Ocean Renewable Energy at a Critical Juncture

June 1, 2009

The earth’s largest water source, the ocean that covers three-quarters of the planet, has yet to be tapped in any major way for electricity generation.  However, dozens of technology companies and project developers are now striving to change that, working to make hydrokinetic power the next hot renewable energy sector. 

More than 300 projects are currently in the pipeline around the world, and a new report from Pike Research forecasts that this nascent industry will grow to provide 2.7 gigawatts of power generation capacity by 2015, up from just 264 megawatts in 2008.  But the future of ocean energy beyond this initial phase is highly uncertain.  If the sector really takes off, Pike Research estimates it has the potential to provide up to 200 gigawatts of generation capacity by 2025.  But if key challenges are not faced successfully, marine renewable power could be relegated to niche status.

“The next five years will be ‘make or break’ for the ocean energy business,” says industry analyst Peter Asmus.  “Each of the five major marine energy technologies remains unproven beyond small pilot projects.  Other challenges include regulatory uncertainty, shortage of capital for project development, and lingering environmental concerns.”

During this formative period for the industry, adds Asmus, some of the key players to watch are:  Aquantis, Marine Current Turbines, Ocean Power Technologies, Ocean Renewable Power Company, Oceanlinx, OpenHydro, Pelamis Wave Power, and Verdant Power.

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 2015.  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 Renewable Energy, Clean Transportation, Clean Industry, Green Consumers, and Environmental Management sectors.  For more information, visit www.navigantresearch.com or call +1.303.997.7609.

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
Worldwide Natural Gas Vehicle Sales are Expected to Total 37.2 Million From 2014 to 2024
March 30, 2015Today’s natural gas vehicles are undergoing technical changes expected to reduce cost and improve efficiency, report finds  • A recent report from Navigant Research examines the global market for natural gas vehicles…
Read More »
Global Wind Power Installations Increased by 42 Percent in 2014
March 26, 2015Growth in China, Germany, and the United States led to a record year for wind installations, report concludes • A new report from Navigant Research covers developments in the wind energy sector during…
Read More »
The Installed Base of Prepaid Electric Meters is Expected to Exceed 85 Million by 2024
March 25, 2015Utilities must overcome objections from regulators concerned about vulnerable customers, report finds • A new report from Navigant Research examines the global market opportunity for prepaid electric…
Read More »
Utility Outage Management System Spending Is Expected to Total Nearly $11.8 Billion from 2014 to 2023
March 23, 2015Advanced distribution management systems are expected to erode the market share of standalone systems, report finds • A recent report from Navigant Research analyzes the global market opportunities for outage management…
Read More »
View All News

{"userID":"","pageName":"Ocean Renewable Energy at a Critical Juncture","path":"\/newsroom\/ocean-renewable-energy-at-a-critical-juncture","date":"3\/31\/2015"}