Global AI for Tidal Energy Market Size (2024-2030)

In 2023, the Global AI for Tidal Energy Market was valued at $10.03 billion, and is projected to reach a market size of $48.91 billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 25.4%.

CLICK HERE To Request Your Sample Copy Of This Report

Tidal turbines are devices that transform the kinetic energy of tidal currents into power, and AI works with tidal energy systems by using data and algorithms to optimize the design, operation, and maintenance of these turbines. Modern wind energy technology may be incorporated into tidal turbines using artificial intelligence (AI), resulting in an adaptive control system that enhances turbine performance while reducing the lifetime cost of electricity by 17% and bringing the tidal energy industry to commercial reality. The lifetime expenses for this tidal energy may be reduced by about 20% by using AI to maximize turbine performance and dependability using data from wind energy that is gathered at the surface and delivered to the turbine system. To minimize downtime and operating expenses, AI may also be used to monitor the health and performance of tidal turbines, identify defects and abnormalities, forecast failures, and optimize maintenance schedules.

Global AI for Tidal Energy Market Drivers:

The AI for the Tidal energy system is driven by the rising demand for electricity and the need to lower greenhouse gas emissions:

Although they are the most common way to generate power, fossil fuels have a lot of drawbacks. Since they are not renewable, they will ultimately expire. When they are burned, they also release additional greenhouse gases, including carbon dioxide (CO2), that aid in climatic change and global warming.

Tidal energy is a renewable energy source that produces power by harnessing the flow of ocean water. The gravitational pull of the moon and sun on Earth, which causes tides, is the source of tidal energy. The regular rise and fall in ocean water levels along the coasts is known as a tide.

Different methods, such as tidal barrages, tidal lagoons, or tidal turbines, can be used to capture tide energy tidal energy is superior to other renewable energy sources in several ways. It is predictable, which means that using the lunar and solar cycles as a basis, one may anticipate it with accuracy. Additionally, it is dependable in that it is always accessible, regardless of the weather.

It has a high potential, which means that it can generate a lot of power from a little amount of space. Additionally, it has a low environmental impact because it has little to no negative impacts on marine life and produces no greenhouse emissions or pollutants.

The creation and use of AI models of tidal energy systems are made possible by the accessibility and availability of data and algorithms:

The collection of information and facts that may be utilized for analysis and decision-making is known as data. The collection of guidelines and directives known as algorithms may be utilized to process data and carry out activities.

For the development and use of AI models and methodologies for tidal energy systems, data, and algorithms are crucial. A variety of data sources, including echo sounders, sensors, satellites, weather stations, tide charts, and historical records, can provide information for tidal energy systems.

Data on tidal energy systems' physical, biological, and environmental characteristics, such as tidal currents, water levels, wave heights, turbine performance, fish abundance, and noise levels, can be used to make decisions. Numerous disciplines, including fluid dynamics, machine learning, optimization, control theory, signal processing, and computer vision, can contribute algorithms to tidal energy systems. Turbine design, operation optimization, fault detection, condition monitoring, failure prediction, and maintenance planning are just a few of the problems and goals of tidal energy systems that algorithms may help with.

Global AI for Tidal Energy Market Challenges:

The precision and dependability of AI models and forecasts may be impacted by the varying intensity of sea waves:

Sea waves may affect the water level, velocity, direction, turbulence, and bottom friction of tidal currents to change their hydrodynamics. The quality and production of the electricity as well as the performance and efficiency of tidal turbines and sensors may be impacted by these changes. The data gathered by tidal energy systems can also be impacted by sea waves, which can impair the training and validation of AI models.

For instance, wave-induced noise and motion can lower the acoustic and optical sensors' signal-to-noise ratio and resolution. The communication and management of tidal energy systems may be hampered by sea waves, which may influence the feedback and adaption of AI models.

Wireless and underwater communication networks, for instance, may experience decreased bandwidth and dependability due to wave-induced attenuation and interference. The fluctuation and uncertainty of sea waves and their effects on tidal energy systems may necessitate more reliable and resilient AI models and techniques to account for these effects.

Global AI for Tidal Energy Market Recent developments:

• In November 2021: A tidal turbine driven by artificial intelligence has been erected and successfully tested in the Étel estuary in Brittany, France, as part of the ELEMENT project, an initiative of the European Union that is being headed by Nova Innovation in partnership with 11 other organizations, including Wood. The study intends to show the advantages of utilizing AI to enhance the performance of tidal turbines and hasten the commercialization and scalability of tidal energy

• In October 2021: The latest generation of tidal turbines, known as AR2000, have been designed by the UK-based SIMEC Atlantis Energy. These turbines are anticipated to be the biggest and most potent single-axis turbines on the market. At its MeyGen tidal array in Scotland, where it is also utilizing AI and machine learning to improve the operation and maintenance of its current turbines, the business intends to install the first AR2000 turbine.

