Research and Markets has announced the addition of the “Global Tidal Energy Market 2014-2018” report to their offering.
The Global Tidal Energy market will grow at a compound annual growth rate (CAGR) of 24% over the period 2013-2018, the report says.
Tidal energy is a form of hydropower generation, which converts the energy from tides into electricity. A typical tidal power plant is run by an underwater turbine that rotates and converts mechanical power to electrical power. The electrical power thus produced is sent to the shore with the help of a generator. The commercial deployment of tidal power projects is in its nascent stage, although it has the potential for future power generation.
The increased adoption of power generation from renewable energy is one of the major trends of the Global Tidal Energy market. Increase in adoption of environment-friendly technology for power generation significantly increases the growth of the market for tidal energy.
According to the report, one of the main drivers of the Global Tidal Energy market is the upsurge in global power demand. The increase in energy demand worldwide led to the elevated use of tidal energy by several governments and vendors to reduce their dependency on fossil fuels. This in turn is expected to boost the market during the forecast period.
Further, the report states that the large capital cost involved in the generation of electricity through tidal energy. The location of the power plant, for example, a location near the seabed, involves high capital cost and this increases the construction cost significantly.
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