2 weeks Ago By PRNewswire
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.
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report Tidal Turbines Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 4.45% Market growth 2024-2028 USD 34 million Market structure Fragmented YoY growth 2022-2023 (%) 1.
93 Regional analysis Europe, APAC, North America, Middle East and Africa, and South America Performing market contribution Europe at 52% Key countries UK, Canada, France, US, China, Germany, South Korea, Ireland, Spain, and Japan Key companies profiled 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 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. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! 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. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This tidal turbines market report extensively covers market segmentation by Type 1.
1 1.2 Floating tidal turbines Capacity 2.1 Large scale 2.
2 Medium scale 2.3 Small scale 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. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics 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 Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.
com/ View original content to download multimedia: https://www.prnewswire.com/news-releases/tidal-turbines-market-to-grow-by-usd-34-million-from-2024-2028-driven-by-rising-demand-for-renewable-energy-and-ais-role-in-market-transformation---technavio-302286416.
html SOURCE Technavio © 2024 Benzinga.com. Benzinga does not provide investment advice.
All rights reserved..
