Tidal energy is a type of hydropower that generates electricity from the tides. The hydropower generation is generated from higher to lower water flows and regulated by the use of dams to generate potential energy.
Wave and tidal energy help to improve energy security, reduce energy supply and reliance on fossil fuels.
Wave and tidal energy are the best options to utilise ocean energy for power generation with minimal emission of carbon dioxide.
The global market for wave and tidal energy is on an upward trajectory. The rising demand for electricity across the world is expected to drive the market. Ocean power industry accounts for the smallest share in the renewable energy market.
Most of the installed capacities are on a small scale, usually less than 1 MW. In 2018, there was around 532 MW capacity in operation. Most of the capacities are concentrated in Europe.
There are increased investments in the developments of wave and tidal power projects across the world. The market still has a long way to go because innovation is still in its developmental stage, creating an enormous opportunity for market players to enter the market with new and advanced technologies.
Most countries around the world are tending to use this form of renewable energy as it provides a constant and steady source of clean energy.
To reduce the dependence on conventional fuels, such as oil, gas and coal and the resulting emissions from fuel-related use wave and tidal energy can be an ideal cleaner energy source.
The comparatively high cost of production is keeping the wave and tidal power market behind other types of renewable.