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Report on How AI is Driving Market Transformation 
The tidal energy generation systems market size is forecast to increase by USD 476.71 th at a CAGR of 16.61% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for electricity derived from renewable sources. Tidal energy, specifically, holds immense potential as a sustainable power solution. Two primary types of tidal energy technologies are in use: tidal barrages and tidal stream generators, which include horizontal axis turbines and vertical axis turbines, as well as tidal kites. Tidal barrages utilize the rise and fall of tidal waters to generate electricity, while tidal stream generators harness the kinetic energy of moving water. A key trend in the market is the integration of advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) into tidal energy generation systems to optimize energy production and improve efficiency.
However, the high cost of manufacturing and maintaining these systems remains a significant challenge. Despite this, the market is expected to continue expanding as the world seeks innovative solutions to meet the growing demand for renewable electricity.
The market is witnessing significant growth as the world seeks to reduce reliance on fossil fuels and mitigate the impacts of climate change. Tidal energy, a form of renewable energy, is derived from the kinetic energy of tidal currents and offers several advantages over other renewable energy sources such as solar and wind. Tidal energy is a reliable and predictable source of power, unlike solar and wind energy which are dependent on weather conditions. The consistent nature of tidal currents makes tidal energy an attractive option for power generation and desalination.
Furthermore, It provides an alternative to traditional power sources such as fossil fuels, solar energy, and wind energy, which contribute to greenhouse gas emissions and climate change. Tidal energy systems include tidal barrages, horizontal axis turbines, vertical axis turbines, tidal kites, and tidal lagoons. Tidal barrages use the rise and fall of tidal waters to generate power through the use of turbines. Horizontal axis turbines and vertical axis turbines are similar to those used in wind energy, but are designed to operate underwater. Tidal kites use the difference in water pressure between high and low tides to generate power.
Moreover, tidal barrages, which use the rise and fall of tides to generate electricity, have been in use for several decades. More recently, horizontal and vertical axis turbines, which operate underwater and harness the kinetic energy of tidal currents, have gained popularity. Tidal kites, which are tethered to the seabed and move with the tidal currents, are a newer technology that is gaining attention for their potential to generate large amounts of power. Orbital Marine Power, a leading player in the tidal energy industry, has developed a tidal stream generator that uses crossflow turbines to harness the energy from tidal currents.
In addition, tidal lagoons, which are enclosed bodies of water that capture tidal energy, are another technology that is gaining traction. Axial turbines and crossflow turbines are commonly used in tidal lagoons to generate electricity. The market for tidal energy generation systems is expected to grow at a steady pace in the coming years, driven by government support, technological advancements, and increasing awareness of the importance of renewable energy. As the world continues to grapple with the challenges of climate change and energy security, tidal energy is poised to play an increasingly important role in the global energy landscape. In conclusion, the market is an exciting and dynamic field that offers significant opportunities for growth and innovation. Tidal energy offers several advantages, including energy security, carbon emissions reduction, and desalination capabilities.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "Thousand" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The tidal range devices segment is estimated to witness significant growth during the forecast period. Tidal energy generation systems harness the kinetic energy from ocean currents, converting it into electricity through the rotation of turbines. These systems function like underwater wind turbines and are increasingly popular due to their reliability and predictability. Tidal currents offer a consistent power source, following set patterns, ensuring a steady electricity output without the intermittency common in solar and wind power. This stability makes tidal stream systems an appealing choice for generating baseload power or enhancing existing energy sources in the electricity mix. Advancements in tidal stream system technology have significantly improved their efficiency and performance. Orbital Marine Power, a leading player in this field, is pioneering innovative solutions to maximize energy extraction.
Furthermore, tidal energy generation systems represent a promising renewable energy solution for regions with strong tidal currents, offering a dependable and sustainable electricity source.
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The tidal range devices segment accounted for USD 42,459.00 in 2018 and showed a gradual increase during the forecast period.
Europe is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In Europe, nations like Germany, France, and the UK played a significant role in the expansion of the market in 2023. The European market's growth in tidal energy is fueled by the high electricity prices during periods of peak demand. The European Union's objective is to decrease energy imports, maintain affordable energy costs, and enhance the efficiency of energy systems by integrating variable renewable energy sources. This integration can be facilitated by the adoption of tidal energy generation systems. The importance of energy security and the utilization of renewable energy sources are key factors driving the implementation of tidal energy generation systems in Europe.
Furthermore, the market's expansion is expected to continue due to these factors. Tidal energy, as a renewable energy source, offers a sustainable alternative to traditional energy sources, aligning with the EU's commitment to reducing carbon emissions and promoting clean energy solutions.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for electricity from renewable energy sources is the key driver of the market. The market for tidal energy generation systems is gaining traction due to the escalating need for power from renewable energy sources and the heightened focus on sustainability and reducing greenhouse gas emissions. Tidal energy, which harnesses the power of the ocean's tides, is a dependable and predictable energy source that can effectively meet the expanding energy requirements of numerous regions around the world in an eco-friendly manner. For instance, as per the International Energy Agency (IEA), the global renewable energy capacity increased by approximately 50% in 2023, reaching nearly 510 gigawatts (GW) compared to the previous year. As a result, tidal energy is becoming an increasingly attractive alternative to fossil fuels for power generation and desalination applications.
In addition, this shift towards renewable energy sources is a significant response to the global challenge of climate change and the need to reduce carbon emissions.
Integration of AI and ML into tidal energy generation systems is the upcoming trend in the market. Tidal energy generation systems are witnessing significant advancements with the integration of artificial intelligence (AI) and machine learning (ML) technologies. These innovations are revolutionizing the global tidal energy market by enhancing the efficiency, dependability, and productivity of tidal energy devices.
Moreover, one of the primary applications of AI and ML is in optimizing the management and maintenance of tidal energy equipment. By processing massive operational data, AI algorithms detect trends, forecast equipment malfunctions, and facilitate preventive maintenance. This proactive approach minimizes downtime and boosts the overall reliability of tidal energy generation systems.
High cost of manufacture and maintenance for tidal energy generation systems is a key challenge affecting the market growth. Tidal energy generation systems represent a promising avenue for sustainable energy production, leveraging the power of ocean tides to generate electricity. However, the significant expenses related to manufacturing, installation, and maintenance have impeded the expansion of this market. The intricate engineering and design complexities required to construct tidal energy systems capable of withstanding the challenging marine environment and efficiently converting tidal forces into electricity contribute to these costs. As a renewable and eco-friendly energy source, tidal energy holds immense potential for enhancing energy security and reducing carbon emissions. Despite this, the high financial burden associated with tidal energy generation systems has hindered their widespread implementation and scalability.
Furthermore, the market for tidal energy generation systems is expected to grow, driven by increasing global focus on sustainable energy solutions and the need for energy security. However, overcoming the challenges of cost-effective manufacturing, installation, and maintenance remains a critical hurdle for market expansion.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers tidal energy floating systems that turn the movement of the mechanical rotation into a generator.?
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Tidal energy generation systems have gained significant attention as a promising renewable energy source in the global power market. With the increasing focus on reducing carbon emissions and mitigating climate change, tidal energy is poised to play a crucial role in sustainable energy production. Tidal energy, derived from the kinetic energy of tidal currents, offers numerous advantages over traditional fossil fuel-based power generation. It is a consistent and predictable energy source, unlike solar and wind energy, making it an ideal complement to these intermittent renewable energy sources. Tidal energy technologies include wave energy converters, tidal barrages, horizontal axis turbines, vertical axis turbines, tidal kites, and dynamic tidal power.
In addition, these systems harness the power of tidal currents and convert it into electricity. Tidal barrages, which use the rise and fall of tides to generate electricity, have been in use since the early 20th century. However, newer technologies such as tidal stream generators, which use underwater turbines, are gaining popularity due to their higher efficiency and lower environmental impact. Tidal energy offers several benefits, including energy security, reduced greenhouse gas emissions, and the potential for desalination. It is an excellent source of electricity for coastal communities and can help meet the growing electricity demand. The market for tidal energy generation systems is expected to grow significantly in the coming years, driven by government initiatives, technological advancements, and increasing awareness of the need for sustainable energy sources.
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Market Scope |
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Report Coverage |
Details |
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Page number |
211 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.61% |
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Market growth 2024-2028 |
USD 476.71 thousand |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
16.31 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 47% |
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Key countries |
UK, Canada, France, US, China, Germany, South Korea, Ireland, Spain, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Andritz AG, BioPower Systems Pty Ltd., Blue Energy Canada Inc., Bluewater Energy Services BV, DP Energy, HydroWing, Instream Energy Systems Corp., Nova Innovation Ltd., Ocean Renewable Power Co. Inc., Orbital Marine Power Ltd, Proteus Marine Renewables, QED Naval Limited, SABELLA SA, Simec Atlantis Energy Ltd., Seabased, SeaQurrent, and Verdant Power Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Application
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
The global tidal energy generation systems market, which harnesses the kinetic energy of tidal currents to generate electricity, is experiencing significant growth driven by the integration of Artificial Intelligence (AI). AI is revolutionizing this sector by optimizing energy capture, improving system efficiency, enhancing predictive maintenance, and supporting environmental monitoring. This analysis delves into AI's impact on the Tidal Energy Generation Systems Market, backed by data and real-world examples.
These insights, available exclusively through Technavio, provide an unparalleled significant impact of AI on the Tidal Energy Generation Systems Market, backed by real-world examples and data.
The report provides details of AI's impact on various segment
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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