If ocean energy trial projects are successful in the next few years, the industry could represent a large source of renewable electricity, reaching up to 200 GW of installed generation capacity by 2025, according to a report by Pike Research.
Colorado-based Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets.
“The ocean energy business is right on the cusp,” says Pike Research Managing Director Clint Wheelock. “The industry is still in a proof-of-concept phase for several key technologies, and the outcome of early pilot projects will determine whether wave energy, tidal energy, and other technologies are ready for prime time.” Wheelock adds that more than 300 hydrokinetic projects are in the works around the world.
According to Pike Research’s scenario-based forecasting model for the ocean energy industry, technological success and the right regulatory environment could yield global power generation capacity of up to 200 GW by 2025.
However, if early projects have limited success, are too costly, or do not enjoy a favorable public policy regime, the marine renewable sector could be relegated to niche status, reaching no more than 25 GW in global capacity by 2025, research suggests.
Pike Research’s study, “Hydrokinetic and Ocean Energy”, assesses the market opportunity for five main types of marine and hydrokinetic energy technologies: ocean wave, tidal stream, river hydrokinetic, ocean current, and ocean thermal.
The report includes an examination of business drivers, regulatory issues, implementation challenges, and the competitive landscape, along with detailed market forecasts for each technology through 2025.
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