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
Longer Blades and New Materials are Dramatically Affecting the Global Wind Turbine Manufacturing Industry
February 27, 2015Innovation and lean manufacturing are leading to rapid evolution in blade design and manufacture, report concludes • A recent report from Navigant Research examines the significant forces shaping the global wind…
Read More »
Annual Transmission Synchrophasor Revenue Is Expected To Reach $16.7 Billion by 2023
February 25, 2015Asia Pacific, North America, Europe, and Latin America will represent more than 90% of the SWASA market, report finds • A recent report from Navigant Research analyzes the global market for the eight underlying…
Read More »
Nearly 700 Megawatts of Energy Storage Capacity Have Been Announced in 2014-2015
February 24, 2015The popularity of lithium ion technology continues to rise, report concludes • A new Tracker report from Navigant Research provides a comprehensive resource of energy storage…
Read More »
Deregulation, Distributed Generation, and Environmental Concerns Are Expected to Shape the Smart Grid Industry in 2015 and Beyond
February 20, 2015Utility use of advanced metering infrastructure networks for a variety of new applications is growing, white paper finds • A recent white paper from Navigant Research examines the major trends and market forces…
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":"2\/28\/2015"}