Tidal & Wave energy has an advantage over solar or wind energy that the energy has been naturally concentrated by accumulation over time and space. The estimated lifespan of tidal energy plants is about 75-100 years, which is much longer than nuclear power plants. Higher lifespan will drive the global tidal energy market. Tidal energy technology is more mature and has an impact on noise pollution due to the underwater installation of turbines. Moreover, it is area efficient and can be installed onshore which will positively influence the industry outlook. European companies currently have the lead in developing wave and tidal technologies, supported by cutting-edge academic research and testing facilities. Whereas, China has also taken steps to increase its footprint as well as South Korea where there are plans to build a tidal-energy plant on the southern tip of the peninsula, saving an estimated 330,000 tonnes of greenhouse gas emissions a year.
The world’s oldest tidal energy plant, La Rance, in France has continued to produce large amounts of electricity since 1966, efficiently.
The key players of global tidal energy market includes Atlantis Resources Ltd.(Singapore), Envirotek Pte Ltd (Singapore ), Naval Energies (franc), Tidal Energy Ltd. (TEL) (U.K), Sabella (France), Green Power Solutions (India), Tidal Bridge B.V.( Netherlands), SBS Intl Ltd (U.K.).
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Market Research Analysis:
They are large and underwater turbines that are placed in high tidal movement areas. Global investment is booming in green and clean-tech industries that produce renewable energy, increase energy efficiency or provide sustainability solutions. Development of new techniques of power generation that are based on cleaner and more sustainable source of energy such as wave and tidal energy as well solar energy is also expected to drive the market growth.
On-Going Development of Wave & Tidal Energy
Countries across the world are looking to utilize these forms of renewable energy, which would form a stable source of clean energy. The abundance of the ocean surface and significant potential of energy generation in several nations has induced governments to pursue ocean energy generation as an important part of their future renewable energy.
Though tidal power is at the growth stage, it is estimated to have a high potential, globally. It is generated by converting energy from the force tides into power. Future research and development are needed to improve the technology and durability of the equipment, as well as to identify, reduce, and potentially mitigate the negative impacts of this technology upon marine life. However, recent developments in design and turbine technology for tidal power, influence and increase the installed capacity of tidal plants.
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The global market can be segmented by geography into Asia Pacific, North America, Europe, and the Rest of the World. Europe is the global leader in the development of ocean energy technologies, hosting most of the global developers (52% of tidal stream and 60% of wave energy developers). South Korea is expected to lead with the tidal barrage technology and is expected to add more capacity.
The renewable industry in North America is quite developed. According to the World Energy Agency, the driving forces to contribute in the North America market are the location, incentives, and government policies.
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