Product Code: 57135
The global tidal power market is expected to grow at a CAGR of more than 17% over the period of 2020-2025. Factors such as encouraging government policies and pressure to meet power demand using renewables are expected to create a favorable market for tidal power. An extended maintenance-free period of 30-40 years in comparison to other power generation methods is anticipated in the tidal power industry. On the contrary, the initial investment required to install a tidal barrage or tidal stream is comparatively very high than any other existing power generation method. Adding to this, sites favorable for tidal to generate enough power are minimal and specific around the globe, which limits the installation of tidal energy.
- The market of Tidal Stream Generators (TSG) is expected to grow because they are based on directly deployed generators in the seabed. Unlike Tidal Barrage, TSGs are expected to work 20 hours a day in both high and low tide conditions.
- Upcoming tidal power projects across the globe are expected to create a significant amount of opportunity to the players involved in the market in the near future.
- Europe has been emerging as one of the fastest-growing regions, where the United Kingdom, Scotland and France are taking revolutionary steps.
Key Market Trends
Tidal Stream Generators To Hold A Significant Market
- Tidal Stream Generators (TSG) make use of moving water to power turbines. Turbines are placed underwater by different mechanisms to hold at a position. TSGs come in different designs like the Horizontal Axis Turbine, Vertical Axis Turbine, Hydrofoil, Enclosed Tips, and others.
- Turbines are designed in such a way that they are functional even when the direction of tides changes. Due to this, they can generate power up to 20 hours a day in comparison to 12 hours a day efficiency of a tidal barrage.
- SIMEC Atlantis Energy LTD is working on the MeyGen project in Scotland from 2015, which is expected to hold production capacity of 400 MW is based on tidal stream generators and has run for the whole of 2019, the most prolonged ever period of uninterrupted generation from a multi-megawatt tidal turbine installation.
- SIMEC Atlantis Energy LTD has identified more areas of tidal resource and has been working with Gujarat Power Corporation Ltd. to complete the concept design and consenting for a 200 MW project in the Gulf of Kutch.
- Concluding to the above-mentioned scenarios, the demand for TSGs is expected to grow at a significant rate.
Europe To Dominate the Market
- Europe is dominating the tidal power market and expected to grow in the market because of its successful project, MeyGen in Scotland, which generated 24.7 GWh of electricity to the grid by the end of 2019.
- The United Kingdom alone has 56 identified sites for the Tidal Power project, out of which 30 projects are already in the production or development phase in 2020.
- The Rance Tidal Power Station, the world's first tidal power station and the world's second-biggest tidal power station is located on the estuary of the Rance River, in Brittany, France. Opened on the 26th of November 1966, it is being operated by EDF in 2020, and is the second-largest tidal power station in the world, in terms of installed capacity. With a peak rating of 240 MW, generated by its 24 turbines, it supplies 0.012% of the power demand of France.
- In December 2018, the Simec Atlantis Energy Ltd. landed a EUR 1 million grant from European small- and medium-sized enterprise agency Easme to help fuel commercial development of the AR2000 2MW tidal power turbines and is aiming to build a "multi-hundred MW project" off France by 2021.
- Owing to the above-mentioned developments and other projects lined up, it can be concluded that Europe holds a dominating stand in Global Tidal Market.
The tidal power market is highly consolidated. Some of the key players in this market include Andritz AG, Nova Innovation Ltd, Orbital Marine Power Ltd, SIMEC Atlantis Energy LTD, and Sustainable Marine Energy Ltd.
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Table of Contents
- 1.1 Scope of Study
- 1.2 Market Definiton
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Power Generation Method
- 5.1.1 Tidal Barrage
- 5.1.2 Tidal Stream Generator
- 5.1.3 Dynamic Tidal Power
- 5.2 Tidal Energy Converters
- 5.2.1 Horizontal Axis Turbine
- 5.2.2 Vertical Axis Turbine
- 5.2.3 Others
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Asia-Pacific
- 5.3.3 Europe
- 5.3.4 Middle-East and Africa
- 5.3.5 South America
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Andritz AG
- 6.3.2 Nova Innovation Ltd
- 6.3.3 Orbital Marine Power Ltd
- 6.3.4 MAKO Turbines Pty Ltd
- 6.3.5 SIMEC Atlantis Energy LTD
- 6.3.6 Hydroquest SAS
- 6.3.7 Sustainable Marine Energy Ltd
- 6.3.8 Lockheed Martin Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS