## Tidal Turbine Market Poised for Growth: Technavio Predicts $34 Million Surge by 2028
The global tidal turbines market is experiencing a surge in demand, driven by the growing need for renewable energy sources and the continuous development of innovative technologies in the field. According to a recent report by Technavio, the market is estimated to grow by a substantial USD 34 million between 2024 and 2028, at a compound annual growth rate (CAGR) of 4.45%.
Key Factors Driving Market Growth:
The driving force behind this burgeoning market is the global shift towards cleaner energy solutions. The relentless pursuit of renewable energy sources is prompting significant investments in tidal turbine technology, leading to advancements in materials science, energy storage, and turbine design.
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Technological Advancements:
Innovations in materials science are leading to the creation of more durable and corrosion-resistant tidal turbine components, extending their lifespan and reducing maintenance costs. Energy storage technologies, such as batteries and pumped hydro storage, are seamlessly integrated into tidal energy systems, ensuring a stable power supply even during low production periods. Moreover, the development of innovative designs like tidal kites, utilizing a tethered system that efficiently harnesses energy from varying tidal conditions, is further propelling the market forward.*
Strategic Investments:
Notable investments like the USD1 million grant awarded to Jacobs Solutions Inc. by the UKRI are accelerating the development of new technological advancements, including the very low head turbine (VLHT). This focus on reducing costs, enhancing turbine performance, and minimizing environmental impacts is paving the way for a more sustainable and cost-effective tidal energy future.Challenges Facing the Market:
While the market is experiencing significant growth, it faces certain challenges, primarily related to high upfront investment costs.
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High Capital Investment:
Developing tidal energy projects requires substantial initial investments due to the need for specialized technology and complex construction in harsh marine environments. The costs associated with tidal power plants can range from hundreds of millions to billions of dollars, acting as a barrier to entry for new projects and potentially limiting the demand for tidal turbines.*
Cost of Materials:
The requirement for high-performance materials in tidal turbines increases the cost of production, making tidal energy projects one of the most expensive renewable energy options. This financial hurdle may hinder the growth of the global tidal turbines market in the coming years.Key Market Players and Segmentation:
The market is populated by several key players, including 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.
The report segments the market by type (In-stream tidal turbines and Floating tidal turbines), capacity (Large scale, Medium scale, and Small scale), and geography (Europe, APAC, North America, Middle East and Africa, and South America).
The Future of Tidal Energy:
Despite the challenges, the future of tidal energy looks promising. As the world actively seeks to reduce carbon emissions and transition to cleaner energy sources, tidal energy emerges as a valuable addition to the global power generation mix. The potential of tidal energy lies in its ability to generate clean and predictable energy from the natural forces of the ocean tides. The growth of tidal energy projects, the development of new turbine technologies, and continuous innovation in the sector contribute to a more sustainable and low-carbon future.
AI’s Role in Market Evolution:
The report emphasizes the role of AI in shaping the future of the tidal turbine market. AI-powered analytics are crucial for analyzing trends, segmenting the market, and identifying growth drivers. By leveraging AI, businesses can gain valuable insights into market dynamics, optimize their strategies, and stay ahead of the curve in this evolving industry.