GLOBAL AI FOR TIDAL ENERGY MARKET REPORT COVERAGE:

Segmentation Analysis

Global AI for Tidal Energy Market - By Type:

• Tidal Energy

• Wave Energy

Tidal energy is a type of hydropower that creates electricity by using the energy from tides. AI may be used to anticipate tidal patterns, increase the effectiveness of tidal energy systems, and optimize the generation, storage, and distribution of tidal energy.

During the projection period, the Tidal Energy sector is anticipated to develop the quickest and be the most dominating. This is because tides occur twice daily, making tidal energy more consistent and predictable than wave energy. This makes it simpler for AI algorithms to maximize the production of tidal energy.

Tidal energy technologies are less disruptive to the marine environment and have a lesser environmental impact. Tidal energy systems produce more steady electricity than wave energy systems because tides are predictable. 

Tidal energy is the act of harvesting and using the potential or kinetic energy of ocean tides, whereas wave energy is the process of catching and converting the power from the waves of ocean surfaces. On the other hand, wave energy fluctuates and is influenced by the weather. As a result, a reduced rate of growth is anticipated.

Global AI for Tidal Energy Market - By Technology:

• Tidal stream generators

• Oscillating Water Columns

• Tidal turbines

• Tidal barrages

• Tidal fences

A tidal stream generator is a machine that harnesses the kinetic energy of tidal currents and turns it into electricity using a turbine or rotor.

A tidal barrage is a construction that blocks an estuary or tidal entrance and makes a water reservoir. To regulate the flow of water into and out of the reservoir, a dam or a gate is used.

A tidal fence is a building that crosses a tidal channel or strait to partially block the passage of water. The kinetic energy of tidal currents is captured and transformed into electricity using several turbines or rotors. 

Due to its reduced environmental impact, installation cost, and maintenance cost as compared to other technologies, the tidal stream generator segment currently dominates the market and is anticipated to continue doing so during the projection period.  Due to their long history and significant environmental effect, tidal barrages are the sector with the fastest-growing installed capacity.

Global AI for Tidal Energy Market Segmentation - By Application:

• Power Generation

• Desalination

Using cloud computing and sensors to gather and interpret real-time data. tidal turbines are adjusted to the tide and wave conditions.  predicting the development and use of tidal energy. facilitating peer-to-peer energy trading and integrating tidal energy plants into the electrical grid. Tidal energy's price may be lowered, improving its ability to compete with other renewable energy sources.

AI can enhance desalination facilities by choosing the optimal kind and location depending on a variety of factors. Designing and operating with the optimum parameters in mind. Predicting the variables that have an impact on production and performance. Adjusting the operation to the needs and situations that are changing. Monitoring the situation, making a diagnosis, and spotting errors or abnormalities. Reducing the negative effects on the environment through cutting back on energy use, emissions, and waste.

Inferring that tidal energy with power generation now dominates the market while tidal energy with desalination is rapidly expanding is possible based on these observations. Although AI can improve both tidal energy uses, further study and development are required to determine its market potential and address its drawbacks.

Global AI for Tidal Energy Market Segmentation - By Region:

• North America

• Europe

• Asia Pacific

• South America

• Middle East and Africa

Due to the existence of important technological firms, research institutes, and government backing for the development of renewable energy sources, North America is projected to be an enormous market for AI in tidal energy. Tidal energy resources are abundant in the United States and Canada, especially along the Atlantic and Pacific coasts.

The market for AI in tidal energy is also quite fast growing in Europe, especially in nations with huge tidal ranges like the UK, France, Ireland, and Norway. To encourage the expansion of renewable energy, the European Commission has designated tidal energy as a major area for supporting research and development.

Key Players:

1. Nova Innovation Ltd

2. Wood

3. Atlantis Resources Ltd

4. Ocean Power Technologies Inc

5. ABB Ltd

6. AWS Ocean Energy Ltd

7. Tidal Lagoon Plc

8. Corpower Ocean AB

9. Eco Wave Power

10. Verdant Power, Inc

COVID-19 Impact on Global AI for Tidal Energy Market:

By lowering the demand and costs for fossil fuels, particularly oil, and gas, which are the major rivals of renewable energy sources like tidal energy, Covid-19 has upset the global energy business. As it offers a clean, dependable, and predictable source of electricity that can aid in lowering greenhouse gas emissions and mitigating climate change, this might present an opportunity for tidal energy to increase market share and draw additional investments.

In addition to affecting the production, installation, and maintenance of renewable energy systems and equipment, such as tidal turbines and sensors, COVID-19 has also had an impact on the industry's worldwide supply chains and logistics.

The rising costs and dangers associated with installing and running tidal energy plants might impede the growth and development of the tidal energy sector. As more businesses and organizations use digital technologies, including artificial intelligence, to increase their resilience, efficiency, and flexibility in response to shifting market conditions and customer requirements, COVID-19 has also sparked innovation and digitalization in the energy industry. As AI can assist optimize the design, operation, and maintenance of tidal turbines and sensors as well as detect and avoid failures and problems, this might increase the demand for and use of tidal energy systems.