New York, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Tidal Power Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Tidal Energy Market Research Report, Foundation Type, Capacity, Depth of Installation and Region - Forecast till 2027” the market size is predicted to develop at a 7.02% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
COVID-19 Analysis
The daunting impact of the COVID-19 outbreak has been felt across almost every industry and tidal energy market is no exception. The business space of tidal energy is witnessing a slumping growth at present for transport and movement restrictions imposed by different countries. But however, gradual ease on lockdown protocols is likely to bring about a decent growth in the market. Economic consequences, supply chain disruptions, fluctuations in demand share, and long-term & immediate impact of the COVID-19 crisis had a negative effect on the market growth. But with the relaxation of lockdowns, the market is likely to get back into normalcy soon.
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Key Players
Eminent players profiled in the global tidal power industry report include-
The global tidal energy market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Industry Updates
Edinburg-headquartered Nova Innovation and Sabella, of Quimper in Britanny, North-West France has teamed up for tidal energy expansion.
Browse In-depth Market Research Report (111 pages) on Tidal Energy
https://www.marketresearchfuture.com/reports/tidal-energy-market-5478
Tidal Power Market Drivers
Burgeoning Need for Clean Energy Source to Boost Market Growth
The burgeoning need for clean energy source will boost market growth. Tidal energy is regarded as green energy source for its zero greenhouse gas emissions. Most companies engaged in the tidal market are using diverse strategies for making maximum use of the accessible advanced technologies for fulfilling the growing need for sustainable energy.
Additional factors that are fuelling the global tidal energy market share include surging levels of investment in renewables energy sector, growing number of supportive measures by government bodies for promoting the use of marine energy, the rising preference towards the use of clean energy, longevity of the barrages, acceleration of electricity consumption, rapid commercialization of their energy converter devices, rise in environmental pollution for the use of conventional energy resources, among others.
Tidal Energy Market Opportunities
Government Initiatives to Offer Robust Opportunities
Increasing initiatives by several governments and developing countries for reducing the consumption of fossil fuels and reducing their carbon footprint will offer robust opportunities for the market in the forecast period.
Restraints
High Upfront Costs to act as Market Restraint
The relatively high upfront cost of plants is the greatest barrier to tidal range technology advances. Besides, the limited availability of sites can be another major constraint in the development of tidal power projects.
Challenges
Lack of Grid Parity to act as Market Challenge
The lack of grid parity is a major concern for energy producers and socio-economic and environmental barriers may act as market challenges over the forecast period.
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Market Segmentation
The global tidal energy market is segmented based on depth of installation, capacity, and foundation.
By foundation type, the tidal energy market is segmented into semi-submersible, monopile, gravity base, and barrage.
By capacity, the tidal energy market is segmented into 100kW to 500kW, up to 100kW, and others.
By depth of installation, the tidal energy market is segmented into deep water, transitional water, and shallow water.
Regional Analysis
Europe to Lead Tidal Energy Market
Europe will lead the market over the forecast period. The region being the worldwide leader in the expansion of ocean energy technologies, the region being the home to most of the worldwide developers, substantial efforts being made by the governments in various economies for supporting transition to low-carbon economy, vast strides being taken by the energy sector, ongoing efforts by the government in the region for cutting down the carbon footprint, rapid pace of technological advances, revolutionary steps taken by France, Scotland, and the UK, the successful project MeyGen in Scotland that generated 24.7 GWh of electricity to the grid by end of 2019, the presence of numerous leading energy leaders in the region, and the European Commission having introduced offshore energy strategy are adding to the global tidal energy market growth in the region.
Asia Pacific to Have Admirable Growth in Tidal Energy Market
The APAC region will have admirable growth in the market over the forecast period. Rise in environmental rules, public funding programs, government policies, competition, significant development of the accessibility of incomes, growing awareness amongst the population economy, and vendors involved in the development of new designs and manufacturing procedures for catering to the growing need for clean energy are adding to the global tidal energy market growth in the region.
Segmentation of Market covered in the research:
Information by Foundation Type (Barrage, Gravity Base, Monopile, Semi-submersible and Others), Capacity (Up to 100 kW, 100 kW to 500 kW and Above), Depth of installation (Shallow Water, Transitional Water and Deep Water ) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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