Tidal steam generators (TSGs) make use of moving water to power turbines. The turbines of the generator are placed under water by different mechanism to hold at a position. TSGs come in different designs like horizontal axis turbine, vertical axis turbine, hydrofoil, closed tips, and others. These TSGs are used to harness the wave and tidal energy from the oceans or other major water resources. Owing to limited availability of conventional fuels such as oil, gas, and coal along with associated pollution releases by conventional sources many countries are investing in clean energy sources that includes wave and tidal energy and hence the market for this generated is expected to grow in the upcoming times. Advanced technology and intermittent nature of tidal energy are the major restraints in this market. Moreover, the risk of marine mammals and fish being struck by tidal turbine blades is another factor restraining the growth of the market.
Covid-19 Impact Analysis
- The coronavirus's unfavourable global effects are already evident, and they will have a big impact on the tidal steam generator in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the tidal steam generator market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemics. Issues such as raw material unavailability, stagnation of the global trade and subsequent delays in installation are estimated to drive the prices upwards which will prove to be a significant obstacle that the industry will have to adapt to. Increase in prices will cause project delays which, in turn, would again cause a spike in prices.
Top Impacting Factors
Natural resources are getting scarce and there is an urgent need to look for an alternative source for energy generation in the future. Among the available renewable sources, tidal and wave energy has emerged as one of the best options. Not just renewable but the clean energy criteria is also fulfilled in this energy production. Determinants of the generator are designed in such a way that they can generate power of 20 hours a day in comparison to 12 hours a day efficiency of a tidal barrage. Along with that several government policies to focus upon renewable resources, are also helping the market to grow.
- Growing awareness about environment and shift towards renewable resources is a positive sign for the market.
- With increasing focus towards eco-friendly practices and reducing the carbon emission percentage in the environment, demand for renewable resources for energy generation has increased in the recent years. Owing to such factors the market for the TSGs has boomed up in the recent times and the trend is expected to continue in the future as well.
- Growing population and industrialisation in various countries is also a key driver for the market.
- With increasing population and demand for the electricity, the need for finding a viable and non-polluting source of energy generation is of utmost importance. This is where tidal and wave energy comes into picture and the market for TSGs expanding at an exponential rate.
- Government policies and subsidies in various countries, enhances the growth of a market.
- Governments in various developed as well as developing countries are more concerned about carbon emission and environmental degradation and therefore allowing subsidies and special priorities to the renewable resources’ energy generation players. With the added governmental aid along with growing demand for energy across the globe, especially in developing economies like China and India, the market of TSGs is expected to grow at a healthy rate.
Key Benefits of the Report
This study presents the analytical depiction of the tidal steam generator industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the tidal steam generator market share.
- The current market is quantitatively analysed to highlight the tidal steam generator market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed tidal steam generator market analysis based on competitive intensity and how the competition will take shape in coming years.
Tidal Steam Generator Market Report Highlights
Key Market Players
Pelamis Wave Power Ltd., Ocean Renewable Power Company LLC, Marine Current Turbines Limited, S.D.E Ltd., AquaGen Technologies, Carnegie Wave Energy Limited, Atlantis Resources Limited, Aquamarine Power Limited., Tenax Energy Solutions LLC, Ocean Power Technologies Inc.