Ocean Energy Could Reach up to 200 Gigawatts of Power Generation Capacity by 2025

January 19, 2010

The world’s oceans represent a vast untapped resource for renewable energy generation, and a host of technology companies are emerging to pursue the great frontier of hydrokinetic power.  According to a recent report from Pike Research, if ocean energy trial projects are successful in the next few years, this new industry could represent a significant new source of electricity, reaching up to 200 gigawatts (GW) of installed generation capacity by 2025.

“The ocean energy business is right on the cusp,” says 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 already 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.  On the other hand, 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.

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.  An Executive Summary of the report is available for free download on the firm’s website.

Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets.  The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Clean Transportation, Clean Industry, Corporate Sustainability, and Building Efficiency sectors.  For more information, visit www.navigantresearch.com or call +1.303.284.9609. 

Register to Receive Updates

Sign up or login to receive free newsletters, research updates, access to webinars, and other analyst content from Navigant Research.

Research News

Rss
Smart Grid as a Service Will Reach $11.2 Billion in Annual Revenue by 2023
August 26, 2014Benefits include reduced time to market and world-class security, report finds • While they represent a small part of the smart grid market today, smart grid…
Read More »
55 Million Electric Motorcycles and Scooters Will be Sold Worldwide from 2014 to 2023
August 25, 2014Harley Davidson’s entry will spur sales as growth accelerates in North America and Europe, report concludes • Driven by rising gasoline prices and increasingly congested city streets, more consumers are starting…
Read More »
Spending on Smart Grid Technologies Will Total Nearly $600 Billion From 2014 through 2023
August 20, 2014Intelligence is being distributed to the edges of the grid, report finds • The fundamental technology for infusing intelligence into the power grid has been in existence…
Read More »
Investment in Microgrids in Asia Pacific Will Total Nearly $31 Billion from 2014 to 2023
August 19, 2014Remote systems represent the most attractive microgrid sector in the region, report concludes • Demand for electricity and generation capacity from renewable energy sources is growing at an…
Read More »
View All News

{"userID":"","pageName":"Ocean Energy Could Reach up to 200 Gigawatts of Power Generation Capacity by 2025","path":"\/newsroom\/ocean-energy-could-reach-up-to-200-gigawatts-of-power-generation-capacity-by-2025","date":"8\/27\/2014"}