce carbon emission and replace non-renewable energy sources such as fossil fuels. The Water Power Program and tidal stream technology are key areas of focus for tidal energy developers, with power-take-off systems and various turbine designs, including horizontal axis, vertical axis, and tidal kites, being essential components. The growing demand for electricity and the need for emission reduction make tidal energy an essential part of the energy resources mix for a net-zero emissions future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
•  
• Floating Tidal Turbines
• Capacity
• Large Scale
• Medium Scale
• Small Scale
• Geography
• Europe
• APAC
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio